COTTON
General Comments: Cotton closed higher after testing recent highs made about a month ago. Harvest is ongoing amid drier weather conditions in West Texas and the Delta and Southeast. Reports indicate that some Cotton could have been damaged in Georgia and the Carolinas and into eastern Virginia due to the excessive winds and rains caused by the hurricanes. The rains and winds could have damaged fiber and blown fiber out of the bolls. The weekly export sales report showed strong demand last week. Demand should stay generally weak as long as the Coronavirus is around, but the recent announcements of vaccines to become available helped support better demand ideas. Ideas are that economic activity will greatly improve once the vaccines become readily available in several months from now.
Overnight News: The Delta and Southeast will get mostly dry conditions. Temperatures should average near to below normal in the Delta and in the Southeast. Texas will have mostly dry conditions and below normal temperatures. The USDA average price is now 68.67 ct/lb. ICE said that certified stocks are now 116,316 bales, from 115,929 bales yesterday. ICE said that 12 notices were posted for delivery against December contracts and that total deliveries for the month are now 265 contracts.
Chart Trends: Trends in Cotton are mixed to up with objectives of 7540 and 7870 March. Support is at 7270, 7190, and 7100 March, with resistance of 7430, 7470, and 7500 March.

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FCOJ
General Comments: FCOJ was higher again last week. Florida has been spared any hurricanes or other serious storms this year in a year that has been very active for tropical storms. The Coronavirus is still promoting consumption of FCOJ at home. Restaurant and food service demand has been much less as no one is dining out. The weather in Florida is good with frequent showers to promote good tree health and fruit formation. Brazil has been too dry and irrigation is being used. Showers are falling in Brazil now and these need to continue to ensure good tree health. However, it could turn warm and dry again next week. Mexican crop conditions are called good with rains.
Overnight News: Florida should get isolated showers or dry conditions. Temperatures will average near to above normal. Brazil should get scattered showers and near to above normal temperatures.
Chart Trends: Trends in FCOJ are mixed. Support is at 124.00, 122.00, and 120.00 January, with resistance at 130.00, 131.00, and 134.00 January.

COFFEE
General Comments: Futures were higher last week in both markets. New York posted a new weekly high close but London held the trading range from the previous week. It has been a weather market. London had been better supported due to stronger demand ideas and worries about the weather in Vietnam. The rains finally started to end last week as the typhoons seem to have gone away. Central America has seen a couple of hurricanes that could have damaged crops. These systems have now departed the region. The demand from coffee shops and other food service operations is still at very low levels as consumers are still drinking Coffee at home. Reports indicate that consumers at home are consuming blends with more Robusta and less Arabica. The Brazil harvest is over and producers are selling due to the recent extreme weakness in the Real. Ideas are that production is very strong this year as it is the on year for the trees. Central America is also offering right now and offers are increasing. The weather is good in Colombia and Peru.
Overnight News: ICE certified stocks are lower today at 1.246 million bags. The ICO daily average price is now 116.17 ct/lb. Brazil will get scattered showers with near to above normal temperatures. Central America will get scattered showers after a hurricane earlier this week. Vietnam will see some big rains. ICE said that 0 contracts were tendered for delivery against December futures and that total deliveries for the month are now 735 contracts.
Chart Trends: Trends in New York are mixed. Support is at 120.00, 118.00, and 116.00 March, and resistance is at 128.00, 134.00, and 135.00 March. Trends in London are mixed. Support is at 1400, 1370, and 1350 January, and resistance is at 1440, 1480, and 1510 January.

SUGAR
General Comments: New York and London closed lower last week. It has been starting to rain in south-central Brazil and the production of cane has been affected. Brazil mills have been producing more Sugar and less Ethanol due to weak world and domestic petroleum prices. About 45% of the crush this year will go to Sugar, from 35% last year. Rains are falling now to improve Sugarcane growing conditions. India has a very big crop of Sugarcane this year. The Indian government has not announced the subsidy for exporters of Sugar so no exports are coming out of India yet. Sources told wire services that any subsidy will need to be significant to get export sales on the books. Thailand might have less this year due to reduced planted area and erratic rains during the monsoon season. Rains are moving through the country now from Vietnam and the Pacific. The EU is having problems with its Sugarbeets crop due to weather and disease. Coronavirus has returned to the US and Europe and has caused some demand concerns.
Overnight News: Brazil will get scattered showers. Temperatures should average above normal.
Chart Trends: Trends in New York are mixed to down with objectives of 1420, 1300, and 1280 March. Support is at 1460, 1430, and 1400 March, and resistance is at 1510, 1530, and 1560 March. Trends in London are mixed to down with objectives of 384.00 March. Support is at 402.00, 397.00, and 391.00 March, and resistance is at 410.00, 414.00, and 419.00 March.

COCOA
General Comments: New York and London closed lower on what appeared to be speculative long liquidation before the holiday in the US tomorrow. Importers are still looking to find a way to source Cocoa without paying a premium demanded by Ivory Coast and Ghana. Both countries have instituted a living wage for producers there and are looking to tax exports to pay the increased wages. The harvest for the next main crop is almost done for much of West Africa and very strong production is expected. There are a lot of demand worries as the Coronavirus is making a comeback in the US. Europe is also seeing a return of the pandemic.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get scattered showers and near to above normal temperatures. ICE certified stocks are lower today at 3.110 million bags. ICE said that 0 contracts were tendered against December Cocoa and that total deliveries for the month are now 1,137 contracts.
Chart Trends: Trends in New York are mixed to up with no objectives. Support is at 2700, 2690, and 2670 March, with resistance at 2820, 2850, and 2880 March. Trends in London are mixed. Support is at 1850, 1930, and 1800 March, with resistance at 1880, 1920, and 1950 March.