COTTON
General Comments: Cotton closed lower last week and trends are down on the daily charts. The USDA reports showed less production and ending stocks for the current marketing year but did not really move the market that much. The weekly export sales report showed bad demand. Ideas are that the US could be headed into a recession and cause demand to be soft. Ideas of weaker demand due to economic problems in Asia continue and Chinese economic data continues to show weakness, but prices are supported by ideas of tight supplies here in the US and around the world. There are still many concerns about demand from China and the rest of Asia due to the slow economic return of China in the world market. There are production concerns about Australian and Indian Cotton as both countries are likely to suffer the effects of El Nino starting this Fall.
Overnight News: The Delta will get isolated showers and above normal temperatures. The Southeast will see isolated showers and near to above normal temperatures. Texas will have scattered showers and near to above normal temperatures. The USDA average price is now 81.38 ct/lb. ICE daily certified stocks are now 50,240 bales, from 46,566 bales yesterday. ICE said that 0 notices were posted for delivery against October futures and that total deliveries for the month are now 17 contracts.
Chart Trends: Trends in Cotton are down with objectives of 82.10 and 81.70 December. Support is at 84.20, 83.40, and 83.70 December, with resistance of 86.50, 86.80 and 88.00 December.

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FCOJ
General Comments: FCOJ closed a little higher on Friday and higher for the week in response to bullish production estimates released by USDA yesterday. Futures are now testing all time highs seen in the weekly charts and set several weeks ago. Reports of short supplies in Florida and Brazil are around. Futures are also being supported in forecasts for an above average hurricane season that could bring a storm to damage the trees once again. Historically low estimates of production due in part to the hurricanes and in part to the greening disease that have hurt production, but conditions are significantly better now with scattered showers and moderate temperatures.
Overnight News: Florida should get isolated showers. Temperatures will average near normal. Brazil should get mostly dry conditions and near to above normal temperatures.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 415.00 November. Support is at 373.00, 369.00, and 366.00 November, with resistance at 392.00, 398.00, and 404.00 November.

COFFEE
General Comments: New York and London closed higher Friday and for the week on buying after the Brazil export data was released. Trends are up on the New York daily charts but are mixed in London. It has been hot and dry in Brazil and the weather is starting to support the prices in New York. Light rains are now b3ing reported in central and southern growing areas. Demand for Robusta and lower quality Arabicas has improved. The lack of offers from Asia, mostly from Vietnam but also Indonesia remains a main feature of the market, but the offers are starting to improve with the Vietnam harvest progressing and the US Dollar moving higher. Offers from Brazil and other countries in Latin America should be increasing but prices are considered a little cheap to create much selling interest from producers and the differentials offered have been very high. These are moderating as the new harvest comes to the market. Coffee exports from top robusta producer Vietnam fell an annual 8.3% in the first nine months of 2023, government data showed. Vietnamese differentials are still elevated as the market waits for the new crop to arrive. Brazil exports for October were 3.3 million bags, down 5.3% from September.
Overnight News: ICE certified stocks are lower today at 0.440 million bags. The ICO daily average price is now 151.63 ct/lb. Brazil will get mostly dry conditions with near to above normal temperatures. Central America will get mostly dry conditions. Vietnam will see scattered showers.
Chart Trends: Trends in New York are mixed. Support is at 146.00, 144.00, and 142.00 December, and resistance is at 151.00, 153.00 and 155.00 December. Trends in London are down with objectives of 2320 November. Support is at 2340, 2290, and 2260 November, with resistance at 2410, 2460, and 2500 November.

SUGAR
General Comments: New York and London closed mostly higher yesterday and trends are mixed on the daily charts. There are still forecasts for and reports of rain in Brazil after a spell of very hot and dry conditions, but the market continues to see stressful conditions in Asian production areas. The Brail rains is underway now, but showers have been light and scattered. The Asian dryness is still the main feature. Many growing areas in India have been dry, and exports have indi84ted that production has suffered. The government there now says it will have more than enough production for the domestic demand but will limit exports to help control inflation. There are also worries about the Thai and Indian production potential due to El Nino. Offers from Brazil are still active but other origins are still not offering, and demand is still strong. Brazil mills produced 3.36 million tons of sugar in the second half of September, nearly double the amount seen this time last year and above analyst expectations. China estimated imports at 5.0 million tons this year, unchanged from the previous estimate and up from 3.6 million tons last year.
Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to below normal. India will get mostly dry conditions and below normal temperatures.
Chart Trends: Trends in New York are mixed. Support is at 2670, 2620, and 2540 March and resistance is at 2740, 2810, and 2790 March. Trends in London are mixed to up with objectives of 729.00, 740.00, and 753.00 December. Support is at 719.00, 709.00, and 703.00 December, with resistance at 733.00, 741.00, and 744.00 December.

COCOA
General Comments: New York and London closed higher last week and the trends turned up again in London. The EU grind data was stronger than expected and was down 0.9% from last year. Ivory Coast exports are down 10% so far this year. The main crop harvest comes into focus and as farmers in West Africa report good pod development. The supply and demand situation remains bullish. Ideas of tight supplies remain based on more reports of reduced arrivals in Ivory Coast and Ghana continue, Midcrop production ideas are lower now with diseases reported in the trees due to too much rain that could also affect the main crop production.
Overnight News: Isolated showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average near normal. Brazil will get isolated showers and near to above normal temperatures. ICE certified stocks are lower today at 4.817 million bags.
Chart Trends: Trends in New York are mixed. Support is at 3430, 3370, and 3320 December, with resistance at 3520, 3570, and 3600 December. Trends in London are up with objectives of 3130 and 3250 December. Support is at 3000, 2950, and 2920 December, with resistance at 3100, 3130, and 3170 December.

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