COTTON
General Comments: Cotton was a little lower in range trading last week and remains lower in response to the USDA estimates that showed slightly less production and much less demand for US Cotton. Traders are worried about a global recession and demand in that recession and also a bout Chinese demand due to the lockdowns there. Production is very short. The harvest is appearing in the market, and the market has responded to it with sideways to lower prices. The trade is still worried about demand moving forward due to recession fears and Chinese lockdowns but is also worried about total US production potential. It is possible that the continued Chinese lockdowns will continue to hurt demand for imported Cotton for that country and that a weaker economy in the west will hurt demand from the rest of the world.
Overnight News: The Delta and Southeast will get mostly dry conditions or isolated showers and near to above-normal temperatures. Texas will have mostly dry conditions and near to above-normal temperatures. The USDA average price is now 84.01 ct/lb. ICE said that certified stocks are now 880 bales, from 880 bales yesterday. ICE aid that 0 notices were posted against October contracts and that total deliveries for the month are now 12 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 82.00, 81.40, and 80.20 December, with resistance of 89.80, 90.10 and 90.30 December.

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FCOJ
General Comments: FCOJ was a little higher in range trading last week in response to the latest USDA Florida production estimates that showed that the major hurricane that moved onshore Florida last week left extensive damage. Much of the damage is already factored into prices, but the market is holding at elevated levels. USDA estimated Florida production at 28 million boxes, down 32% from last year and a dramatic drop in production potential. Early and mid-production dropped 40% while Val3encia production was 25% lower. The weather remains generally good for production around the world for the next crop but not for production areas in Florida that have been impacted in a big way by the storm. Brazil has some rain and conditions are rated good. More showers are in the forecast for the coming days. Florida damage is expected to be very big, with many trees lost as well as fruit lost. Mexican areas are showing mixed trends, with dry weather in some northern areas but better weather to the south.
Overnight News: Florida should get scattered showers. Temperatures will average near normal. Brazil should get mostly dry conditions and near to above-normal temperatures.
Chart Trends: Trends in FCOJ are up with objectives of 199.00, 207.00, and 234.00 November. Support is at 193.00, 191.00, and 186.00 November, with resistance at 200.00, 202.00, and 205.00 November.COFFEE
General Comments: New York and London closed lower again Friday and were much lower for the week in response to the latest export data from Cecafe in Brazil and on ideas and reports of improving growing conditions in Brazil. Trends are down on the daily and weekly charts for both markets but short term rallies are possible this week as the daily charts suggest oversold conditions. Cecafe said that September exports were 3.4 million bags, up 4.5% from last year. Arabica export were up sharply while Robusta exports were actually below a year ago. The market thinks that Coffee is in good supply worldwide. There is still a threat for a third year of La Nina which could negatively affect Coffee production again next year but so far the crop conditions are called good. Some beneficial precipitation was reported in Brazil last week. More showers and rains are in the forecast in Brazil Coffee areas for this week. Vietnam has also been dry and wire reports from there indicate that production losses are likely. The cash market remains strong for Arabica and the demand for certified stocks from the exchange remains a price-positive factor.
Overnight News: ICE certified stocks are unchanged today at 0.400 million bags. The ICO daily average price is now 178.83 ct/lb. Brazil will get scattered showers with near normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers.
Chart Trends: Trends in New York are down with objectives of 191.00 and 180.00 December. Support is at 192.00, 189.00, and 186.00 December, and resistance is at 200.00, 205.00 and 210.00 December. Trends in London are down with objectives of 2020 November. Support is at 2060, 2020, and 1980 November, and resistance is at 2100, 2150, and 2190 November.

SUGAR
General Comments: New York and London closed higher last week with the market focused on what was happening in the outside markets and on the lack of supplies of White Sugar in the EU. Crude Oil was lower again after a strong rally last week based on news reports that OPEC and Russia would institute a production cut to keep prices elevated. Ethanol demand should increase and the pricing power of the mills can increase. The New York market had been worried that reduced ethanol demand due to taxing policies in Brazil will force mills down there to continue to produce more Sugar for export and Crude Oil futures have been weaker until recently. The Brazilian president has lowered the fuel taxes in Brazil, and this is squeezing the profit margins of the mills. The mills could produce much more Sugar over time due to the tax changes but so far have not produced enough to meet the demand. The London market had been looking for increased White Sugar supplies from origin as EU production was reduced by a hot and dry Summer. UNICA said that the center-south Sugar crush was 25.3 million tons for the second half of September, down 28.7% from last year.
Overnight News: Brazil will get scattered showers. Temperatures should average near to above normal. India will get scattered showers in the east and near to below normal temperatures.
Chart Trends: Trends in New York are mixed to up with objectives of 1890 and 1970 March. Support is at 1850, 1830, and 1790 March and resistance is at 1890, 1920, and 1940 March. Trends in London are mixed to up with no objectives. Support is at 550.00, 547.00, and 540.00 December and resistance is at 563.00, 566.00, and 572.00 December.

COCOA
General Comments: New York and London closed the week with moderate losses after trading much lower in the middle of the week. Prices are still relatively high given the fundamentals of good production and questionable demand Ideas of big production and uncertain demand are still around but reports from Africa indicate that demand has improved lately. Reports indicate that buyers of Cocoa have enough coverage for now and can afford to wait for lower prices to develop. Supplies of Cocoa are as large as they will be now for the rest of the marketing year. Reports of scattered showers along with very good soil moisture from showers keep big production ideas alive in Ivory Coast. Ideas are still that good production is expected from West Africa for the year. The weather is good in West Africa. The weather is good in Southeast Asia. The EU grind was 369,679 tons for the third quarter, down 1.6% from last year.
Overnight News: Isolated showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near normal temperatures. ICE certified stocks are lower today at 5.586 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2360, 2320, and 2310 December, with resistance at 2420, 2430, and 2450 December. Trends in London are mixed. Support is at 1930, 1900, and 1880 December, with resistance at 2020, 2060, and 2090 December.

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