COTTON
General Comments: Cotton was higher last week even as the harvest is ready to start. USDA made few changes to the US production and supply and demand estimates, and the changes made were mostly very small. USDA showed improved conditions in its reports last week. There are still ideas that growing conditions are generally good. There are still reports of good weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around. The monsoon in India is good and a good production there is possible.
Chart Trends: Trends in Cotton are mixed to up. Support is at 65.80, 64.30, and 63.00 December, with resistance of 67.80, 68.90 and 69.50 December.

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FCOJ
General Comments: Futures were lower after moving higher and testing recent highs on the weekly charts. The weather is considered good for production here and in Brazil and Mexico. Trends are mixed after the price action. Development conditions are good in Florida and in Brazil now with daily rounds of showers in Florida and dry weather in Brazil. The poor production potential for the crops comes from early dry weather but also the greening disease that has caused many Florida and closed near the lows of the week producers to lose trees. Brazil production potential got hurt by cold and dry weather seen earlier in the year.
Chart Trends: Trends in FCOJ are mixed. Support is at 239.00, 230.00, and 227.00 November, with resistance at 255.00, 261.00, and 274.00 November.

COFFEE
General Comments: Both markets were sharply lower last week as the weather in Brazil improved. Rains have been reported in Coffee production areas lately. There are still reduced deliverable supplies for both exchanges as commercials have taken the supplies instead of buying in cash markets. The lack of deliverable stocks in both markets and the lack of deliveries has supported the futures market. Reductions in deliverable stocks are starting to abate. But, the rains have pushed producers to sell the current inventory no matter the price. Prices in the world have been lower as US demand has waned under the Trump tariff regime.
Overnight News: The ICO average price is 330.63 ct/lb.
Chart Trends: Trends in New York are down. Support is at 349.00, 343.00, and 330.00 December, and resistance is at 374.00, 381.00 and 384.00 December. Trends in London are down. Support is at 4050, 3910, and 3830 November, with resistance at 4350, 4550, and 4690 November.

SUGAR
General Comments: New York and London were lower last week and trends turned down. The markets moved to new lows for the move on Friday. Ideas of good supplies for the market from good growing conditions for cane and beets around the world continue. The South Center Brazil harvest is faster now amid drier conditions. Production in Center-South Brazil has also been strong. The outlook for cane crops in India and Thailand are in good condition with reports of good rains this year, while Brazilian cane continue to favor producing sugar over ethanol.
Chart Trends: Trends in New York are down. Support is at 1530, 1500, and 1470 March and resistance is at 1640, 1660, and 1680 March. Trends in London are down. Support is at 450.00, 439.00, and 433.00 December, with resistance at 463.00, 470.00, and 477.00 December.

COCOA
General Comments: New York was lower and London was slightly higher last week as demand concerns in West Africa continue and the US Dollar turned weaker. US demand has been weakening due to the increased prices inside the US from the Trump tariffs. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America, but African producers are concerned about potential losses now. The market feels that there is less demand and less production from Ivory Coast and Ghana and the lack of demand is expected to continue. Ecuador is expected to become the second largest producer of Cocoa, replacing Ghana on the list.
Chart Trends: Trends in New York are mixed to down. Support is at 7150, 7100, and 6540 December, with resistance at 7690, 8050, and 8140 December. Trends in London are mixed to down. Support is at 4930, 4700, and 4510 December, with resistance at 5290, 5350, and 5500 December.

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