Softs Report - Thursday, April 15

COCOA
General Comments: New York closed higher and London was mixed to lower. London remains the weakest market but is at least holding its recent lows. The chart trends could turn up in New York as the market could be bottoming. Trends are still down in London. The main crop harvest is active in Nigeria and is spreading to Ivory Coast and Ghana. Demand should improve as the Covid vaccinations get administered and as at least some governments around the world invest in fiscal stimulus on their economies. Fears of a Coronavirus resurgence are hurting demand ideas and the vaccinations have been harder to administer in Europe lately due to citizen resistance. Production appears to be good this year and the supply surplus is growing.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near to above normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to above normal temperatures. ICE-certified stocks are higher today at 4.655 million bags.
Chart Trends: Trends in New York are mixed to up with objectives of 2530, 2710, and 2830 May. Support is at 2360, 2330, and 2300 May, with resistance at 2420, 2440, and 2510 May. Trends in London are mixed to down with objectives of 1370 May. Support is at 1580, 1570, and 1540 May, with resistance at 1620, 1630, and 1680 May.

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