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COTTON
General Comments: Cotton was higher yesterday on what appeared to be short covering from speculators and some ideas that demand could soon increase. Demand has not been real strong so far this year. Demand has not improved with the reduction in prices and a lower US Dollar to date. China had been making some initial moves to open its economy and country again but many cities remain in lockdown due to an increase in Covid infections. China saw anti government protests over the weekend due to its polices an the economic turmoil they have created. The protests were sparked by the deaths of several apartment dwellers in a city that protesters said was locked and on lockdown status. There are hopes that China is about to open again despite its zero tolerance Covid policies. However, Covid has surged there and the government might need to postpone or delay the moves to open the country again. Production in the US is very short. 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 will hurt demand from the rest of the world.
Overnight News: The Delta and Southeast will get mostly dry conditions and near to above normal temperatures. Texas will have mostly dry conditions and near to above normal temperatures. The USDA average price is now 83.57 ct/lb. ICE said that certified stocks are now 8,901 bales, from 8,901 bales yesterday. ICE NY said that 0 notices were posted for delivery against December futures and that total deliveries for the month are now 5 contracts. USDA said that net Upland Cotton export sales were 16,500 bales this year and 11,000 bales next year. Newt Pima sales were 1,800 bales this year and 0 bales next year.
Chart Trends: Trends in Cotton are down with objectives of 7650 and 6920 March. Support is at 80.60, 77.50, and 77.20 March, with resistance of 86.00, 87.10 and 89.90 March.

FCOJ
General Comments: FCOJ was lower again yesterday on what appeared to be speculative selling. Historically low estimates of production due in part to the hurricanes and in part to the greening disease has hurt production remain in place but are apparently part of the price structure now. 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 two storms. Brazil has some rain and conditions are rated good. Mostly dry conditions are in the forecast for the coming days. Florida Citrus said that FCOJ inventories re now 40.3% below last year.
Overnight News: Florida should get isolated showers or mostly 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 to up with objectives of 213.00 and 222.00 January. Support is at 199.00, 15.00, and 191.00 January, with resistance at 206.00, 212.00, and 219.00 January.

COFFEE
General Comments: New York and London closed higher again on ideas that production potential for Brazil had been overrated and on reports of too much rain in Vietnam affecting the harvest progress. The weather in Brazil is currently very good for production potential but worse conditions seen earlier in the growing cycle hurt the overall production prospects as did bad weather last year.. Weather conditions are good in Brazil and the rest of Latin America and supplies available to the market should keep increasing and the market is looking forward to the increased supplies. Ideas are that the market will have more than enough Coffee when the next harvest comes in a few months. Ideas of a significant recovery in world production next year remains the main cause for any selling More showers and rains are in the forecast in Brazil Coffee areas for this week. The rest of South America and Central America are reported to be in good condition. Vietnam has scattered showers in Coffee areas.
Overnight News: ICE certified stocks are higher today at 0.591 million bags. The ICO daily average price is now 158.20 ct/lb. Brazil will get scattered showers with near normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers. ICE said that 63 contracts were tendered for delivery against December futures and that total deliveries for the month are now 449 contracts.
Chart Trends: Trends in New York are mixed to up with objectives of 170.00 and 178.00 March. Support is at 167.00, 164.00, and 159.00 March, and resistance is at 174.00, 177.00 and 183.00 March. Trends in London are mixed to up with objectives of 2030 and 2160 January. Support is at 1840, 1820, and 1790 January, and resistance is at 1900, 1910, and 1950 January.

SUGAR
General Comments: New York and London closed higher again yesterday as a short covering rally continued, but trends are now mixed in both markets. The weather in Brazil remains good for the next crop. More ideas that supplies of White Sugar would soon be increasing for the market has weighed on prices for the London market, but could be part of the price structure now. World Sugar market is expected to be in a big surplus production next year. The supply is starting to increase. Brazil Sugar offers are increasing on ideas of unprofitable Ethanol prices coming to the country and reports of increased use of Corn for Ethanol production Indian exporters continue selling into the world market.
Overnight News: Brazil will get scattered showers. Temperatures should average near normal. India will get mostly dry conditions and near to above normal temperatures.
Chart Trends: Trends in New York are mixed to down with objectives of 1880, 1790, and 1720 March. Support is at 1940, 1910, and 1890 March and resistance is at 1990, 2010, and 2040 March. Trends in London are mixed. Support is at 531.00, 522.00, and 520.00 March and resistance is at 545.00, 550.00, and 553.00 March.

COCOA
General Comments: New York closed higher and London closed mixed yesterday. Trends are mixed in both markets for the holidays but both show the chance to work higher in the next few weeks. Ivory Coast arrivals appear to have improved lately with the recent rally in futures prices. Ivory coast arrivals are now 718,000 tons, up 1.1% from last year. Good production is reported and traders are worried about the world economy moving forward and how that could affect demand. 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. The weather is good in Southeast Asia.
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 scattered showers and near to above normal temperatures. ICE certified stocks are higher today at 5.508 million bags. ICE NY said that 0 contracts were posted for delivery against December futures and that total deliveries for the month are now 1,725 contracts.
Chart Trends: Trends in New York are mixed to up with objectives of 2520 and 2570 March. Support is at 2440, 2420, and 2400 March, with resistance at 2500, 2520, and 2560 March. Trends in London are mixed to up with objectives of 2040 and 2120 March. Support is at 1960, 1930, and 1880 March, with resistance at 2000, 2020, and 2060 March.

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