Softs Report - Thursday, Dec. 24

General Comments: Cotton closed higher in range trading. Harvest is wrapping up amid drier weather conditions in West Texas and the Delta and Southeast. The weekly export sales report showed very strong demand once again this week. Export demand has held strong despite stay at home orders and weaker economies around the world. Traders now hope for even more demand later as the vaccines are given out and the world economies start to recover.
Overnight News: The Delta and Southeast will get mostly dry conditions. Temperatures should average near to above normal in the Delta and in the Southeast early in the week, then near to below normal. Texas will have mostly dry conditions and near-normal temperatures. The USDA average price is now 70.53 ct/lb. ICE said that certified stocks are now 77,326 bales, from 77,326 bales yesterday.
Chart Trends: Trends in Cotton are mixed. Support is at 7520, 7430, and 7400 March, with resistance of 7700, 7740 and 7800 March.

General Comments: FCOJ closed a little lower yesterday in spite of the cold weather making its way into the state. The cold is more a reminder of the time of year it is and less an actual threat to trees and fruit. The weather in Florida remains good for the crops. The Coronavirus is still promoting consumption of FCOJ at home. Restaurant and food service demand has been much less as no one is dining out. The weather in Florida is good with frequent showers to promote good tree health and fruit formation. Brazil has been too dry and irrigation is being used. Showers are falling in Brazil now and these need to continue to ensure good tree health. However, it could turn warm and dry again next week. Mexican crop conditions are called good with rains.
Overnight News: Florida should get mostly dry conditions today and tomorrow, then scattered showers. Temperatures will average near to above normal through Thursday, then below normal. Brazil should get scattered showers and near to above normal temperatures.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 123.00, 128.00, and 130.00 January. Support is at 115.00, 113.00, and 110.00 January, with resistance at 120.00, 122.00, and 125.00 January.

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