COTTON
General Comments: Cotton closed a little lower in consolidation trading. Harvest is ongoing amid drier weather conditions in West Texas and the Delta and Southeast. Reports indicate that some Cotton could have been damaged in Georgia and the Carolinas and into eastern Virginia due to the excessive winds and rains caused by the hurricanes, but these crops have had chances to recover damaged quality now. The rains and winds could have damaged fiber and blown fiber out of the bolls. Export demand was strong last week and there are some ideas that the export demand could stay stronger as the vaccines are developed and distributed. Ideas are that economic activity will greatly improve once the vaccines become readily available in several months from now.
Overnight News: The Delta and Southeast will get mostly dry conditions except for some showers on Thursday in the Delta and Friday in the Southeast. Temperatures should average near to below normal in the Delta and in the Southeast. Texas will have mostly dry conditions and below normal temperatures. The USDA average price is now 67.10 ct/lb. ICE said that certified stocks are now 113,325 bales, from 112,728 bales yesterday. ICE said that 8 notices were posted for delivery against December contracts and that total deliveries for the month are now 300 contracts. USDA said that net weekly Upland Cotton export sales were 277,900 bales this year and 21,800 bales next year. Net Pima sales were 7,900 bales this year and 0 bales next year.
Chart Trends: Trends in Cotton are mixed to down with objectives of 6980 and 6740 March. Support is at 7100, 7020, and 6890 March, with resistance of 7340, 7350, and 7430 March.

FCOJ
General Comments: FCOJ was a little lower but held the trading range from the previous day. The next weather even for Florida will be the potential for a freeze event sometime this Winter. Freezing the fruit is getting harder every year as most of the production has moved to the southern parts of the state. Florida has not seen any hurricanes or other serious storms this year in a year that has been very active for tropical storms. 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 generally 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 late this week. Mexican crop conditions are called good with mostly dry conditions.
Overnight News: Florida should get isolated showers or dry conditions. Temperatures will average below normal. Brazil should get scattered showers and above normal temperatures.
Chart Trends: Trends in FCOJ are mixed. Support is at 124.00, 123.00, and 122.00 January, with resistance at 129.00, 131.00, and 134.00 January.

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COFFEE
General Comments: Futures were higher in New York and lower in London as world Coffee growing conditions continued to show improvement for the next crop. It has been a weather market, with New York currently worried about dry flowering conditions in Brazil. There have been reports of poor flowering conditions, but showers are falling in growing areas now. London had been supported due to stronger demand ideas and worries about the weather in Vietnam. The current weather situation in Vietnam is mostly dry and good for the trees. Central America has seen much-improved weather recently with cry conditions to the north and some showers in the south. The demand from coffee shops and other food service operations is still at very low levels as consumers are still drinking Coffee at home. Reports indicate that consumers at home are consuming blends with more Robusta and less Arabica.
Overnight News: ICE certified stocks are higher today at 1.273 million bags. The ICO daily average price is now 112.05 ct/lb. Brazil will get scattered showers with near to above normal temperatures. Central America will get scattered showers after a hurricane earlier this week. Vietnam will see some big rains. ICE said that 5 contracts were tendered for delivery against December futures and that total deliveries for the month are now 1,524 contracts.
Chart Trends: Trends in New York are mixed. Support is at 116.00, 115.00, and 113.00 March, and resistance is at 121.00, 125.00 and 128.00 March. Trends in London are mixed. Support is at 1320, 1310, and 1280 January, and resistance is at 1370, 1390, and 1410 January.

SUGAR
General Comments: New York and London closed higher yesterday. It has been raining in south-central Brazil and the production of cane has been affected. The rains have been beneficial but any fieldwork has been interrupted. Drier weather is expected to start today in southern Brazil, but areas farther to the north should start to see better rains. Brazil mills have been producing more Sugar and less Ethanol due to weak world and domestic petroleum prices. India has a very big crop of Sugarcane this year. The Indian government has not announced the subsidy for exporters of Sugar so no exports are coming out of India yet. Sources told wire services that any subsidy will need to be significant to get export sales on the books. Thailand might have less this year due to reduced planted area and erratic rains during the monsoon season. It is drier again now after rains from Vietnam and the Pacific hit the country a couple of weeks ago. The EU is having problems with its Sugarbeets crop due to weather and disease. Louisiana in the US got nicked by freezing temperatures this week, but it did not get cold enough to damage the cane. The freezing temperatures probably enhanced the sucrose content of the cane instead. Coronavirus has returned to the US and Europe and has caused some demand concerns for both ethanol and Sugar. The vaccines should help with ethanol demand down the riad.
Overnight News: Brazil will get scattered showers. Temperatures should average above normal.
Chart Trends: Trends in New York are down with objectives of 1420, 1300, and 1280 March. Support is at 1420, 1400, and 1370 March, and resistance is at 1490, 1510, and 1530 March. Trends in London are mixed to down with objectives of 384.00 March. Support is at 395.00, 391.00, and 389.00 March, and resistance is at 405.00, 407.00, and 410.00 March.

COCOA
General Comments: New York and London closed lower as trends turned down in New York and London. The market has factored in the price for the support programs in Ivory Coast and Ghana. Importers are still looking to find a way to source Cocoa without paying a premium demanded by Ivory Coast and Ghana. Both countries have instituted a living wage for producers there and are looking to tax exports to pay the increased wages. Both countries are reporting reduced sales due to the living wage taxes. The harvest for the next main crop is almost done for much of West Africa and very strong production is expected. There are a lot of demand worries as the Coronavirus is making a comeback in the US. Europe is also seeing a return of the pandemic.
Overnight News: Sporadic and light showers are forecast for West Africa. Temperatures will be near 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 lower today at 3.073 million bags. ICE said that 41 contracts were tendered against December Cocoa and that total deliveries for the month are now 1,216 contracts.
Chart Trends: Trends in New York are down with objectives of 2590 and 2640 March. Support is at 2550, 2520, and 2500 March, with resistance at 2670, 2700, and 2730 March. Trends in London are down with objectives of 1770 and 1690 March. Support is at 1730, 1700, and 1690 March, with resistance at 1800, 1820, and 1850 March.