COTTON       

General Comments:  Futures were higher on ideas that the new Biden administration is ready to go with a new stimulus program that could aid clothing purchases and Cotton demand. The daily charts show a firm tone. The weekly export sales report on Thursday showed strong demand for US Cotton once again, and the demand has been strong even with the Coronavirus around and getting worse. The overall weaker US Dollar has helped demand ideas as well. Lower production will mean tight supplies down the road and the futures market is trying to ration demand through price.

Overnight News: The Delta and Southeast will get scattered showers. Temperatures should average above normal. Texas will have mostly dry conditions after scattered showers tomorrow and near to below normal temperatures today, then near to above normal. The USDA average price is now 77.45 ct/lb.ICE said that certified stocks are now 70,649 bales, from 70,649 bales yesterday.

Chart Trends:  Trends in Cotton are mixed to up with objectives of 8270 and 8540 March. Support is at 8030, 7960, and 7870 March, with resistance of 8220, 8280, and 8340 March.

FCOJ 

General Comments:  FCOJ closed higher in consolidation trading. The Coronavirus is still promoting consumption of FCOJ at home. Restaurant and foodservice 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. It is turning a little drier there this week. 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. Mexican crop conditions are called good with rains.

Overnight News: Florida should get isolated showers or dry conditions. Temperatures will trend to below normal. Brazil should get scattered showers and near to above normal temperatures. ICE said that 0 notices were posted for delivery against January contracts today and that total deliveries for the month are now 0 contracts.

Chart Trends: Trends in FCOJ are mixed. Support is at 116.00, 110.00, and 103.00 March, with resistance at 120.00, 122.00, and 125.00 March.

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COFFEE   

General Comments:  Futures were lower in New York and a little lower in London on reports of good weather in Brazil and Vietnam and on the export data from CECAFE in Brazil showing very strong December exports.Brazil has been dry for flowering and initial fruit development.Sufficient rains are falling now to support crops.Vietnam has harvested its production under mostly dry conditions.Some of those crops are starting to hit the market.Central America is also drier for harvesting.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.The weather is good in Colombia and Peru.

Overnight News:ICE certified stocks are higher today at 1.556 million bags.The ICO daily average price is now 116.00 ct/lb.Brazil will get isolated showers with near to above normal temperatures.Central America will get scattered showers or dry conditions.Vietnam will see mostly dry conditions.

Chart Trends:Trends in New York are mixed.Support is at 122.00, 119.00, and 116.00 March, and resistance is at 127.00, 129.00 and 130.00 March.Trends in London are mixed to up with objectives of 1380 and 1420 March. Support is at 1320, 1290, and 1260 March, and resistance is at 1360, 1390, and 1440 March.

SUGAR             

General Comments:  New York and London closed higher and held the recent trading range.Rains were reported again in Brazil.It has been raining in south central Brazil and the production of cane is winding down for the season.The rains have come late to the region but they are supporting whatever crops are swtill in the ground now.Production has been hurt due to dry weather earlier in the year.India has a very big crop of Sugarcane this year but no exports are coming out.Thailand might have less this year due to reduced planted area and erratic rains during the monsoon season.The EU is having problems with its Sugarbeets crop due to weather and disease.Coronavirus has returned to the world and has caused some demand concerns, especially for Ethanol.

Overnight News:Brazil will get scattered showers.Temperatures should average near to above normal.

Chart Trends: Trends in New York are mixed.Support is at 1570, 1540, and 1510 March, and resistance is at 1670, 1690, and 1720 March.Trends in London are mixed.Support is at 449.00, 444.00, and 439.00 March, and resistance is at 465.00, 468.00, and 471.00 March.

COCOA              

General Comments:  New York and London closed lower but held breakout points on the charts.The charts show a higher trend.Importers are still looking for ways 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.Buyers have been accused of using certified stocks from the exchange instead of buying from origin.Origin has ample supplies to sell right now.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.The next grind data is due out over the next couple of weeks.Ivory Coast has not been shipping as exporters have asked to hold off.There is about 100,000 tons ready to ship with no buyers at this time.

Overnight News:Mostly dry conditions 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 3.222 million bags.

Chart Trends:Trends in New York are mixed to up with objectives of 2660, 2740, and 2760 March.Support is at 2560, 2520, and 2500 March, with resistance at 2650, 2660, and 2670 March.Trends in London are up with objectives of 1770 and 1840 March.Support is at 1750, 1730, and 1710 March, with resistance at 1780, 1820, and 1830 March.