Softs Report - Thursday, July 8

General Comments: Futures were higher again on weather concerns. News of another tropical system coming into the Southeast helped support futures prices. Elsa is coming and the Southeast is threatened with big rains and perhaps some wind this week. Cotton growing conditions have improved with rains reported in West Texas and less rain the Delta. Texas should get some showers this week. Some scattered showers are in the forecast in the Delta and Southeast but the Southeast is getting heavy rains today. Production ideas are being impacted in just about all areas due to the weather extremes.
Overnight News: The Delta will get scattered showers and near to below normal temperatures and Southeast will get scattered showers with some heavy amounts today and near to below normal temperatures. Texas will have scattered showers and below normal temperatures. The USDA average price is now 83.97 ct/lb. ICE said that certified stocks are now 119,966 bales, from 119,966 bales yesterday. ICE said that 0 notices were posted for July delivery and that total deliveries for the month are now 115 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 8590, 8470, and 8400 December, with resistance of 8790, 8830, and 8930 December.

Image by JamesDeMers from Pixabay

General Comments: FCOJ closed higher as a tropical system passed very close to the west coast of Florida but did no damage to Citrus. The fear of damage today kept buyers interested. Elsa is currently passing by Florida, but there are not likely to be damaging winds from the system. The state could get excessive rainfall. A big storm could threaten trees and fruit. Brazil is reported to be in good condition, but dry. It has been cold but any damage is called minor. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. Northern and western Mexico are getting some rains and conditions are rated mostly good. Some areas have had too much rain..
Overnight News: Florida should get scattered showers with heavy amounts today. Temperatures will average near normal. Brazil should get mostly dry conditions and near-normal temperatures. ICE said that 0 notices were posted for delivery against July contracts and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are up with objectives of 131.00 September. Support is at 122.00, 121.00, and 120.00 September, with resistance at 128.00, 130.00, and 132.00 September.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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