Softs Report - Thursday, June 3

COTTON
General Comments: Futures were lower yesterday in correction trading. Trends are still up on the daily charts. There are forecasts for hot and dry weather in just about all major US growing areas this week. Cotton growing conditions have improved with rains reported in West Texas and the Delta. The forecasts for the Panhandle region of Texas are now turning dry again and it could turn hot. It is drier in the Southeast production areas. The Southeast needs to be watched as conditions there could turn too hot and dry. Delta crop conditions are called good. Ideas are that Cotton demand can hold strong with production problems noted elsewhere in the world, especially in India.
Overnight News: The Delta will get scattered showers and near to below normal temperatures and Southeast will get isolated showers and near-normal temperatures. Texas will have isolated showers and below-normal temperatures. The USDA average price is now 79.59 ct/lb. ICE said that certified stocks are now 146,886 bales, from 146,886 bales yesterday.
Chart Trends: Trends in Cotton are up with objectives of 8570, 8850, and 10010 July. Support is at 8280, 8160, and 8120 July, with resistance of 8480, 8610, and 8650 July.

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FCOJ
General Comments: FCOJ closed a little higher once again and chart trends are up. The weather in Florida is good with isolated showers. The hurricane season is coming and a big storm could threaten trees and fruit. An active season is anticipated but that does not mean a big and damaging storm is coming. It does mean that the market will be on alert if one does show up. It is dry in Brazil and crop conditions are called good even with drier than normal soils. Stress to trees could return if the dry weather continues as is in the forecast. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. It is dry in northern and western Mexican growing areas.
Overnight News: Florida should get scattered showers. Temperatures will average near normal. Brazil should get mostly dry conditions and above normal temperatures.
Chart Trends: Trends in FCOJ are up with objectives of 121.00, 126.00, and 140.00 July. Support is at 119.00, 117.00, and 115.00 July, with resistance at 120.00, 122.00, and 126.00 July.

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