Softs Report - Thursday, March 26

COFFEE
General Comments: Futures were higher in New York and a little higher in London. Containers are bottled up in China and are increasingly hard to find for shipping in most Coffee exporter countries. The chart trends are up in New York and mixed in London due to big production ideas. Rains were reported in Brazil Coffee areas over the weekend and showers are continuing through this week. It is dry in other parts of Latin America. Central America has had less than normal rains, especially in Honduras. The Asian harvest is underway but producers do not seem to be selling on ideas that prices are too low.
Overnight News: ICE certified stocks are lower today at 2.027 million bags. The ICO daily average price is now 117.41 ct/lb. Brazil will get scattered showers in Minas Gerais this week and spreading into Sao Paulo this weekend with near normal temperatures. Vietnam will see mostly dry conditions in the south and some light to moderate showers in the north.
Chart Trends: Trends in New York are up with objectives of 136.00 May. Support is at 125.00, 122.00, and 120.00 May, and resistance is at 131.00, 135.00 and 137.00 May. Trends in London are mixed. Support is at 1220, 1190, and 1150 May, and resistance is at 1270, 1290, and 1310 May.

SUGAR
General Comments: New York and London closed higher. Sugar futures were supported by the lack of container availability in Brazil for shipping. The recently weaker petroleum futures make higher priced ethanol that much more expensive to blend and cuts demand. That makes more Sugarcane available for processing into Sugar. The Brazil mills are trying to cover the lack of White Sugar in the market. Reports indicate that little is on offer from India. Thailand might also have less this year due to reduced planted area and erratic rains during the monsoon season. Reports of good weather in Brazil imply good crops there.
Overnight News: Brazil will get scattered showers mostly in Minas Gerais this week and spreading into Sao Pauloi this weekend. Temperatures should average near normal.
Chart Trends: Trends in New York are mixed to up with objectives of 1180 and 1250 May. Support is at 1110, 1070, and 1050 May, and resistance is at 1170, 1210, and 1220 May. Trends in London are mixed. Support is at 332.00, 329.00, and 326.00 May, and resistance is at 349.00, 352.00, and 354.00 May.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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