Softs Report - Thursday, March 26

COCOA
General Comments: New York and London closed mixed, with nearby months a little lower and deferred months a little higher. Harvest is now over for the main crop in West Africa and the results so far are very good. Ideas are that demand is currently strong but less than before due to the Coronavirus problems in Europe. The reports from West Africa imply that a big harvest in the region. The weather in Ivory Coast is good. The weather is too dry in Ghana and Nigeria and there are fears that the mid crop is not developing well at this time.
Overnight News: Isolated to scattered are forecast for West Africa. Temperatures will be above 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 higher today at 3.964 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2190, 2160, and 2130 May, with resistance at 2310, 2360, and 2400 May. Trends in London are mixed. Support is at 1830, 1800, and 1790 May, with resistance at 1890, 1930, and 1980 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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