Softs Report - Thursday, March 4

COTTON       

General Comments:  Futures were lower yesterday on demand worries. Futures appear to be taking a break from the relentless up move seen over the last few months. Chart trends are still sideways to down on the daily charts. The demand for US Cotton has been strong even with the Coronavirus around and getting worse. The overall weaker US Dollar has helped demand ideas as well although the Dollar has started to firm recently and could be hurting demand. The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products.

Overnight News: The Delta will get mostly dry conditions and near to below normal temperatures and the Southeast will get isolated showers and near to below normal temperatures. Texas will have isolated showers and near to above temperatures. The USDA average price is now 83.56 ct/lb.ICE said that certified stocks are now 99,789 bales, from 99,789 bales yesterday.ICE said that 0 notices were posted for delivery against March contracts and that total deliveries for the month are now 91 contracts.USDA said that weekly net Upland Cotton export sales were 169,000 bales this year and 40,600 bales next year.Net Pima sales were 7,800 bales this year and 0 bales next year.

Chart Trends:  Trends in Cotton are mixed to down with objectives of 8510 May. Support is at 8790, 8730, and 8680 May, with resistance of 9010, 9140, and 9280 May.

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FCOJ 

General Comments:  FCOJ closed higher in range trading. Some damage to leaves and open flowers was possible in Texas and northern Mexico in the wake of the recent hard freeze, but ideas are that the overall damage was minor. Moderate temperatures were reported in Florida last week and moderate temperatures are expected this week. The weather in Florida is good with a few showers to promote good tree health and fruit formation.Showers are falling in Brazil now and crop conditions are called good even with drier than normal soils. 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.

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