COTTON
General Comments: Cotton closed lower yesterday on follow through selling on demand fears as the stock market made new lows for 2023 and is now negative for the calendar year. Ideas are that the US could be headed into a recession and cause demand to be soft. Ideas of weaker demand due to economic problems in Asia continue and Chinese economic data continues to show weakness, but prices are supported by ideas of tight supplies here in the US and around the world. There are still many concerns about demand from China and the rest of Asia due to the slow economic return of China in the world market. However, there are also production concerns about Australian and Indian Cotton as both countries are likely to suffer the effects of El Nino starting this Fall.
Overnight News: The Delta will get isolated showers and above normal temperatures. The Southeast will see isolated showers and near to above normal temperatures. Texas will have scattered showers and near to above normal temperatures. The USDA average price is now 82.30 ct/lb. ICE daily certified stocks are now 39,817 bales, from 39,162 bales yesterday. ICE said that 0 notices were posted for delivery against October futures and that total deliveries for the month are now 17 contracts. USDA said that eekly net Upland Cotton export sales were 240,000 bales this year and 2,200 bales next year. Net Pima sales were 4,500 bales this year and 0 bales next yrear.
Chart Trends: Trends in Cotton are mixed. Support is at 86.70, 86.30, and 85.60 December, with resistance of 88.90, 90.00 and 91.20 December.

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FCOJ
General Comments: FCOJ closed sharply higher yesterday and started a new leg up from the recent trading range. The market has been dynamic as traders are wary about selling futures due to the hurricane season that could bring a storm to damage crops in Florida again. Futures have stalled out in the last week as the hurricanes are missing Florida and are instead landing farther north up the coast. Reports of short supplies in Florida and Brazil are around. Futures are also being supported in forecasts for an above average hurricane season that could bring a storm to damage the trees once again. Historically low estimates of production due in part to the hurricanes and in part to the greening disease that have hurt production, but conditions are significantly better now with scattered showers and moderate temperatures. Florida Citrus Mutual said that inventories of FCOJ are now 44.5% less than last year.
Overnight News: Florida should get isolated showers. Temperatures will average near normal. Brazil should get mostly dry conditions and near to above normal temperatures.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 382.00 November. Support is at 349.00, 341.00, and 338.00 November, with resistance at 369.00, 371.00, and 374.00 November.

COFFEE
General Comments: New York and London closed lower again yesterday on reports of improved the offers from Brazil and Vietnam. Trends are still mixed on the New York daily charts but have turned down in London. It is still very hot and dry in Brazil and the weather is starting to support the prices in New York. Demand for Robusta and lower quality Arabicas has improved due to the recent price strength in Robusta, but the Vietnam harvest is now underway and growers there are reported to be excited to sell into higher prices seen currently. London is now in a sideways trend as a result. The lack of offers from Asia, mostly from Vietnam but also Indonesia remains a main feature of the market, but the offers are starting to improve with the Vietnam harvest under way and the US Dollar moving higher. Offers from Brazil and other countries in Latin America should be increasing but prices are considered a little cheap to create much selling interest from producers and the differentials offered have been very high.
Overnight News: ICE certified stocks are lower today at 0.443 million bags. The ICO daily average price is now 147.74 ct/lb. Brazil will get mostly dry conditions with near to above normal temperatures. Central America will get mostly dry conditions. Vietnam will see scattered showers.
Chart Trends: Trends in New York are mixed. Support is at 145.00, 142.00, and 139.00 December, and resistance is at 151.00, 153.00 and 155.00 December. Trends in London are down with objectives of 2320 November. Support is at 2350, 2320, and 2290 November, with resistance at 2440, 2460, and 2500 November.

SUGAR
General Comments: New York and London closed higher again yesterday in recovery trading. There are still forecasts for rain in Brazil after a spell of very hot and dry conditions, but the market continues to see stressful conditions in Asian production areas. The Brail rains could still be a few weeks off but the rainy season should be under way soon. The Asian dryness is still the main feature. Many growing areas in India have been dry, and exports have indicated that production has suffered. The government there now says it will have more than enough production for the domestic demand but will limit exports to help control inflation. There are also worries about the Thai and Indian production potential due to El Nino. Offers from Brazil are still active but other origins are still not offering, and demand is still strong. Brazil reports very good harvest conditions but the weather in Southeast Asia is currently dry. Indian production is less this year and Pakistan also has reduced production and the monsoon has been uneven so far in both countries. Thailand production is also down a lot this year and many Asian countries are worried about El Nino impacting future production. European beet producers are reported to be less interested in planting this year due to environmental regulations imposed by the EU.
Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to below normal. India will get mostly dry conditions and below normal temperatures.
Chart Trends: Trends in New York are down with objectives of 2490 March. Support is at 2520, 2460, and 2400 March and resistance is at 2640, 2710, and 2730 March. Trends in London are down with objectives of 674.00 December. Support is at 679.00, 670.00, and 665.00 December, with resistance at 703.00, 706.00, and 712.00 December.

COCOA
General Comments: New York and London closed higher yesterday on what appeared to be speculative buying. The main crop harvest comes into focus and as farmers in West Africa report good pod development. The charts still suggest that a correction is possible and that it is possible that futures and cash prices have gotten a little too high for the demand side of the market despite production losses seen during the growing season. The supply and demand situation remains bullish. Ideas of tight supplies remain based on more reports of reduced arrivals in Ivory Coast and Ghana continue, Midcrop production ideas are lower now with diseases reported in the trees due to too much rain that could also affect the main crop production.
Overnight News: Isolated showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average near normal. Brazil will get isolated showers and near to above normal temperatures. ICE certified stocks are lower today at 4.922 million bags.
Chart Trends: Trends in New York are mixed. Support is at 3400, 3370, and 3300 December, with resistance at 3570, 3600, and 3640 December. Trends in London are mixed. Support is at 2940, 2900, and 2810 December, with resistance at 3060, 3100, and 3120 December.

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