Softs Report - Tuesday, April 20

Overnight News: Florida should get scattered showers. Temperatures will average near to above normal today, then near to below 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 116.00 and 136.00 My. Support is at 112.00, 111.00, and 110.00 May, with resistance at 115.00, 116.00, and 120.00 May.


General Comments: New York and London closed a little higher. The main fundamental feature to the market is the weather in Brazil and the production prospects in the country. Some cooperatives and the export association are calling for a significant reduction in production with a 30% loss in production potential mentioned. It was dry at flowering time and has been dry again recently. It is also the off-year in the two-year production cycle. Production conditions elsewhere in Latin America are mixed with good conditions reported in northern South America and improved conditions reported in Central America after devasting floods early in the growing cycle. Conditions are reported to be generally good in Asia and Africa.

Overnight News: ICE-certified stocks are higher today at 1.894 million bags. The ICO daily average price is now 120.96 ct/lb. Brazil will get mostly dry conditions with near to above normal temperatures. Central America will get scattered showers or dry conditions. Vietnam will see scattered showers.

Chart Trends: Trends in New York are mixed. Support is at 129.00, 127.00, and 125.00 May, and resistance is at 134.00, 136.00, and 140.00 May. Trends in London are mixed up with objectives of 1380, 1410, and 1600 May. Support is at 1350, 1330, and 1310 May, and resistance is at 1370, 1400, and 1420 May.

DJ Uganda’s March Coffee Exports Jumped 19% as Plantations Matured
By Nicholas Bariyo

KAMPALA, Uganda–Uganda’s coffee exports posted a 19% rise in March, boosted by favorable weather and maturing plantations across Africa’s top exporter of the beans, the state-run Uganda Coffee Development Authority said Tuesday.

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