Softs Report - Tuesday, April 20

Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to above normal.

Chart Trends: Trends in New York are up with objectives of 1670 July. Support is at 1610, 1580, and 1560 July, and resistance is at 1660, 1670, and 1700 July. Trends in London are up with objectives of 464.00 August. Support is at 450.00, 442.00, and 439.00 August, and resistance is at 464.00, 468.00, and 469.00 August.


General Comments: New York closed higher and London was a little higher. The grind data overall showed improved demand when it was released last week. The main crop harvest is over in West Africa and the mid crop harvest is active. Ports in West Africa have been filled with Cocoa. That is changing a bit as the governments of Ivory Coast and Ghana have given up on their fair wage scheme to try to tax exporters and buyers. European demand has been slow as the quarterly grind data showed a 3% decrease from a year ago in grindings. This has been caused by less demand created by the pandemic. Asian demand improved. North American data showed improved demand.

Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near to 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 4.703 million bags. ICE said that 22 notices were posted for delivery against May contracts and that total deliveries for the month are now 133 contracts.

Chart Trends: Trends in New York are up with objectives of 2510 and 2600 July. Support is at 2450, 2430, and 2400 July, with resistance at 2500, 2520, and 2570 July. Trends in London are mixed. Support is at 1620, 1610, and 1540 July, with resistance at 1670, 1690, and 1720 July.

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