COTTON

General Comments: Cotton was a little higher yesterday on a weaker US Dollar and higher stock market prices.  Farmers are not selling too much due to price, but buyers are hard to find.  A lack of new Chinese demand has been important and a reason to see lower US prices.  The lack of demand seems to be part of the price for now but the demand is not a reason to see a rally anytime soon.  The US harvest is over.  The monsoon in India is good and a good production there is possible.

Chart Trends:  Trends in Cotton are mixed.  Support is at 63.20, 62.00, and 60.80 March, with resistance of 64.90, 65.40 and 65.90 March.

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FCOJ

General Comments:  Futures were mixed yesterday, and the trends are now up on the daily and are turning up on the weekly charts.  Trading has been choppy until now, but the threat of very cold weather moving from the north into Florida brought speculative buying late in the week.  The cold weather also supported the mixed price action yesterday.  Traders are worried about demand even with lower prices.  FCOJ from Brazil has been subjected to tariffs but those have been stopped by the US for now.  The weather is considered good for production here and in Brazil and Mexico.  Development conditions are good in Florida and in Brazil now with occasional showers in Florida and dry weather in Brazil.

Chart Trends:  Trends in FCOJ are mixed.  Support is at 159.00, 15100, and 143.00 January, with resistance at 173.00, 184.00, and 184.00 January.

COFFEE

General Comments:  New York and London were lower yesterday, and trends are turning down in New York on the daily charts and are still down in London due to ideas and reports of increasing harvest sales from Vietnam.  Scattered showers are being reported now to improve tree condition in Brazil.  Mexico is in good condition, as is Central America.  Vietnam has scattered showers lately and conditions there are called good.

Overnight News: The ICO average price is 307.20 ct/lb.  ICE 15 said that 20 notices were posted for delivery against December futures and that total deliveries for the month are now 779 contracts.

Chart Trends: Trends in New York are mixed.  Support is at 358.00, 352.00, and 336.00 March, and resistance is at 385.00, 390.00 and 400.00 March.  Trends in London are mixed to down.  Support is at 4000, 3950, and 3780 January, with resistance at 4290, 4520, and 4600 January.

SUGAR

General Comments:  New York and London were yesterday in range trading and on ideas of good supplies for the market.  Trends are sideways to down, but the selling could be running out of steam.  There are still ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increased supplies while global consumption is expected to remain steady.

Chart Trends: Trends in New York are mixed.  Support is at 1460, 1430, and 1400 March and resistance is at 1520, 1540, and 1610 March.  Trends in London are mixed to down.  Support is at 416.00, 410.00, and 408.00 March, with resistance at 437.00, 445.00, and 452.00 March.

COCOA

General Comments:  New York and London closed lower and short term trends turned down.  A big main crop harvest is anticipated in West Africa and rains have been positive for crops lately.  Light rains mixed with heat in Ivory Coast’s cocoa-growing regions last week signaled a positive outlook for the main crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand and the lack of demand is expected to continue.

Overnight News:  ICE NY said that 0 notices were posted for delivery against December futures and that total deliveries for the month are now 1,514 contracts.

Chart Trends:  Trends in New York are up.  Support is at 5270, 4930, and 4820 March, with resistance at 6510, 6710, and 7150 March.  Trends in London are up.  Support is at 3830, 3650, and 3600 March, with resistance at 4700, 4860, and 5070 March.

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