COTTON
General Comments: Cotton closed lower on some speculative long liquidation before the end of the month and improved US harvest weather. Harvest is ongoing amid drier weather conditions in West Texas and the Delta and Southeast. Reports indicate that some Cotton could have been damaged in Georgia and the Carolinas and into eastern Virginia due to the excessive winds and rains caused by the hurricanes, but these crops have had chances to recover damaged quality now. The rains and winds could have damaged fiber and blown fiber out of the bolls. The weekly export sales report showed strong demand last week. Demand should stay generally weak as long as the Coronavirus is around, but the recent announcements of vaccines to become available helped support better demand ideas. Ideas are that economic activity will greatly improve once the vaccines become readily available in several months from now.
Overnight News: The Delta and Southeast will get mostly dry conditions. Temperatures should average near to below normal in the Delta and in the Southeast. Texas will have mostly dry conditions and below normal temperatures. The USDA average price is now 67.65 ct/lb. ICE said that certified stocks are now 116,316 bales, from 115,929 bales yesterday. ICE said that 12 notices were posted for delivery against December contracts and that total deliveries for the month are now 265 contracts. USDA said that 84% of US Cotton is now harvested, from 77% last week, 82% last year, and 79% average.
Chart Trends: Trends in Cotton are mixed. Support is at 7190, 7100, and 7020 March, with resistance of 7350, 7430 and 7470 March.

FCOJ
General Comments: FCOJ was a little higher in featureless trading. Trends are turning up again in this market. Florida has been spared any hurricanes or other serious storms this year in a year that has been very active for tropical storms. The Coronavirus is still promoting consumption of FCOJ at home. Restaurant and food service demand has been much less as no one is dining out. The weather in Florida is good with frequent showers to promote good tree health and fruit formation. Brazil has been too dry and irrigation is being used. Showers are falling in Brazil now and these need to continue to ensure good tree health. However, it could turn warm and dry again next week. Mexican crop conditions are called good with rains.
Overnight News: Florida should get isolated showers or dry conditions. Temperatures will average below normal. Brazil should get scattered showers and above normal temperatures.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 130.00 January. Support is at 128.00, 126.00, and 124.00 January, with resistance at 131.00, 134.00, and 137.00 January.

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COFFEE
General Comments: Futures were a little lower in response to the big rally in New York on Friday. It has been a weather market, with New York currently worried about dry flowering conditions in Brazil. There have been reports of poor flowering conditions, but showers are falling in growing areas now. London had been supported due to stronger demand ideas and worries about the weather in Vietnam. The current weather situation is mostly dry and good for the trees. Central America has seen much improved weather recently after a couple of hurricanes that could have damaged crops hit the region. The demand from coffee shops and other food service operations is still at very low levels as consumers are still drinking Coffee at home. Reports indicate that consumers at home are consuming blends with more Robusta and less Arabica. The Brazil harvest is over and producers are selling due to the recent extreme weakness in the Real. Ideas are that production is very strong this year as it is the on year for the trees. Central America is also offering right now and offers are increasing. The weather is good in Colombia and Peru.
Overnight News: ICE certified stocks are a little lower today at 1.246 million bags. The ICO daily average price is now 116.47 ct/lb. Brazil will get scattered showers with near to above normal temperatures. Central America will get scattered showers after a hurricane earlier this week. Vietnam will see some big rains. ICE said that 611 contracts were tendered for delivery against December futures and that total deliveries for the month are now 1,346 contracts.
Chart Trends: Trends in New York are mixed. Support is at 120.00, 118.00, and 116.00 March, and resistance is at 125.00, 128.00 and 129.00 March. Trends in London are mixed. Support is at 1370, 1350, and 1320 January, and resistance is at 1440, 1480, and 1510 January.

SUGAR
General Comments: New York and London closed lower again yesterday. It has been raining in south central Brazil and the production of cane has been affected. The rains have been beneficial but any fieldwork has been interrupted. Brazil mills have been producing more Sugar and less Ethanol due to weak world and domestic petroleum prices. India has a very big crop of Sugarcane this year. The Indian government has not announced the subsidy for exporters of Sugar so no exports are coming out of India yet. Sources told wire services that any subsidy will need to be significant to get export sales on the books. Thailand might have less this year due to reduced planted area and erratic rains during the monsoon season. It is drier again now after rains from Vietnam and the Pacific hit the country a couple of weeks ago. The EU is having problems with its Sugarbeets crop due to weather and disease. Coronavirus has returned to the US and Europe and has caused some demand concerns for both ethanol and Sugar.
Overnight News: Brazil will get scattered showers. Temperatures should average above normal.
Chart Trends: Trends in New York are down with objectives of 1420, 1300, and 1280 March. Support is at 1420, 1400, and 1370 March, and resistance is at 1490, 1510, and 1530 March. Trends in London are down with objectives of 384.00 March. Support is at 391.00, 389.00, and 381.00 March, and resistance is at 407.00, 410.00, and 414.00 March.

COCOA
General Comments: New York and London closed lower in range trading. The market has factored in the price for the support programs in Ivory Coast and Ghana. Importers are still looking to find a way to source Cocoa without paying a premium demanded by Ivory Coast and Ghana. Both countries have instituted a living wage for producers there and are looking to tax exports to pay the increased wages. The harvest for the next main crop is almost done for much of West Africa and very strong production is expected. There are a lot of demand worries as the Coronavirus is making a comeback in the US. Europe is also seeing a return of the pandemic.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get scattered showers and near to above normal temperatures. ICE certified stocks are a little lower today at 3.109 million bags. ICE said that 0 contracts were tendered against December Cocoa and that total deliveries for the month are now 1,137 contracts.
Chart Trends: Trends in New York are mixed. Support is at 2700, 2690, and 2670 March, with resistance at 2820, 2850, and 2880 March. Trends in London are mixed. Support is at 1850, 1930, and 1800 March, with resistance at 1880, 1920, and 1950 March.