COTTON
General Comments: Cotton was a little higher yesterday in slow trading before the USDA reports on Friday highlightling quarterly stocks in all positions and planting intentions for the coming crops. Ideas are that the market has rallied well from the lows made a couple of weeks ago and could consolidate the gains for now. Selling has come from news that Trump has imposed some big tariffs on China earlier this week, and China announced tariffs on US ag production in retaliation. There are still reports of weaker demand potential from other buyers against an outlook for less US production in the coming year.
Chart Trends: Trends in Cotton are mixed. Support is at 64.80, 63.90, and 62.60 May, with resistance of 66.80, 67.80 and 68.20 May.

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FCOJ
General Comments: FCOJ closed lower yesterday. Chart trends are mixed on the daily charts but are trying to turn up. The short term supply scenario remains tight but is now a little loose. The reduced Florida production appears to be mostly at the expense of the greening disease and some extreme weather seen in the last couple of years. There are no weather concerns to speak of for Brazil or Florida right now although Brazil could turn hot and dry.
Chart Trends: Trends in FCOJ are mixed to down. Support is at 260.00, 238.00, and 230.00 May, with resistance at 289.00, 302.00, and 322.00 May.

COFFEE
General Comments: New York closed higher and London closed lower yesterday as doubts about the production in Brazil continue. Trends are up in New York. The lack of offers from Brazil along with reduced production and offers from Vietnam continue. The Vietnam harvest is over, but producers are holding back on some beans and are hoping for higher prices.. Hot and dry weather is in the forecast for Brazil longer term. The flow of coffee from Brazil should slow this year as it is an off year in the country’s biennial crop cycle.
Overnight News: The ICO average price is 349.63 ct/lb.
Chart Trends: Trends in New York are up. Support is at 366.00, 361.00, and 354.00 May, and resistance is at 402.00, 408.00 and 414.00 May. Trends in London are mixed to up. Support is at 5280, 5230, and 5010 May, with resistance at 5630, 5740, and 5950 May.

SUGAR
General Comments: New York and London were lower yesterday. There were reports of some scattered showers in center south Brazil and reports that India will have comfortable beginning stocks to help cushion the blow from reduced production for the coming year. Ideas of decreasing Brazil and Asian production are still around. Center-south Brazil, India, and Thailand all have reduced production potential due to weather. Trends turned up in both markets on the daily charts and on the weekly charts. Total Brazil production has been affected by drought seen earlier in the year and the fires that destroyed crops in some areas.
Chart Trends: Trends in New York are mixed to down. Support is at 1900, 1850, and 1810 May and resistance is at 1970, 2010, and 2030 May. Trends in London are down. Support is at 539.00, 535.00, and 524.00 May, with resistance at 553.00, 567.00, and 575.00 May.

COCOA
General Comments: New York and London closed higher and back inside the recent trading range on the daily charts yesterday. Ideas are that a strong crop is expected and the ICCO recently raised its forecast of production for the coming year. Ivory Coast port arrivals and Ghana arrivals are expected to fade but have held strong so far. There is talk that production will be short of demand for the fourth year in a row, but demand has been thought to be weakening. Chart trends are mixed to down in both markets on the daily charts. Producers in Ghana and in Ivory Coast have been fighting against too little rain that has reduced yields. Ivory Coast arrivals are still running 12.4% above a year ago.
Chart Trends: Trends in New York are mixed to down. Support is at 7200, 6680, and 6670 May, with resistance at 8590, 8780, and 8900 May. Trends in London are down. Support is at 5600, 5290, and 4990 May, with resistance at 6500, 6870, and 7050 May.

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