Softs Report - Tuesday, March 2


General Comments:  Futures were sharply higher yesterday and chart trends are sideways to down on the daily charts. The weekly export sales report on Thursday showed solid demand for US Cotton and the demand has been strong even with the Coronavirus around and getting worse. The overall weaker US Dollar has helped demand ideas as well although the Dollar has started to firm recently. The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products. The stock market was much higher yesterday.

Overnight News: The Delta will get scattered showers and near to below normal temperatures and the Southeast will get isolated showers and near to below normal temperatures. Texas will have isolated showers and near to above temperatures. The USDA average price is now 86.68 ct/lb. ICE said that certified stocks are now 99,789 bales, from 99,789 bales yesterday. ICE said that 5 notices were posted for delivery against March contracts and that total deliveries for the month are now 78 contracts.

Chart Trends:  Trends in Cotton are down with objectives of 8510 May. Support is at 8790, 8730, and 8580 May, with resistance of 8970, 9080, and 9220 May.

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General Comments:  FCOJ closed higher and climbed back into the trading range on the daily charts. Some damage to leaves and open flowers was possible in Texas and northern Mexico in the wake of the recent hard freeze, but ideas are that the overall damage was minor. Moderate temperatures were reported in Florida last week and moderate temperatures are expected this week. The weather in Florida is good with a few showers to promote good tree health and fruit formation. A few showers are falling in Brazil now and crop conditions are called good even with drier than normal soils. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. It is dry in northern Mexican growing areas.

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