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COTTON        

General Comments: Cotton futures closed lower in March as speculators and funds started to roll positions forward.  Deferred months were higher.  Crude Oil has been very strong and that would hurt polyester pricing and help Cotton demand.  It’s been a demand market and futures have been correcting lower over the last few sessions in search of new demand.  Ideas are that demand remains strong for US Cotton even with the weaker export sales reports over the last couple of weeks.  Analysts say the Asian demand is still very strong and likely hold at high levels for the future.  US consumer demand has been very strong as well despite higher prices and inflation.  Good US production is expected for next year as planted area is expected to increase due to high cotton prices and the expense of planting Corn.  Chart trends are still mostly up in this market.

Overnight News: The Delta will get scattered showers and near-normal temperatures.  The Southeast should get mostly dry conditions and above normal temperatures.  Texas will have scattered snow showers and below-normal temperatures.  The USDA average price is now 123.69 ct/lb.  ICE said that certified stocks are now 617 bales, from 617 bales yesterday.

Chart Trends:  Trends in Cotton are up with objectives of 13140 March.  Support is at 12480, 12210, and 12080 March, with resistance of 12960, 13080, and 13200 March.

FCOJ 

General Comments: FCOJ was lower yesterday on follow-through selling after reports of very cold temperatures in Florida over the weekend.  The market had rallied on freeze fears but those fears eased on Friday and futures were lower.  It was cold, but not been cold enough for long enough to do more than damage some leaves on the trees.   Temperatures in the state should now moderate. The trends are down on the daily charts.  Brazil has some rain and conditions are rated very good.  Brazil production was down last year due to dry conditions at flowering time and then a freeze just before harvest.  Mexico is rated in good condition.

Overnight News: Florida should get mostly dry conditions.  Temperatures will average below normal.   Brazil should get scattered showers and near to above normal temperatures.

Chart Trends: Trends in FCOJ are down with no objectives.  Support is at 142.00, 140.00, and 137.00 March, with resistance at 150.00, 152.00, and 154.00 March.

COFFEE   

General Comments: New York and London closed higher with speculators and roasters reported to be buying.  Ideas continue that the next crop in Brazil is experiencing good growing conditions.  Vietnamese producers have been selling so differentials have gone down in that market and it now pays to send Coffee to London and the rest of Europe.  The dry weather and then the freeze in Brazil have created a lot of problems for the trees to form cherries this year.  Big rains more recently in some Brazil growing areas have hurt cherry formation as well.  The logistical situation in both Vietnam and Brazil has eased in recent weeks but is still considered difficult and expensive to manage.  Brazil producers have sold most of the current year crop and are forward pricing for next year.  Vietnam producers are also selling and some of the Robusta is going to the exchange in London as differentials have weakened.  Vietnam is getting scattered showers on the coast but dry conditions inland.  The rest of Southeast Asia should get scattered showers in the islands and mostly dry conditions on the mainland.  Production conditions for the next crop in Colombia are not good.

Overnight News: ICE-certified stocks are lower today at 1.203 million bags.  The ICO daily average price is now 204.44 ct/lb.  Brazil will get scattered showers with near-normal temperatures.  Central America will get mostly dry conditions.  Vietnam will see scattered showers near the coast and mostly dry conditions inland.

Chart Trends: Trends in New York are mixed.  Support is at 230.00, 227.00, and 225.00 March, and resistance is at 241.00, 246.00, and 252.00 March.  Trends in London are mixed to down with objectives of 2130 and 2070 March.   Support is at 2160, 2140, and 2110 March, and resistance is at 2210, 2230, and 2250 March[JS1].

SUGAR                 

General Comments: New York and London were higher yesterday on news that mills in Brazil, only produced ethanol in the last half of December.  Support comes from ideas that the market needs to ensure that there will be enough White Sugar production and imports from India and Thailand.  Ideas are that stronger Crude Oil prices imply stronger ethanol prices for more ethanol production and less Sugar production in Brazil and those ideas help keep Sugar prices supported.  There have been reports of improved growing conditions for the crops in central-south areas of Brazil.  Showers will continue into much of this week and crops should benefit from the return of moisture to the region.  Ideas are that the supplies are available from India and Thailand as harvests there are off to a good start but it will take a stronger price to get them into the market.

Overnight News:  Brazil will get scattered showers.  Temperatures should average near to above normal.

Chart Trends: Trends in New York are mixed.  Support is at 1780, 1760, and 1740 May and resistance is at 1820, 1860, and 1900 May.  Trends in London are mixed.  Support is at 484.00, 480.00, and 472.00 May and resistance is at 493.00, 496.00, and 500.00 May.

COCOA                                                                                   

General Comments: Both markets closed higher as futures held support on the daily charts and could be completing a bottom.  The weather is generally good for West Africa and Southeast Asia but some producers in West Africa are worried about the dry weather that has been noted for the last couple of weeks.  Ideas are that demand will continue to improve and production in West Africa appears to be good this year.  Both Ivory Coast and Ghana are reporting improved weather as it is now mostly sunny with some scattered showers around.  Some farmers want more rain for the best Spring harvest results.  Ivory Coast arrivals are now estimated at 1.340 million tons for the marketing year., up 1.5% from last year.

Overnight News: Mostly dry conditions 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 scattered showers and near-normal temperatures. ICE-certified stocks are higher today at 4.568 million bags.

Chart Trends: Trends in New York are up with objectives of 2580 and 2600 March.  Support is at 2530, 2500, and 2440 March, with resistance at 2640, 2690, and 2700 March.  Trends in London are up with objectives of 1740 March.  Support is at 1700, 1680, and 1650 March, with resistance at 1750, 1770, and 1790 March. P