COTTON        

General Comments: Cotton futures were higher yesterday on ideas of fresh demand for futures and cash markets.  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 mostly dry conditions and near to above normal temperatures.  The Southeast should get mostly dry conditions and near to below normal temperatures.  Texas will have mostly dry conditions and near to above normal temperatures.  The USDA average price is now 123.22 ct/lb.  ICE said that certified stocks are now 617 bales, from 617 bales yesterday.

Chart Trends:  Trends in Cotton are mixed.  Support is at 12500, 12210, and 12080 March, with resistance of 12880, 12960, and 13080 March.

Free Stock photos by Vecteezy

FCOJ 

General Comments: FCOJ was higher yesterday as the speculative selling that showed after a recent freeze event left little damage seems to have waned.  There are more moderate weather forecasts for the coming week or more.  Freezing temperatures reported last weekend did little to hurt the crops.  Temperatures in Florida are still below normal, but much warmer than last weekend. 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 objectives of 133.00 March.  Support is at 137.00, 135.00, and 133.00 March, with resistance at 143.00, 149.00, and 150.00 March.

COFFEE   

General Comments: New York closed a lot higher and London closed higher yesterday with the lack of offers from Brazil keeping prices well supported.  Ideas continue that the next crop in Brazil is experiencing good growing conditions.  Vietnamese producers have been selling and Brazil producers have sold some coffee for the next crop.  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 due to too much rain.

Overnight News: ICE-certified stocks are lower today at 1.060 million bags.  The ICO daily average price is now 212.67 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 up with objectives of 256.00 March.  Support is at 245.00, 243.00, and 240.00 March, and resistance is at 252.00, 255.00 and 258.00 March.  Trends in London are up with objectives of 2290 March.   Support is at 2220, 2200, and 2160 March, and resistance is at 2270, 2300, and 2360 March[JS1] .

SUGAR                 

General Comments:  New York and London were a little higher in nearby months but a little lower in deferred months yesterday on ideas of good production potential for Thailand and India against ideas o waning ethanol demand.  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.  Hot and dry weather is expected for southern areas after the rains pass this week.  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. Demand is still thought to be good, but supplies could increase as less ethanol is produced.  Philippines has tendered to buy 200,000 tons of White Sugar.

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 1750, 1740, and 1710 May and resistance is at 1800, 1820, and 1860 May.  Trends in London are mixed.  Support is at 477.00, 472.00, and 466.00 May and resistance is at 485.00, 490.00, and 493.00 May.

COCOA                                                                                   

General Comments: Both markets closed higher yesterday on ideas of bad weather in the Ivory Coast.  The weather is generally good for 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.  Both Ivory Coast and Ghana are reporting deteriorating weather as it is now mostly sunny and dry.  Some farmers want more rain for the best Spring harvest results.   Ghana arrivals are now 383,000 tons so far this marketing year, from 681,000 tons 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 4.755 million bags.

Chart Trends: Trends in New York are mixed.  Support is at 2620, 2590, and 2530 March, with resistance at 2690, 2700, and 2770 March.  Trends in London are mixed.  Support is at 1740, 1700, and 1680 March, with resistance at 1790, 1810, and 1830 March.