COTTON
General Comments: Cotton was a little lower yesterday as the market got back to trading the fundamentals. USDA on Friday increased production and ending stocks estimates on Friday. The weekly export sales report did not show strong sales. Selling has come from news that Trump will impose some big tariffs on China, but the tariffs posted were not as high as he had threatened before during the campaign. China has big problems with its domestic economy with consumer buying interest not strong and many people not working. The government has said it will take stimulus measures for the economy there next year. There are still reports of weaker demand potential against an outlook for good US production in the coming year.
Overnight News:
Chart Trends: Trends in Cotton are down. Support is at 66.80, 66.20, and 65.60 March, with resistance of 69.40, 69.90 and 70.40 March.

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FCOJ
General Comments: FCOJ closed a little lower yesterday on follow through selling. Chart trends are turning down on the daily charts as more cold weather invaded the eastern half of the country but appear to have missed Florida growing areas. The short term supply scenario remains very tight as USDA maintained its Florida production estimate at 12 million boxes and estimated US production at 60.3 million boxes from 60.6 million in its previous estimate. The market remains well supported in the longer term based on forecasts for tight supplies in Florida. The reduced 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.
Overnight News: ICE said that 0 contracts were delivered against January futures and that total deliveries for the month are now 9 contracts.
Chart Trends: Trends in FCOJ are down. Support is at 471.00, 468.00, and 462.00 March, with resistance at 499.00, 507.00, and 512.00 March.

COFFEE
General Comments: New York and London were lower yesterday as the market got more farm selling and considered again the size of the drought damaged crops in Brazil. Tight Arabica availability went against tight Robusta avai4lability as the harvest has stalled in Vietnam due to too much rain. The rains are also hurting the quality of the harvest as it is more difficult to dry and store the beans correctly. Reports of reduced offers from Brazil on weather induced short crops continue and there are also reports of too much rain in parts of Central America damaging crops there. Conditions are now good in Brazil as it has been raining. There are reports from Brazil that producers are selling again as the Real has weakened and producers are now making record money in Real terms.
Overnight News: The ICO average price is 295.68 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 314.00, 301.00, and 290.00 March, and resistance is at 342.00, 347.00 and 353.00 March. Trends in London are mixed to down. Support is at 4770, 4630, and 4510 March, with resistance at 5350, 5400, and 5550 March.

SUGAR
General Comments: New York and London were lower again yesterday on follow through selling and on ideas of increasing Brazil and Asian production. Center-south Brazil and Thailand both have improved production potential. The Brazilian Real has been very weak lately to encourage sales and help keep pressure on prices. Trends are mixed in both markets on the daily charts and on the weekly charts. Indian and Thai mills are expecting strong crops of cane. Supplies available to the market could be less in the next six months due to adverse growing conditions seen in Brazil during the production period. Total Brazil production has been affected by drought seen earlier in the year and the fires that destroyed crops in some areas.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1820, 1790, and 1760 March and resistance is at 1900, 1940, and 2000 March. Trends in London are mixed to down. Support is at 478.00, 472.00, and 466.00 March, with resistance at 501.00, 510.00, and 521.00 March.

COCOA
General Comments: New York and London closed mostly lower yesterday as Ivory Cost port arrivals remain above projections. There is talk that production will be short of demand for the fourth year in a row. Chart trends are tuning down in both markets on the daily charts. Producers in Ghana and in Ivory Coast have been fighting against too much rain that has made it hard to harvest and deliver crops. It has been very dry in West Africa lately. The trade also noted ICE-certified cocoa stocks have been rising of late, but that overall cocoa supply is set to remain sharply constrained for several seasons due to structural problems in Ivory Coast and Ghana.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 10250, 9830, and 9450 March, with resistance at 11880, 12000, and 12910 March. Trends in London are mixed to down. Support is at 8500, 8160, and 7810 March, with resistance at 9380, 10200, and 10500 March.

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