COTTON
General Comments: Cotton was lower again yesterday on forecasts for some showers in West Texas and the rest of the Great Plains as hot and dry conditions in the western Great Plains are still around today. Futures seem to have hit a wall against moves to higher prices and are now correcting lower. It is also hot and dry in India and crops grown there are thought to be under stress as well. There were ideas that production potential is slipping further due to the hot and dry weather in West Texas and the rest of the western Great Plains. Chinese demand could become less due to the Covid lockdowns there be trimming imports due to Covid and has closed a number of cities as the Covid spreads through the nation. China port closures and domestic difficulties caused by renewed Covid lockdowns are causing ideas of less demand as is a stronger US Dollar.
Overnight News: The Delta will get mostly dry conditions and near to above normal temperatures and Southeast will get isolated showers and near to above normal temperatures. Texas will have isolated showers and above normal temperatures. The USDA average price is now 133.98 ct/lb. ICE said that certified stocks are now 1,088 bales, from 1,088 bales yesterday.
Chart Trends: Trends in Cotton are mixed to down with objectives of 134.50 and 130.00 July. Support is at 139.00, 136.20, and 134.60 July, with resistance of 142.00, 142.80 and 145.00 July.

FCOJ
General Comments: FCOJ was lower yesterday and faded from a test of contract highs. Logistics on imports is once again a problem with a lot of boats stuck off shore in China. There are concerns that another freeze in Brazil could develop but there is nothing in the forecast for now. The market is short Oranges and short juice production but is also worried about domestic demand destruction as pills are becoming cheaper again. The greening disease has taken its toll on the US crop and the previous Brazil crop was down significantly due to drought. The weather remains generally good for production around the world for the next crop. Brazil has some rain and conditions are rated good, but it is drier now and some trees are developing stress. Weather conditions in Florida are rated mostly good for the crops with some showers and warm temperatures.
Overnight News: Florida should get isolated to scattered showers. Temperatures will average near to above normal. Brazil should get isolated showers and near to above normal temperatures.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 197.00 and 216.00 July. Support is at 173.00, 166.00, and 163.00 July, with resistance at 180.00, 186.00, and 189.00 July.

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COFFEE
General Comments: New York and London both closed higher with New York firm on concerns for more freezing temperatures for Brazil and on a stronger Brazilian Real. Temperatures right now are near to above normal and there are no forecasts for frosts or freezes in the short term. The Ukraine war is supporting ideas of less demand from Europe generally and Ukraine and Russia. Demand from China is thought to be less due to the war against Covid. Deliveries from Vietnam and Brazil Robusta are noted to be decreasing as the harvest is now complete, but selling was active in previous months.
Overnight News: ICE certified stocks are lower today at 1.060 million bags. The ICO daily average price is now 202.26 ct/lb. Brazil will get mostly dry conditions with near to above normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers.
Chart Trends: Trends in New York are up with objectives of 240.00 and 243.00 July. Support is at 229.00, 225.00, and 223.00 July, and resistance is at 233.00, 237.00 and 242.00 July. Trends in London are mixed to up with objectives of 2360 July. Support is at 2080, 2050, and 2030 July, and resistance is at 2120, 2130, and 2140 July.

SUGAR
General Comments: New York and London both closed lower as India has limited exports of White Sugar to 10 million tons for the current marketing year and as Brazil is harvesting its crop of Sugarcane and turning most of it into Ethanol. Thailand is still offering and exporting. India said it could have over 6 million tons in ending stocks due to the move but it has been very hot and very dry there so the production for the next crop might be much less. However, reports from India indicated that conditions are generally good for Sugar production. The Indian weather service is predicting a normal monsoon season this year. Support for London also came from ideas of little Sugar coming from Brazil as the mills there are processing for Ethanol. Ideas are still that prices for Sugar are relatively cheap in the world market. But the bulls have not been able to sustain a rally attempt.
Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to above normal. India will get isolated showers in eastern areas and near to above normal temperatures.
Chart Trends: Trends in New York are mixed to down with obje3ctives of 1870, 1800, and 1780 July. Support is at 1920, 1890, and 1870 July and resistance is at 1970, 1990, and 2010 July. Trends in London are mixed to up with objectives of 588.00 August. Support is at 570.00, 560.00, and 548.00 August and resistance is at 580.00, 586.00, and 592.00 August.

COCOA
General Comments: New York was higher and London was lower and chart patterns are sideways for the weekly charts but still down on the daily charts. Reports of big rains in Ivory Coast supported ideas of a big mid crop production but also brought ideas of moldy deliveries to ports. Ideas are still that good production is expected from West Africa for the year. The weather is good for harvest activities in West Africa. Current reports from Ivory Coast indicate that the weather is a good mix of sun and rain so a good midcrop production is expected. The weather is good in Southeast Asia. Ghana arrivals have been below year ago levels.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to bel0ow normal temperatures. ICE certified stocks are higher today at 5.283 million bags.
Chart Trends: Trends in New York are mixed to up with objectives of 2650 July. Support is at 2470, 2450, and 2430 July, with resistance at 2530, 2570, and 2620 July. Trends in London are mixed. Support is at 1730, 1710, and 1700 July, with resistance at 1770, 1790, and 1810 July.