COTTON

General Comments: Cotton was a little higher again yesterday on ideas that a new trade agreement with Asian countries was at hand against weakness in Crude Oil futures. US officials indicated that deals are coming with China, Vietnam, and Cambodia in addition to perhaps other countries.  There are no more USDA reports coming due to the closure.  The US harvest is active in most areas and initial yield reports are positive.  However, Cotton is not being sold by many producers as they wait for higher prices.  There are still ideas that growing and harvesting conditions are generally good.  There are still reports of good weather in Texas and into the southeast with variable temperatures and a few showers and demand concerns caused by the tariff wars are still around.  Bolls are opening.  The monsoon in India is good and a good production there is possible.

Chart Trends:  Trends in Cotton are mixed.  Support is at 63.70, 62.170, and 62.10 December, with resistance of 65.30, 66.10 and 67.00 December.

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FCOJ

General Comments: Futures were lower yesterday on ideas that production in the coming year will be good everywhere. The trends are still mixed. The US government remains shut down.  The weather is considered good for production here and in Brazil and Mexico.  Development conditions are good in Florida and in Brazil now with occasional showers in Florida and dry weather in Brazil.  The poor production potential for the crops comes from early dry weather but also the greening disease that has caused many Florida to lose trees.  Brazil production potential got hurt by cold and dry weather seen earlier in the year and dry weather now.

Chart Trends:  Trends in FCOJ are down.  Support is at 170.00, 164.00, and 158.00 November, with resistance at 224.00, 237.00, and 247.00 November.

COFFEE

General Comments: New York was mixed and London was mostly higher yesterday on reports of some showers this week and as Lula said a deal with the Us on tariffs could be reached very quickly.  There are still reduced deliverable supplies for both exchanges, and the lack of deliverable stocks in both markets has supported the futures market.  Vietnam has seen mostly good growing conditions but too much rain from some tropical systems has been reported in some areas.  Activity remained quiet in Vietnam on limited supplies as offers of fresh beans from the current harvest have yet to pick up.  U.S. and Brazilian officials held trade talks on Thursday that the two sides called positive and agreed to work to schedule a meeting between President Donald Trump and Luiz Inacio Lula da Silva soon.  A revision of the 50% U.S. tariff on Brazilian imports, including coffee, could push arabica prices lower.

Overnight News: The ICO average price is 321.95 ct/lb.

Chart Trends: Trends in New York are mixed.  Support is at 371.00, 360.00, and 350.00 December, and resistance is at 386.00, 418.00 and 424.00 December.  Trends in London are mixed.  Support is at 4240, 4150, and 4040 November, with resistance at 4530, 4670, and 4870 November.

SUGAR

General Comments: New York and London were lower yesterday. Trends are still down in both markets.  Ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  Production in Center-South Brazil has also been strong.  The recent consensus on Brazil sugar output amongst six different brokers, traders and analysts was for 42.28 million tons in 2026/27 versus 40.52 million in 2025/26.  The outlook for cane crops in India and Thailand are in good condition with reports of good rains this year, while Brazilian cane continue to favor producing sugar over ethanol.  The prospect of a global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increased supplies while global consumption is expected to remain steady.  In Europe, MARS increased its sugar beet yield outlook to 76.3 t/ha for the current season, from 74.8 t/ha projected last month.

Chart Trends: Trends in New York are down.  Support is at 1430, 1400, and 1370 March and resistance is at 1520, 1540, and 1610 March.  Trends in London are mixed to down.  Support is at 415.00, 409.00, and 403.00 December, with resistance at 435.00, 441.00, and 449.00 December.

COCOA

General Comments: New York and London closed mostly higher yesterday and trends turned up.  London December was mostly lower.  Demand concerns in West Africa continue.  Bigger supplies are expected at West Africa ports soon as Ivory Coast has raised the farmgate price paid to farmers and they are expected to sell.  Ghana has also raised farmgate prices.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand and the lack of demand is expected to continue.  Cocoa arrivals were down 24.9% from last year this week,  Malaysia and the US have apparently agreed to allow Malaysian Cocoa into the US with 0 tariffs..

Chart Trends: Trends in New York are up.  Support is at 5900, 5690, and 5600 December, with resistance at 6480, 6680, and 6870 December.  Trends in London are mixed.  Support is at 4200, 4010, and 3920 December, with resistance at 4700, 4870, and 4970 December.

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