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DJ U.S. July Coffee, Cocoa Imports-Sep 6
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Jul 2023—- —-Jun 2023—-
-coffee- kilograms pounds kilograms pounds
coffee, unroasted 111,545,524 245,957,880 111,390,237 245,615,473
coffee, roasted 8,524,257 18,795,987 8,082,585 17,822,100
coffee, soluble
instant 4,315,970 9,516,714 6,391,013 14,092,184
-Cocoa-
cocoa beans 9,266,784 20,433,259 15,114,832 33,328,205
sweetened bars/block
10 lbs or over 3,028,173 6,677,121 1,852,389 4,084,518
for retail candy 0 0 0 0
cocoa butter 11,883,070 26,202,169 8,824,421 19,457,848
cocoa paste,
not defatted 6,230,810 13,738,936 5,511,515 12,152,891
cocoa paste
defatted 4,459,744 9,833,736 4,394,933 9,690,827
cocoa powder,
unsweetened 9,834,840 21,685,822 8,451,174 18,634,839
cocoa powder,
sweetened 70,602 155,677 111,850 246,629
confectioners
coating 4,009,869 8,841,761 5,017,062 11,062,622
candy containing
chocolate 14,073,081 31,031,144 14,623,880 32,245,655

Cotton

General Comments: Cotton closed lower yesterday and formed a key reversal down before re covering most of the losses on some long liquidation by speculators but reports of stressful conditions for US Cotton production continue. Trends could be turning up in this market again. Ideas are around that Chinese economic data implies less US cotton demand for the coming year but demand from other buyers has been good. There is more talk of a contraction that could develop in China and Cotton demand could be hurt if people have less money to spend on clothes. The heat is still extreme in the southern US and has yet to moderate. Ideas of weaker demand due to economic problems in Asia continue and Chinese economic data continues to show weakness. There are still many concerns about demand from China and the rest of Asia due to the slow economic return of China in the world market.
Overnight News: The Delta will get isolated showers and above normal temperatures. The Southeast will see isolated showers and near to above normal temperatures. Texas will have scattered showers and near to above normal temperatures. The USDA average price is now 82.89 ct/lb. ICE daily certified stocks are now 2,352 bales, from 352 bales yesterday.
Chart Trends: Trends in Cotton are up with objectives of 8830 December. Support is at 87.20, 86.90, and 86.00 December, with resistance of 90.00, 91.20 and 92.40 December.

Crop Progress
Date 3-Sep 27-Aug 2022 Avg
Cotton Setting Bolls 94 9- 97 95
Cotton Bolls Opening 32 25 37 33
Crop Condition
Very Poor Poor Fair Good Excellent
Cotton This Week 19 22 28 26 5
Cotton Last Week 23 21 23 28 5
Cotton Last Year 19 16 34 30 5

DJ U.S. July Cotton Exports-Sep 6
In kilograms and in running 480-pound bales. Source. U.S. Department
Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jul 23 Jun 23 May 23 Jul 22
Upland, under 1 inch 3,605,871 7,622,059 12,991,518 7,858,604
1 to 1 1/8 inch 60,005,724 69,924,267 110,156,517 108,030,690
upland 1 1/8 and over 1,948,123 1,339,343 9,748,451 2,394,520
Amer pima, over 1 1/8 inc 148,051,601 167,565,662 191,109,340 187,968,971
All cotton 213,611,319 246,451,331 324,005,826 306,252,785
——- In Running 480-Pound Bales ——-
Jul 23 Jun 23 May 23 Jul 22
Upland, under 1 inch 16,562 35,008 59,670 36,094
1 to 1 1/8 inch 275,604 321,160 505,945 496,181
upland 1 1/8 and over 8,948 6,152 44,774 10,998
Amer pima, over 1 1/8 inc 679,995 769,623 877,758 863,334
All cotton 981,109 1,131,942 1,488,147 1,406,608

FCOJ

General Comments: FCOJ closed lower yesterday in range trading. CitrusBR last week estimated stocks were estimated at 84,745 tons for last season. This was the lowest estimate since 2012 when data collection started and stocks were estimated below 100,000 tons. Production for next year is expected to drop a bit due to weather concerns. Futures remain supported by very short Oranges production estimates for Florida. Futures are also being supported in forecasts for an above average hurricane season that could bring a storm to damage the trees once again. Historically low estimates of production due in part to the hurricanes and in part to the greening disease that have hurt production, but conditions are significantly better now with scattered showers and moderate temperatures. The weather remains generally good for products around the world for the next crop including production areas in Florida that have been impacted in a big way by the two storms seen previously in the state
Overnight News: Florida should get isolated showers. Temperatures will average near normal. Brazil should get mostly dry conditions and near to above normal temperatures. ICE said that 0 notices were posted for delivery against September futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 356.00 and 382.00 November. Support is at 311.00, 305.00, and 291.00 November, with resistance at 324.00, 333.00, and 338.00 November.

Coffee

General Comments: New York and London closed higher after trading lower early in the day yesterday on the lack of offer in the cash market. Offers from Brazil and other countries in Latin America should be increasing but prices are considered a little cheap to create much selling interest from producers. The Brazil harvest moving quickly and this fact has pressured prices. Vietnam is not offering much Coffee into the world market as domestic cash prices are very high. There are still tight Robusta supplies for the market amid strong demand for Robusta with no offers from Vietnam in the world market due to very high domestic prices.
Overnight News: ICE certified stocks are lower today at 0.467 million bags. The ICO daily average price is now 153.2 ct/lb. Brazil will get mostly dry conditions with near to above normal temperatures. Central America will get mostly dry conditions. Vietnam will see scattered showers. ICE NY said that 194 contracts were tendered for delivery against September futures and that total deliveries for the month are now 998 contracts.
Chart Trends: Trends in New York are mixed. Support is at 147.00, 145.00, and 142.00 December, and resistance is at 158.00, 160.00 and 163.00 December. Trends in London are mixed. Support is at 2420, 2400, and 2350 November, with resistance at 2480, 2530, and 2570 November.

Suggar

General Comments: Both markets closed higher and at new contract highs as the Asian supply situation became more pronounced. Traders are more worried about the lack of Sugar exports from India than they are about actual exports from Brazil. The Indian monsoon is expected to withdraw early this year and leave Sugarcane high and dry. There are also worries about the Thai production potential in this year of El Nino. Reports of increased offers from Brazil are still around but other origins are still not offering, and demand is still strong. Brazil production increasing on reports of very good harvest conditions and the weather in Southeast Asia is currently good for the next crop production prospects so relief could be coming soon. More Sugar is now available to the world market. Indian production is less this year and Pakistan also has reduced production and the monsoon has been uneven so far in both countries. Some areas have remained dry while others have seen too much rain. Thailand production is also down a lot this year and many Asian countries are worried about El Nino impacting future production.

Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to below normal. India will get mostly dry conditions and below normal temperatures.
Chart Trends: Trends in New York are up with objectives of 2770 March. Support is at 2600, 2540, and 2500 March and resistance is at 2740, 2770, and 2800 March. Trends in London are up with objectives of 771 December. Support is at 714.00, 703,00, and 697.00 December, with resistance at 748.00, 754.00, and 760.00 December.

Cocoa

General Comments: New York and London closed higher once again yesterday and New York closed at new highs for the move. Ideas of tight supplies remain based on more reports of reduced arrivals in Ivory Coast and Ghana continue, Talk is that hot and dry conditions reported earlier in Ivory Coast could curtail main crop production, and main crop production ideas are not strong. Midcrop production ideas are lower now with diseases reported in the trees due to too much rain that could also affect the main crop production.
Overnight News: Isolated showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average near normal. Brazil will get isolated showers and near to above normal temperatures. ICE certified stocks are lower today at 5.151 million bags. ICE NY said that 61 notices were posted for delivery against September futures and that total deliveries for the month are now 799 contracts.
Chart Trends: Trends in New York are up with objectives of 3710 December. Support is at 3570, 3550, and 3490 December, with resistance at 3710, 3740, and 3770 December. Trends in London are up with no objectives. Support is at 2870, 2810, and 2760 December, with resistance at 2990, 3010, and 3040 December.

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