COTTON
General Comments: Cotton closed higher after testing recent lows. Harvest is ongoing amid drier weather conditions in West Texas and the Delta and Southeast. Reports indicate that some Cotton could have been damaged in Georgia and the Carolinas and into eastern Virginia due to the excessive winds and rains caused by the hurricanes. The rains and winds could have damaged fiber and blown fiber out of the bolls. Export demand has held strong despite stay at home orders and weaker economies around the world. Traders now hope for even more demand later as the vaccines are given out and the world economies start to recover.
Overnight News: The Delta and Southeast will get mostly dry conditions except for some showers on Friday in the Delta. Temperatures should average near to below normal in the Delta and in the Southeast. Texas will have mostly dry conditions or isolated showers and above normal temperatures. The USDA average price is now 68.02 ct/lb. ICE said that certified stocks are now 100,390 bales, from 100,647 bales yesterday. ICE said that 10 notices were posted for delivery against December contracts and that total deliveries for the month are now 318 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 7100, 7020, and 6890 March, with resistance of 7350, 7430 and 7470 March.

DJ Thailand’s Cotton Imports May Increase, USDA Says — Market Talk
0415 GMT – Thailand’s 2020-21 cotton imports are expected to increase 4% on year to 730 thousand bales due to a gradual economic downturn caused by the Covid-19 pandemic, the U.S. Department of Agriculture says. Imports of cotton saw a sharp fall at the start of the year as spinning mills reportedly lowered their cotton yarn inventories and cotton and cotton-blended yarn production decreased by 28% and 44%, respectively. (lucy.craymer@wsj.com)

FCOJ
General Comments: FCOJ was lower on what appeared to be follow through selling from speculators. Florida has been spared any hurricanes or other serious storms this year. The Coronavirus is still promoting consumption of FCOJ at home. Restaurant and food service demand has been much less as no one is dining out. The weather in Florida is good with frequent showers to promote good tree health and fruit formation. Brazil has been too dry, but showers are falling in Brazil now and these need to continue to ensure good tree health. However, it could turn warm and dry again this week. Mexican crop conditions are called good with rains.
Overnight News: Florida should get isolated showers or dry conditions. Temperatures will average below normal. Brazil should get scattered showers and above normal temperatures.
Chart Trends: Trends in FCOJ are mixed. Support is at 120.00, 118.00, and 113.00 January, with resistance at 124.00, 125.00, and 127.00 January.

DJ Florida FCOJ Movement and Pack – Dec 7
In mm ps, (million pounds solid). Source: Florida Department of Citrus (FDOC)
WEEK ENDING:
11/21/2020 Corresponding
Current Week Last
Week Season
11/21/2020 11/16/2019 % Change
CARRY OVER, RECEIPT & PACK
Carry Over
Bulk 240.74 284.66 -15.4%
Retail/Institutional 5.51 6.22 -11.5%
Total 246.25 290.88 -15.3%
Pack
Bulk 0.93 0.59 59.3%
Retail/Institutional 1.32 1.18 12.0%
Total Pack 2.25 1.77 27.7%
Reprocessed -2.20 -1.68 30.8%
Pack from Fruit 0.06 0.09 -33.5%
Receipts & Losses
Net Gain or Loss 0.05 0.05 -4.7%
Imports – Foreign 0.44 0.23 90.3%
Domestic Receipts 0.00 0.00 NC
Receipts of Florida Product
from Non-Reporting Entit 0.00 0.00 NC
Chilled OJ used in FCOJ 0.44 1.27 -65.6%
Reprocessed FCTJ 0.02 0.02 -20.3%
Total Carry Over, Receipt & Pack
Bulk 240.42 285.14 -15.7%
Retail/Institutional 6.83 7.40 -7.7%
Total 247.25 292.54 -15.5%
MOVEMENT
Bulk
Domestic 5.04 4.18 20.3%
Exports 0.49 0.32 52.9%
Total (Bulk) 5.52 4.50 22.6%
Retail/Institutional
Domestic 1.32 1.31 1.2%
Exports 0.00 0.00 NC
Total (Retail/Inst) 1.32 1.31 1.2%
Total Movement 6.84 5.81 17.8%
ENDING INVENTORY
Bulk 234.90 280.64 -16.3%
Retail/Institutional 5.51 6.09 -9.6%
Ending Inventory 240.40 286.73 -16.2%
Total Same
Total Season Period Last
To Date Season
21-Nov-20 16-Nov-19 % Change
CARRY OVER, RECEIPT & PACK
Carry Over
Bulk 254.09 311.95 -18.5%
Retail/Institutional 5.56 5.82 -4.5%
Total 259.65 317.77 -18.3%
Pack
Bulk 2.86 2.42 18.0%
Retail/Institutional 7.36 8.95 -17.8%
Total Pack 10.22 11.37 -10.2%
Reprocessed -9.93 -11.04 -10.1%
Pack from Fruit 0.29 0.33 -13.2%
Receipts & Losses
Net Gain or Loss -0.12 -0.06 94.4%
Imports – Foreign 19.57 3.42 472.6%
Domestic Receipts 0.02 1.56 -98.9%
Receipts of Florida Product
from Non-Reporting Entit 0.08 0.00 NA
Chilled OJ used in FCOJ 2.64 1.59 66.3%
Reprocessed FCTJ 0.49 0.13 267.9%
Total Carry Over, Receipt & Pack
Bulk 269.69 309.96 -13.0%
Retail/Institutional 12.92 14.78 -12.6%
Total 282.61 324.74 -13.0%
MOVEMENT
Bulk 32.12 32.96 -2.6%
Domestic 2.68 2.32 15.3%
Exports 34.80 35.29 -1.4%
Total (Bulk)
Retail/Institutional
Domestic 7.42 8.68 -14.6%
Exports 0.00 0.00 NC
Total (Retail/Inst) 7.42 8.68 -14.6%
Total Movement 42.21 43.97 -4.0%
ENDING INVENTORY
Bulk 234.90 280.64 -16.3%
Retail/Institutional 5.51 6.09 -9.6%
Ending Inventory 240.40 286.73 -16.2%

COFFEE
General Comments: Futures were higher in New York and lower in London. It has been a weather market and the weather has improved in Brazil and in Vietnam. Central American weather is also improved as the dry season is getting started. Brazil is getting some rains now to improve flowering after an extended dry season. The demand from coffee shops and other food service operations is still at very low levels as consumers are still drinking Coffee at home. Reports indicate that consumers at home are consuming blends with more Robusta and less Arabica. The Brazil harvest is over and producers are selling. Ideas are that production is very strong this year as it is the on year for the trees. Central America is offering at high differentials and with limited volumes. The weather is good in Colombia and Peru.
Overnight News: ICE certified stocks are higher today at 1.293 million bags. The ICO daily average price is now 111.99 ct/lb. Brazil will get scattered showers with near to above normal temperatures. Central America will get scattered showers after a hurricane earlier this week. Vietnam will see some big rains. ICE said that 27 contracts were tendered for delivery against December futures and that total deliveries for the month are now 1,552 contracts.
Chart Trends: Trends in New York are mixed. Support is at 116.00, 113.00, and 110.00 March, and resistance is at 121.00, 125.00 and 128.00 March. Trends in London are down with objectives of 1310 and 1280 January. Support is at 1310, 1280, and 1260 January, and resistance is at 1330, 1380, and 1390 January.

SUGAR
General Comments: New York and London closed higher and held inside the recent trading range. It has been raining in south central Brazil, but these areas will turn warm and dry this week as the rains move farther to the north. The rains that have fallen have at least temporarily improved conditions. Brazil mills have been producing more Sugar and less Ethanol due to weak world and domestic petroleum prices. About 45% of the crush this year will go to Sugar, from 35% last year. India has a very big crop of Sugarcane this year. The Indian government has not announced the subsidy for exporters of Sugar so no exports are coming out of India yet. Sources told wire services that any subsidy will need to be significant to get export sales on the books. Thailand might have less this year due to reduced planted area and erratic rains during the monsoon season. It is dry again now. The EU is having problems with its Sugarbeets crop due to weather and disease. Coronavirus has returned to the world and has caused some demand concerns.
Overnight News: Brazil will get scattered showers. Temperatures should average above normal.
Chart Trends: Trends in New York are mixed. Support is at 1420, 1400, and 1370 March, and resistance is at 1490, 1510, and 1530 March. Trends in London are mixed. Support is at 394.00, 391.00, and 389.00 March, and resistance is at 410.00, 414.00, and 419.00 March.

COCOA
General Comments New York and London closed lower on what appeared to be follow through selling from speculators. The move has come as importers look to find a way to source Cocoa without paying a premium demanded by Ivory Coast and Ghana. Both countries have instituted a living wage for producers there and are looking to tax exports to pay the increased wages. Buyers have been accused of using certified stocks from the exchange instead of buying from origin. However, it looks like the exchange buying has come to a halt for now. There are a lot of demand worries as the Coronavirus is making a comeback in the US. Europe is also seeing a return of the pandemic. The North American and European cocoa grinds were at least 4% lower than a year ago and the Asian cocoa grind was down 10% from last year.
Overnight News: Sporadic and light showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to above normal temperatures. ICE certified stocks are lower today at 3.015 million bags. ICE said that 14 contracts were tendered against December Cocoa and that total deliveries for the month are now 1,237 contracts.
Chart Trends: Trends in New York are mixed to down with objectives of 2590 and 2640 March. Support is at 2590, 2520, and 2500 March, with resistance at 2670, 2700, and 2730 March. Trends in London are down with objectives of 1770 and 1690 March. Support is at 1760, 1730, and 1700 March, with resistance at 1800, 1820, and 1850 March.