Softs Report - Monday, July 26

Cotton

General Comments: Futures were lower last week on demand concerns as ideas of strong demand continue. The weekly export sales report was called positive for prices. Analysts say the demand is still very strong and likely to hold at high levels for the future. Production ideas are being impacted in just about all areas due to the weather extremes. Demand was increased in the weekly export sales report and is expected to stay strong as the world economy rebounds from the COVID times.

variety of assorted-color beans

Image Source: Unsplash

Overnight News: The Delta will get isolated showers and near to above normal temperatures and the Southeast will get scattered showers and near-normal temperatures. Texas will have isolated showers and near-normal temperatures. The USDA average price is now 86.21 ct/lb. ICE said that certified stocks are now 101,709 bales, from 103,973 bales yesterday.

Chart Trends: Trends in Cotton are mixed up with objectives of 9130, 9250, and 9460 December. Support is at 8880, 8630, and 847==590 December, with a resistance of 9060, 9120, and 9180 December.

FCOJ

General Comments: FCOJ closed higher and made new highs for the move on news of freezing temperatures last week in Sao Paulo Brazil that could have affected the production of Oranges in the state. Weather conditions in Florida are rated mostly good for the crops. The Atlantic is turning more active although nothing has formed to threaten the state of Florida yet. A big storm could threaten trees and fruit. Brazil is reported to be cold and dry. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. Northeastern Mexico areas are too dry, but the rest of northern and western Mexico are rated in good condition.

Overnight News: Florida should get scattered showers. Temperatures will average near normal. Brazil should get mostly dry conditions and near-normal temperatures. ICE said that 0 notices were posted for delivery against July contracts and that total delivery for the month are now 0 contracts.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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