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.

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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.

Chart Trends: Trends in FCOJ are mixed to up with objectives of 142.00 September. Support is at 134.00, 130.00, and 128.00 September, with resistance at 139.00, 142.00, and 144.00 September.

Coffee

General Comments: New York and London closed much higher last week on freezing temperatures in Brazil growing areas earlier in the week. The freeze caught traders by surprise as forecasts had been for cold, but not threatening, temperatures in Coffee areas. Freezing temperatures were reported in much of Minas Gerais and Parana and also in Sao Paulo. It is not yet known how extensive the damage was but ideas are that a significant part of the cop got hurt. It is flowering time for the next crop and the flowers were frozen and will drop off the trees. London remains firm overall on some speculative and commercial buying tied to dry weather in Southeast Asia and on reports that Vietnamese producers were not selling or delivering. Some of the buying late last week was tied to the big rally in New York as well. Temperatures are now turning warmer in Brazil. There were some losses created by a hot and dry start to the growing season that impacted flowering and initial cherry development and a little Coffee was lost during the freeze event several weeks ago. Increasing showers are coming this week to Southeast Asia and tree conditions should be improved. Good conditions are reported in northern South America and good conditions are reported in Central America. Colombia is having trouble exporting Coffee due to protests inside the country. Conditions are reported to be generally good in parts of Asia and parts of Africa.

Overnight News: ICE-certified stocks are lower today at 2.177 million bags. The ICO daily average price is now 149.00 ct/lb. Brazil will get mostly dry conditions with near-normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers.

Chart Trends: Trends in New York are up with no objectives. Support is at 180.00, 178.00, and 168.00 September, and resistance is at 195.00, 198.00, and 201.00 September. Trends in London are up with no objectives. Support is at 1780, 1750, and 1710 September, and resistance is at 1920, 1950, and 1990 September.

Sugar

General Comments: New York and London closed on a strong note on Friday and were higher for the week as freezing temperatures hit Sugarcane areas of Brazil and probably caused some significant damage. Reports of damaged cane in Brazil and pictures of the damage were tweeted, but there has not been any real information sent out since the event. The pictures are showing the potential for significant damage to crops. Brazil temperatures are now moderating. Mills were also processing for more Ethanol and less for Sugar than expected and this trend should continue even with weaker world petroleum prices. London has been the weaker market on ample supplies of White Sugar available to the market and as demand for White Sugar is less. There is plenty of White Sugar available in India for the market and monsoon rains are promoting good conditions for the next crop. The Indians are selling with or without a subsidy from the government. Thailand is expecting improved production. Sugar demand is said to be weak. Ethanol demand is returning to the market as more world economies open up after the pandemic.

Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to above normal.

Chart Trends: Trends in New York are mixed. Support is at 1780, 1750, and 1710 October, and resistance is at 1850, 1880, and 1910 October. Trends in London are mixed. Support is at 451.00, 446.00, and 442.00 October, and resistance is at 460.00, 466.00, and 470.00 October.

Cocoa

General Comments: New York and London closed higher on Friday but near unchanged for the week. Futures remain in a trading range on the daily and weekly charts. It appears that the supply fundamentals are now part of the price structure for Cocoa. The European grind data was released last week and showed a strong recovery from the COVID times. Asian data was released a week ago and also showed increased demand, although not as much of an increase as showed for Europe. Ports in West Africa are filled with Cocoa right now. The weather has had above-average rains in West Africa and crop conditions are rated good.

Overnight News: Isolated showers are forecast for West Africa. Temperatures will be above 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 5.811 million bags.

Chart Trends: Trends in New York are mixed. Support is at 2260, 2240, and 2210 September, with resistance at 2350, 2370, and 2390 September. Trends in London are mixed. Support is at 1570, 1550, and 1510 September, with resistance at 1630, 1660, and 1670 September.