Softs Report - Monday, Oct. 26

Overnight News: Brazil will get scattered showers. Temperatures should average above normal.

Chart Trends: Trends in New York are up with objectives of 1510 and 1580 March. Support is at 1460, 1430, and 1410 March, and resistance is at 1520, 1550, and 1580 March. Trends in London are mixed. Support is at 394.00, 388.00, and 385.00 December, and resistance is at 405.00, 409.00, and 412.00 December.

COCOA

General Comments: New York and London were higher. The daily charts suggest that both markets have made short term lows. The harvest for the next main crop is spreading through much of West Africa and very strong production is expected. Some concern is noted in Nigeria as rains keep falling and make it hard to sun dry the beans. Drier weather is currently in the forecast so conditions should improve. 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 Ivory Coast is in the middle of the presidential campaign season and some violences expected.

Overnight News: Scattered 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 today and showers this weekend and near to above normal temperatures. ICE certified stocks are lower today at 3.500 million bags.

Chart Trends: Trends in New York are mixed to up with objectives of 2640, 2810, and 2980 December. Support is at 2450, 2420, and 2370 December, with resistance at 2520, 2530, and 2580 December. Trends in London are mixed. Support is at 1650, 1620, and 1590 December, with resistance at 1730, 1770, and 1810 December.

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