COTTON
General Comments: Futures were higher again yesterday. Speculators were the best buyers. Commercial buying seems to show on any drop in futures prices these days. There is a lot of interest in owning Cotton on the commercial side below 100.00 basis futures. No one seems all that worried about production here or around the world. Chart trends are mixed for the short term, but price action this week could be a sign that the market could bottom soon. Demand remains soft on the export side. India has had a lot of Cotton to offer, but recent floods make it hard for Pakistan to talk of exports and easy for mills there to talk of new imports from India down the road.
Overnight News: The Delta and Southeast will get mostly dry conditions until a few showers show up early next week. Temperatures will average above normal. Texas will be mostly dry, but showers are likely this weekend. Temperatures will average near to above normal. The USDA average spot price is now 98.63 ct/lb. ICE said that certified Cotton stocks are now 0.015 million bales, from 0.017 million yesterday. ICE said that 8 contracts were delivered today and that total deliveries are now 218 contracts for the month. USDA said that net Upland Cotton world market price is now 90.90 ct/lb.
Chart Trends: Trends in Cotton are mixed. Support is at 99.00, 95.00, and 94.00 December, with resistance of 103.00, 105.00, and 107.00 December.

FCOJ
General Comments: Futures closed higher again yesterday on what appeared to be speculative buying based as much on chart patterns as anything else. Florida weather remains a negative for prices. The weather is good and there is no other news around. Florida has had good weather so far this year with showers most days and warm temperatures. This week should be mostly dry, and there are no tropical systems in sight. Early harvest is getting underway. Trends began to turn up on the charts this week. Brazil is seeing warm temperatures. Rain should develop this week in Brazil, but the weekend and early next week look dry.
Overnight News: Florida weather forecasts call for showers this weekend. Temperatures will average near to above normal.
Chart Trends: Trends in FCOJ are up with objectives of 157.00, 162.00, and 176.00 November. Support is at 152.00, 149.00, and 145.00 November, with resistance at 160.00, 164.00, and 165.00 November.

COFFEE
General Comments: Futures were sharply higher yesterday on speculative short covering that found almost nothing from other speculators or from origin on offer. The market acts once again as if it has made at least a short term low. Futures still have to deal with a tight supply situation for the short term, and the possibility of less than expected Arabica Coffee produced over the next year. The lack of offer in physical markets is still important, with no one really selling that much. Differentials in all of Latin America remain strong. There is some fear there that the Brazil production will not be as big as some of the huge production estimates floating around, which range as high as 60 million bags. Rains are a little late in getting started. Some rains are forecast for this week in Brazil, but the weekend and early next week look dry. Central America and Colombia are offering to sell new crop with high differentials, although some end of the season old crop lots are showing up now. Good weather is reported in Mexico and Central America. Chart trends are trends are trying to turn up.
Overnight News: Certified stocks are a little higher today and are about 1.429 million bags. The ICO composite price is now 195.99 ct/lb. Brazil should see drier weather this weekend and showers early next week. Temperatures will average near normal.
Chart Trends: Trends in New York are mixed. Support is at 228.00, 225.00, and 220.00 December, and resistance is at 237.00, 240.50, and 252.00 December. Trends in London are mixed to up with objectives of 2220 and 2310 November. Support is at 1990, 1960, and 1945 November, and resistance is at 2050, 2055, and 2070 November. Trends in Sao Paulo are up with objectives of 342.00 and 408.00 December. Support is at 309.00, 306.00, and 304.00 December, and resistance is at 327.00, 335.00, and 342.00 December.

SUGAR
General Comments: Futures closed a little lower yesterday after a rally in the first part of the session. The close was not strong, and bulls might have to liquidate today. Demand is still reported from Middle East and Asia. India could produce less than expectations and that the export program will not be strong. Thailand has a lot for export as well, and Brazil is expected to be a strong producer next year after a disappointing year this year. Bears keep pointing to increased supplies around the world and no demand this year from India as reasons to see futures move lower over time. Northern hemisphere crops are coming soon and will help offset the smaller production in Brazil. Europe is said to have very good crops this year, and Russia could export for the first time in 12 years. Chart trends are mixed.
Overnight News: Showers are expected in Brazil through today but it will be drier this weekend. Temperatures should be near normal. Vietnam expects to produce about 1.4 million tons of Sugar this coming year, from 1.14 million in the year just ending.
Chart Trends: Trends in New York are mixed. Support is at 2440, 2400, and 2350 March, and resistance is at 2540, 2640, and 2720 March. Trends in London are mixed. Support is at 639.00, 625.00, and 620.00 December, and resistance is at 654.00, 665.00, and 675.00 December.

COCOA
General Comments: Futures were higher in New York and in London again yesterday in recovery trading. Trading volumes were high. Sources report that a lot of bullish options trading was seen and could have sparked the rally. Talk of over supply in the market for Cocoa still are keeping prices down overall, but futures have made new contract lows and might have already priced in the increased supplies for now. Trends are mixed for the short term on the charts. There is still no real reason to buy for now, but next year could be different as many analysts say that crop production potential in western Africa has been hurt by some poor weather seen in the last month. However, current supplies are ample and should help cover any short production potential for next year. Weather is called good for production in West Africa now.
Overnight News: Scattered showers and storms are expected in West Africa. Temperatures will average near normal. ICE stocks are lower today and are now about 3.924 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2610, 2590, and 2560 December, with resistance at 2710, 2740, and 2790 December. Trends in London are mixed. Support is at 1720, 1690, and 1660 December, with resistance at 1750, 1760, and 1800 December.

Questions? Ask Jack Scoville today at 312-264-4322

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