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General Comments: Futures closed mostly higher as USDA showed the crop was in poor shape in the US. July was higher on liquidation before the deliveries start later in the month. Ideas are that few deliveries can be made as the supplies are not available. Wire reports that Texas dryland farmers are on the verge of declaring crops as disasters added some support. Dry weather in Texas growing areas provided support for new crop Cotton futures. Western Texas, where almost half of all US Cotton is grown, has been very dry, and there are no forecasts for much relief, if any, into next week. Eastern areas have had some precipitation in the last week or so, but it remains too dry in many growing areas of the Southeast, especially in Georgia. Delta areas are warm and dry. Demand remains poor, with more export sales cancellations seen in the USDA reports last week. Pakistan expects to produce a record 15 million bales of Cotton in 2011-12.Overnight News: The Delta and Southeast will be dry or will see a few showers. Temperatures will average above normal. Texas will be mostly dry. Temperatures will average above to much above normal. The USDA average spot price is now 155.10 ct/lb. ICE said that certified Cotton stocks are now 0.057 million bales, from 0.055 million yesterday. Chart Trends: Trends in Cotton are mixed. Support is at 148.00, 146.00, and 143.00 May, with resistance of 157.00, 159.00, and 161.00 May.DJ ICE Cotton Speculation And Hedging Report - Jun 14 For Jun 10 long and short positions in contracts.SPECULATION LONG ACCTS PCT SHORT ACCTS PCT Total 59,681 1,409 39.0 43,528 1,008 28.4HEDGING Total 93,452 309 61.0 109,605 252 71.6 GRAND TOTAL: 153,133 1,718 100.0 153,133 1,260 100.0General Comments: Futures closed higher yesterday in range trading. No tropical storms are in the forecast. Florida remains mostly warm and dry, with no forecasts for significant rains in sight. Drought still affects a large portion of the citrus producing area, but crops are called in mostly good condition at this time due to irrigation. Fruit is developing and small fruit is visible on the trees. The fruit is called in good condition due to irrigation. Seasonal forecasts call for a more active than normal Atlantic hurricane season. Charts show that the market is trying to decide on the next move. Overnight News: Florida weather forecasts call for mostly dry conditions, but afternoon showers are possible. Temperatures will average near to above normal. Chart Trends: Trends in FCOJ are mixed. Support is at 181.00, 179.00, and 177.00 July, with resistance at 187.00, 188.00, and 191.00 July.DJ Florida FCOJ Movement And Pack - Jun 14 In gallons. Source: Florida Department of Citrus (FDOC). 2010-2011 Jun 04 May 28 Year Ago MOVEMENTRetail 130,125 177,244 307,719Institutional 295,100 363,823 335,383Bulk 3,924,036 3,265,613 1,438,385Total 4,349,262 3,806,680 2,081,486Cumulative 110,214,779 105,865,517 87,408,537 IMPORTSForeign 751,560 151,085 445,578Cumulative 12,714,503 11,962,943 18,703,701 RECEIPTSDomestic 60,898 60,434 15,127 PACKRetail 112,454 154,837 300,637Institutional 295,867 442,360 264,832Bulk 2,863,760 4,180,275 3,699,660Less Reprocessed 1,326,370 2,358,431 1,798,696Net 1,945,711 2,419,040 2,466,433Cumulative 75,390,687 73,444,976 80,398,973Inventory 76,393,232 77,926,250 131,573,618General Comments: Futures were higher in New York, but lower in London. London moved lower on ideas of good Robusta production coming with harvests starting soon and with good nearby supplies. New York rallied in response to better than expected economic news. Producers are still not selling much, but there seems to be an uptick in offers now as some producers feel they have missed the market. Roasters are said to be well covered for now. Fundamentals continue to suggest strong prices overall for the longer term. Lower Mitaca crop production in Colombia and the potential for a freeze in Brazil is offering reasons for speculators to buy. Traders generally expect tight supplies to continue through the next crop year due to lower production in Brazil and for high prices to continue as well. But, the ICO showed that supplies might not be so tight in the coming year. Chart show that trends remain mixed for now. But, overall it seems that futures want to work higher.Overnight News: Certified stocks are about unchanged today and are about 1.671 million bags. The ICO composite price is now 221.02 ct/lb. Brazil should see scattered showers this week and dry weather this weekend. Temperatures will average near to below normal. Chart Trends: Trends in New York are mixed. Support is at 264.00, 263.00, and 260.00 July, and resistance is at 271.00, 272.00, and 274.00 July. Trends in London are mixed to down with objectives of 2320, 2220, and 2200 July. Support is at 2280, 2225, and 2200 July, and resistance is at 2410, 2440, and 2470 July. Trends in Sao Paulo are mixed to up with objectives of 354.00, 371.00, and 408.00 September. Support is at 340.00, 337.00, and 327.00 September, and resistance is at 352.00, 359.00, and 369.00 September.
General Comments: Futures closed lower in New York and in London in response to news that Brazil had crushed 5.5% more Sugarcane than last year. Ideas of slow processing and shipping delays had supported prices. Yields were down sharply from last year, so total Sugar production might not be all that strong in the end. There was a lot of rolling noted as NY July goes off the Board at the end of the month. Some buying was noted on ideas that the weather in Brazil is not getting better. Demand has been increasing as many Middle Eastern countries get ready for Ramadan. 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. The harvest conditions seem good at this time in Brazil and also in Thailand, and production ideas in both countries are big. Trends remain up, but it is possible that this part of the up move is running out of steam.
Overnight News: Mostly dry conditions are expected in Brazil this weekend, but showers are likely the rest of the week. Temperatures should be near to above normal.
Chart Trends: Trends in New York are mixed to up with no objectives. Support is at 2470, 2430, and 2400 July, and resistance is at 2590, 2600, and 2660 July. Trends in London are mixed. Support is at 692.00, 689.00, and 684.00 August, and resistance is at 706.00, 718.00, and 719.00 August.
General Comments: Futures were higher in New York and mixed in London . Ideas are that the market might have made a temporary low, but for now there is no real reason to buy. Fundamentals have not really changed. Ivory Coast and western African selling pressure remains a feature of the market. Overall ideas are that production there and in the rest of West Africa are improved this year due to the good rains and generally favorable weather patterns. The mid crop is supposed to be big this year in all countries in West Africa and will probably get exported quickly now. Trends are mixed. Overnight News: Scattered showers and storms are expected in West Africa. Temperatures will average above normal. ICE stocks are a little higher today and are now about 3.337 million bags. Chart Trends: Trends in New York are mixed. Support is at 2950, 2900, and 2860 July, with resistance at 3070, 3100, and 3130 July. Trends in London are mixed. Support is at 1810, 1770, and 1740 July, with resistance at 1860, 1890, and 1930 July.View the original article here
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