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06/23 08:32 CDT IEA: Countries to release 60M barrels of oil    IEA: Countries to release 60M barrels of oil     PARIS (AP) -- The International Energy Agency says 28 countries have agreed to release 60 million barrels of crude to the market to offset disruptions prompted by Libya's war. The Paris-based agency said in a statement Thursday that it made the move because the normal increase in demand over the summer "will exacerbate the shortfall further." It also warned that the tight oil market "threatens to undermine the fragile global economic recovery." The countries will make 2 million barrels a day available from their emergency stocks over a period of 30 days.[Related Stories] General Comments:  Futures closed mostly lower yesterday in consolidation trading, but July closed sharply higher as shorts exit from potential delivery positions as deliveries will start tomorrow.  Bad weather in the US remains important, with wire services now running stories about the drought in Texas.  In addition, it has been very hot, with highs of more than 100F or 40C common in the Cotton areas of the state.  Some rain was seen in the state, but not really in major Cotton areas.  Rain has been forecast in Georgia for the rest of this week.  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.  Western Texas, where almost half of all US Cotton is grown, should stay dry.  Demand remains poor.

Overnight News:  The Delta and Southeast will see light precipitation through the weekend.  Temperatures will average near to above normal.  Texas will be mostly dry, but a few showers are possible over the second half of the week.  Temperatures will average above to much above normal.  The USDA average spot price is now 134.94 ct/lb.  ICE said that certified Cotton stocks are now 0.068 million bales, from 0.067 million yesterday.  USDA said that net Upland Cotton export sales were -1,100 bales this year and -33,100 bales next year.  Net Pima sales were 100 bales this year and 1,000 bales next year.

Chart Trends:  Trends in Cotton are mixed to up with objectives of 173.00 July.  Support is at 157.00, 155.00, and 150.00 July, with resistance of 161.00, 164.00, and 166.00 July.

06/23 07:05a CST  DJ US Cotton Consumption: Stocks And Trade - Jun 23    In running bales. Source: U.S. Census Bureau. Year agofigures reflect revised data reported in the 2010 Summary.                                           May 11         Apr 11         May 10                                         4 weeks        4 weeks        4 weeks                                     05/01-05/28    04/03-04/30    05/02-05/29consumption                              269,248        266,460        274,517  thousand pounds                        133,804        132,273        136,530daily average  seasonally adjusted                     13,107         13,244         13,169  non-adjusted                            13,463         13,323         13,574  cotton staple consumptiontotal stocks                           3,571,674      4,794,488      5,121,735  at mills                               129,724        138,362        146,527    thousand pounds                       64,359         68,496         72,607  public storage                       3,441,950      4,656,126      4,975,208-spindle activity (all industries)--  in place (thousands)                       985            982          1,014  active (thousands)                         926            918            955  spindle hours (mln)                        580            579            569General Comments:  Futures closed higher again yesterday on what appeared to be speculative buying.  Charts show that futures probably began a new leg higher this week, and July prices are already near initial objectives.  There is not a lot of news to support any big rallies in OJ right now.  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 this weekend.  Temperatures will average near to above normal. 

Chart Trends:  Trends in FCOJ are up with objectives of 196.00 and 205.00 July.  Support is at 188.00, 187.00, and 186.00 July, with resistance at 197.00, 200.00, and 203.00 July.

General Comments:  Futures were a little lower in consolidation trading, with increasing offers from Asia and Brazil still hurting any rally potential.  Washed Coffee exports were big in May, adding to ideas of ample supplies for now.  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.  Production for the coming year does not look as bad as originally thought, and this has hurt deferred prices. Chart show that trends are down as futures absorb the increased offers from Asia and Brazil.

Overnight News:  Certified stocks are lower today and are about 1.625 million bags.  The ICO composite price is now 204.92 ct/lb.  Brazil should see dry weather.  Temperatures will average near to below normal.  ICE said that 481 contracts were delivered today and that total deliveries for the month are now 1,586 contracts.  Latin American Washed Coffee exports were 2.84 million bags, up 23% from last year.  Year to date exports are now 18.89 million bags, up 18% from last year.  An official with the Indonesian Coffee Exporters Association said that production there might only be 490,000 tons, down 30% from last year.

Chart Trends:  Trends in New York are down with objectives of 243.00 September.  Support is at 244.00, 233.00, and 230.00 September, and resistance is at 252.00, 257.00, and 259.00 September.  Trends in London are down with objectives of 2250 September.  Support is at 2245, 2230, and 2210 September, and resistance is at 2300, 2370, and 2410 September.  Trends in Sao Paulo are down with objectives of 270.00 September.  Support is at 317.00, 309.00, and 307.00 September, and resistance is at 321.00, 326.00, and 327.00 September.

General Comments:  Futures closed a little lower in New York and in London yesterday in what appeared to be some speculative and produce r selling.  New York was unable to make new highs for the move and could see some liquidation trading today and tomorrow.  Reports that Sugar is flowing from Brazil despite delays hurt the bulls.  Yields in Brazil remain down from last year, so total Sugar production might not be all that strong.  However, producers were noted sellers yesterday.  Some buying was noted on ideas that the weather in Brazil is not getting better.  Demand has been good 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 even if they are dropping a bit in Brazil.  Both countries are said to be behind in shipping Sugar to overseas buyers.  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.  Temperatures should be near to above normal.  USDA increased the Sugar import quota for the second time this year last night.  The move is not unexpected and did not support futures much yesterday, but might today.  India has allowed the export of an additional 500,000 tons of Sugar as of today.

Chart Trends:  Trends in New York are mixed to up with objectives of 2710 October.  Support is at 2560, 2490, and 2460 October, and resistance is at 2630, 2670, and 2755 October.  Trends in London are up with objectives of 687.00 and 708.00 October.  Support is at 666.00, 656.00, and 643.00 October, and resistance is at 680.00, 697.00, and 712.00 October.

General Comments:  Futures were higher in New York and in London again yesterday on concerns about crop quality in Western Africa.  In addition, recent wire service reports have noted that many Ivory Coast farmers refuse to return home, so supplies from there might be smaller than originally thought at the beginning of the market year due to labor problems.  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 higher today and are now about 3.452 million bags.  ICE said that deliveries today are 0 contracts and now total 62 contracts for the month. 

Chart Trends:  Trends in New York are mixed.  Support is at 2970, 2920, and 2880 September, with resistance at 3060, 3080, and 3170 September.  Trends in London are mixed.  Support is at 1870, 1860, and 1830 September, with resistance at 1905, 1940, and 1950 September.

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