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FOOD & FIBER

July coffee closed higher due to short covering on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, March's low crossing at 11.53 is the next downside target. Closes above Wednesday's high crossing at 12.72 are needed to confirm that a short-term low has been posted.

July cocoa closed higher on Friday as it extends this month's rally. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the reaction high crossing at 32.54 is the next upside target. Closes below the 20-day moving average crossing at 30.35 would confirm that a short-term top has been posted.

July sugar closed higher on Friday as it extends the rally off April's low. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, March's high crossing at 16.63 is the next upside target. Closes below the 20-day moving average crossing at 15.21 would confirm that a short-term top has been posted.

July cotton closed higher on Friday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off February's low, the reaction high crossing at 65.56 is the next upside target. Closes below the 20-day moving average crossing at 61.68 are needed to confirm that a short-term top has been posted.

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