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FOOD & FIBER

March coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, December's low crossing at 11.83 is the next downside target. Closes above the 50-day moving average crossing at 12.57 are needed to confirms that a short-term low has been posted.

March cocoa closed lower on Thursday as it consolidates some of this week's gains. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 19.91 are needed to confirm that a short-term low has been posted. Closes below the 20-day moving average crossing at 19.08 would confirm that a short-term top has been posted.

March sugar closed sharply lower on Thursday as it extended this month's decline. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the September-2015 low crossing at 12.72 is the next downside target. Closes above the 20-day moving average crossing at 14.59 would confirm that a short-term low has been posted.

March cotton closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 87.18 is the next upside target. Closes below the 20-day moving average crossing at 79.00 are needed to confirm a short-term top has been posted.

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