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FOOD & FIBER

March coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 50% retracement level of the November-December-decline crossing at 15.62 is the next upside target. Closes below the 20-day moving average crossing at 14.29 would confirm that a short-term top has been posted.

March cocoa closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off August's high, weekly support crossing at 20.34 is the next downside target. Closes above the reaction high crossing at 22.91 are needed to confirm that a short-term low has been posted.

March sugar posted a key reversal down on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are diverging and turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 19.84 would confirm that a short-term top has been posted. If March resumes the rally off December's low, November's high crossing at 22.59 is the next upside target.

March cotton closed higher on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, August's high crossing at 78.00 is the next upside target. Closes below the 20-day moving average crossing at 71.74 would confirm that a short-term top has been posted.

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