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FOOD & FIBER

December coffee closed slightly higher on Tuesday as it consolidated some of last week's losses. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 14.74 are needed to confirm that a short-term top has been posted. If December renews the rally off August's low, the 38% retracement level of the 2014-2016 decline crossing at 16.17 is the next upside target.

December cocoa closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 10-day moving average crossing at 28.54 would temper the near-term friendly outlook. If December renews this month's rally, September's high crossing at 29.54 is the next upside target.

October sugar closed higher on Tuesday as it extends this month's rally. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month's rally, monthly resistance crossing at 24.14 is the next upside target. Closes below the 20-day moving average crossing at 21.02 would confirm that a short-term top has been posted.

October cotton closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 68.62 would confirm that a short-term top has been posted. If October resumes the rally off August's low, the August 10th gap crossing at 73.06 is the next upside target.

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