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FOOD & FIBER

May coffee closed lower on Wednesday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, last March's low crossing at 12.32 is the next downside target. Closes above the 20-day moving average crossing at 13.68 are needed to confirm that a low has been posted.

May cocoa closed slightly higher on Wednesday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, monthly support crossing at 17.54 is the next downside target. Closes above the 50-day moving average crossing at 19.96 would confirm that a short-term low has been posted.

May sugar closed sharply lower on Wednesday as it renewed this year's decline. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, the 75% retracement level of the 2015-2016-rally crossing at 14.81 is the next downside target. Closes above the 20-day moving average crossing at 16.48 are needed to confirm that a low has been posted.

July cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 aforementioned rally, the contract high crossing at 80.27 is the next upside target. Closes below the 20-day moving average crossing at 77.64 would confirm that a short-term low has been posted.

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