INO.com’s Daily Market Analysis
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FOOD & FIBER
SOFTS: March sugar closed down 34 points at 16.16 cents today. Prices closed near the session low and hit a three- week low today. Sugar bears have the firm overall near-term technical advantage and gained fresh downside momentum today.
December coffee closed up 220 points at 193.30 cents today. Prices closed nearer the session high on short covering after hitting another three-week low early on today. It appears a market top is in place.
December cocoa closed down $13 at $3,100 a ton today. Prices closed nearer the session low in a big trading range today. Bulls and bears are on a level near-term technical playing field amid choppy trading. The recent “collapse in volatility” made me suspect a bigger price move was on the horizon, and it occurred intra-day today.
December cotton closed up 47 points at 63.15 cents today. Prices closed nearer the session high on short covering. Cotton bears still have the overall near-term technical advantage.
November orange juice closed up 25 points at $1.4000 today. Prices closed nearer the session low today. Tepid short covering was featured. The FCOJ bears still have the overall near-term technical advantage.
November lumber futures closed up $0.90 at $329.60 today. Bears still have the near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $325.00.