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FOOD & FIBER

March coffee closed sharply higher due to short covering on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 16.95 would confirm that a low has been posted. If March extends last week's decline, weekly support crossing at 14.56 is the next downside target.

March cocoa closed higher due to short covering on Tuesday as it consolidates some of this winter's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 week's decline, weekly support crossing at 26.94 is the next downside target. Closes above the 20-day moving average crossing at 29.10 would confirm that a low has been posted.

March sugar closed lower on Tuesday. The high-range close set 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. Closes below the 20-day moving average crossing at 15.01 would confirm that a short-term top has been posted. If March renews this month's rally, the reaction high crossing at 16.44 is the next upside target.

March cotton closed higher due to short covering on Tuesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 59.62 are needed to confirm that a low has been posted. If March renews this month's decline, monthly support crossing at 50.15 is the next downside target.

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