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FOOD & FIBER

September coffee closed sharply lower on Friday and below the 20-day moving average crossing at 14.50 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, the reaction low crossing at 13.46 is the next downside target. If September renews the rally off May's low, weekly resistance crossing at 16.09 is the next upside target.

September cocoa closed lower on Friday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, January's low crossing at 27.45 is the next downside target. Closes above the 10-day moving average crossing at 30.41 would signal that a short-term low has been posted.

October sugar closed slightly higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, the reaction low crossing at 18.53 is the next downside target. Closes above the 20-day moving average crossing at 19.87 would confirm that a short-term low has been posted.

October cotton closed lower on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 68.88 would confirm that a short-term top has been posted. If October renews the rally off March's low, the 75% retracement level of the 2014-2016-decline crossing at 75.89 is the next upside target.

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