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FOOD & FIBER

March coffee 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 bullish signaling that a low might be in or is near. If March extends the rally off February's high, January's high crossing at 15.69 is the next upside target. Closes below the 50-day moving average crossing at 14.51 would confirm that a short-term top has been posted.

March cocoa closed lower on Tuesday as it consolidates some of last week's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 20.50 are needed to confirm that a short-term low has been posted. If March resumes the decline off August's high, long-term support crossing at 18.60 is the next downside target.

March sugar closed higher on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, February's high crossing at 21.49 is the next upside target. Closes below the 50-day moving average crossing at 19.97 would open the door for a larger-degree decline during the last half of February.

May cotton closed higher due to short covering on Tuesday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50-day moving average crossing at 73.77 is the next downside target. Closes above the 10-day moving average crossing at 76.77 are needed to confirm that a low has been posted..

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