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Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

FOOD & FIBER

September coffee closed lower on Tuesday. The low-range close set 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. If September extends Monday's rally, June's high crossing at 18.49 is the next upside target. If September renews this spring's decline, the 62% retracement level of this winter's rally crossing at 15.31 is the next downside target.

September cocoa closed lower on Tuesday. 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. If September renews this spring's rally, monthly resistance crossing at 33.30 is the next upside target. Close below the reaction low crossing at 30.40 are needed to confirm that a top has been posted.

October sugar closed lower on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 17.63 would confirm that a low has been posted. If October renews this month's decline, the 75% retracement level of the January-June rally crossing at 16.50 is the next downside target.

December cotton closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this year's decline, weekly support crossing at 66.10 is the next downside target. Closes above the 20-day moving average crossing at 70.70 would confirm that a short-term low has been posted.

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