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FOOD & FIBER

March coffee closed higher due to short covering on Thursday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, July's low crossing at 16.64 is the next downside target. Closes above the 20-day moving average crossing at 18.28 would confirm that a low has been posted.

March cocoa closed higher on Thursday renewing the rally off November's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, the 38% retracement level of the September-November-decline crossing at 29.96 is the next upside target. If March renews the decline off last Wednesday's high, November's low crossing at 27.80 is the next downside target.

March sugar closed higher due to short covering on Thursday as it consolidates some of this year's decline. The high-range close set the stage for a steady to higher opening on Friday. 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 year's decline, weekly support crossing at 13.75 is the next downside target. Closes above the 20-day moving average crossing at 15.39 are needed to confirm that a short-term low has been posted.

March cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 63.70 are needed to confirm that a low has been posted. If March resumes this year's decline, monthly support crossing at 50.15 is the next downside target.

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