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FOOD & FIBER

SOFTS: March sugar closed up 17 points at 16.67 cents today. Prices closed nearer the session high today and saw short covering. The key “outside markets” were bullish for sugar today as the U.S. dollar index was lower and crude oil prices were higher. Sugar bears still have the overall near-term technical advantage.

December coffee closed up 165 points at 217.70 cents today. Prices closed nearer the session low. The key “outside markets” were bullish for coffee today as the U.S. dollar index was lower and crude oil prices were higher. The coffee bulls have the firm near-term technical advantage.

December cocoa closed down $71 at $3,082 a ton today. Prices closed nearer the session low. Bulls and bears are on a level near-term technical playing field amid choppy trading.

December cotton closed down 10 points at 63.61 cents day. Prices closed near the session low today. Cotton bears have the overall near-term technical advantage. However, the bulls are still working on forging a market bottom but need to show fresh power soon.

November orange juice closed down 135 points at $1.3545 today. Prices closed nearer the session low today. Prices are hovering near an 11-month low. The FCOJ bears still have the firm overall near-term technical advantage. A bearish pennant pattern has formed on the daily bar chart.

November lumber futures closed down $1.10 at $335.10 today. Bulls are fading but still have the slight near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $330.00.

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