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FOOD & FIBER

May coffee closed higher on Thursday. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below March's low crossing at 12.88 would renew this winter's decline. If May extends the rally off March's low, the reaction high crossing at 15.18 is the next upside target.

May cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 28.63 are needed to confirm that a low has been posted. If May resumes this month's decline, February's low crossing at 26.74 is the next downside target.

May sugar closed lower on Thursday as it extends this year's decline. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off January's high, weekly support crossing at 11.65 is the next downside target. Closes above the 20-day moving average crossing at 13.01 are needed to confirm that a short-term low has been posted.

May cotton closed lower on Thursday as it consolidates some of the rally off last week's low. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 62.58 are needed to confirm that a short-term top has been posted. If May renews the rally off March's low, February's high crossing at 66.24 is the next upside target.

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