INO.com’s Daily Market Analysis
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FOOD & FIBER
SOFTS: March sugar closed down 8 points at 22.59 cents today. Prices closed near mid-range today and closed at a five-week low close. The sugar bulls still have the slight overall near-term technical advantage. However, prices have been trending lower for the past month, which suggests a market top is in place.
December coffee closed up 110 points at 164.80 cents today. Prices closed nearer the session high and hit a 20-month high today. The coffee bulls have the solid overall near- term technical advantage.
December cocoa closed down $39 at $2,730 a ton today. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart after hitting a 2.5-week high early on today. Cocoa bears have the overall near-term technical advantage.
December cotton closed up 64 points at 69.88 cents today. Prices closed nearer the session high. Cotton bulls have the slight overall near-term technical advantage.
January orange juice closed up 405 points at $2.1165 today. Prices closed nearer the session high and hit a contract high today. The FCOJ bulls have the solid overall near-term technical advantage.
November lumber futures closed down $2.10 at $305.10 today. Prices hit a five-week low today. Bears have the overall near-term technical advantage.