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FOOD & FIBER

July coffee closed lower on Tuesday as it extends the decline off last October's low. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this year's decline, the 2013 low crossing at 12.11 is the next downside target. Closes above last Tuesday's high crossing at 14.38 would confirm that a low has been posted.

July cocoa closed lower on Tuesday as it consolidates some of the rally off March's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 87% retracement level of the September-February decline crossing at 32.20 is the next upside target. Closes below the 20-day moving average crossing at 30.24 would confirm that a short-term top has been posted.

July sugar closed lower on Tuesday as it extends this month's decline. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. Today's close below the reaction low crossing at 12.41 opens the door for a test of monthly support crossing at 11.32 later this spring. Closes above the 20-day moving average crossing at 12.89 would temper the near-term bearish outlook.

July 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 sideways to lower prices are possible near-term. If July extends the decline off May's high, the reaction low crossing at 62.35 is the next downside target. Closes above the 20-day moving average crossing at 65.61 are needed to confirm that a low has been posted.

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