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FOOD & FIBER

March coffee posted a downside reversal on Friday consolidating some of the rally off January's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, January's high crossing at 12.68 is the next upside target. Closes below Monday's low crossing at 11.67 are needed to confirm that a short-term top has been posted.

March cocoa closed higher on Friday as it extends a two-week old trading range above support marked by the 87% retracement level of the February-January-rally crossing at 27.48. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews the decline off December's high, last-February's low crossing at 26.50 is the next downside target. Closes above the reaction high crossing at 29.54 are needed to confirm that a short-term low has been posted.

March sugar closed higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 December's high, the 75% retracement level of the August-December-rally crossing at 12.42 is the next downside target. Closes above the 20-day moving average crossing at 13.88 are needed to confirm that a short-term low has been posted.

March cotton closed lower on Friday extending the decline off December's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, September's low crossing at 59.45 is the next downside target. Closes above Wednesday's high crossing at 62.59 are needed to confirm that a low has been posted.

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