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Weak

Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

FOOD & FIBER

May coffee closed sharply higher on Tuesday and posted a new high for the year. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, the 75% retracement level of the 2011-2013-decline crossing at 23.20 is the next upside target. Closes below the 20-day moving average crossing at 18.91 would confirm that a short-term top has been posted.

May cocoa 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 diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off April's low, March's high crossing at 30.39 is the next upside target. If May renews the decline off March's high, the reaction low crossing at 28.86 is the next downside target.

May sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 17.11 would temper the near-term bearish outlook. If May extends the decline off March's high, the reaction low crossing at 15.57 is the next downside target.

May cotton closed higher on Tuesday. The high-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 91.31 would confirms that a short-term low has been posted. If May renews the decline off March's high, the reaction low crossing at 86.12 is the next downside target.

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