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FOOD & FIBER

September coffee closed lower on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, May's low crossing at 12.63 is the next downside target. If September resumes last week's rally, June's high crossing at 14.10 is the next upside target.

September cocoa closed slightly higher on Wednesday but remains below the 10-day moving average crossing at 32.82 signaling that a short-term top might be in or is near. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 32.15 would confirm that a short-term top has been posted. If September extends the rally off March's low, weekly resistance crossing at 35.30 is the next upside target.

October sugar closed slightly lower on Wednesday. The mid-range close set the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If October extends this week's rally, June's high crossing at 12.79 is the next upside target. Closes below the 10-day moving average crossing at 11.98 would confirm that a short-term top has been posted.

October cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 66.26 would confirm that a top has been posted. If October extends this month's rally, weekly resistance crossing at 72.34 is the next upside target.

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