INO.com’s Daily Market Analysis
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FOOD & FIBER
SOFTS: October sugar closed up 2 points at 16.64 cents today. Prices closed near mid-range and hit another 5.5- month low today. Sugar bears have the firm overall near- term technical advantage as a steep four-week-old downtrend is in place on the daily bar chart.
September coffee closed up 180 points at 182.50 cents today. Prices closed nearer the session high and closed at a fresh two-month high close today. The coffee bulls have regained the slight near-term technical advantage.
September cocoa closed up $29 at $3,206 a ton today. Prices closed nearer the session high and closed at a fresh contract high close today. Cocoa bulls have the solid overall near-term technical advantage.
December cotton closed down 101 points at 64.00 cents today. Prices closed nearer the session low and hit another contract low today. Bears remain in solid technical command amid a nearly three-month-old downtrend on the daily bar chart.
September orange juice closed down 585 points at $1.3890 today. Prices closed near the session low and hit an 8.5- month low today. The FCOJ bears have the solid near-term technical advantage and gained more power today.
September lumber futures closed up $0.30 at $322.30 today. Prices closed near mid-range today. Bears have the near- term technical advantage.