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Market Commentary

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

FOOD & FIBER

May coffee closed higher on Thursday as it consolidated some of this week's decline. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish hinting that a double top with March's high might be forming. Closes below the 20-day moving average crossing at 18.61 would confirm that a double top has been posted. If May extends this month's rally, March's high crossing at 20.97 is the next upside target.

May cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning 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 lower on Thursday. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 17.17 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Monday. 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 91.47 would confirms that a short-term low has been posted. If May extends last week's decline, the reaction low crossing at 86.12 is the next downside target.

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