INO.com’s Daily Market Analysis
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FOOD & FIBER
SOFTS: May sugar closed up 1 point at 17.30 cents today. Prices closed nearer the session high on tepid short covering after hitting another 9.5-month low early on today. The bears still have the solid overall near-term technical advantage.
May coffee closed down 315 points at 141.60 cents today. Prices closed nearer the session low today. The coffee bears have the overall near-term technical advantage.
May cocoa closed up $14 at $2,168 a ton today. Prices closed near the session high today and closed at a seven- week high close. While the cocoa bears still have the overall near-term technical advantage, there are clues that a market bottom is in place.
May cotton closed up 97 points at 77.81 cents today. Prices closed nearer the session high today. The cotton bulls have the firm overall near-term technical advantage. There are no strong, early clues to suggest a market top is close at hand.
May orange juice closed down 70 points at $1.8960 today. Prices closed near mid-range on mild profit taking from recent strong gains that saw prices hit a 2.5-month high on Tuesday. The FCOJ bulls have the near-term technical advantage. A steep three-week-old uptrend is in place on the daily bar chart.
May lumber futures closed up $3.00 at $373.20 today. Prices closed near mid-range today. Bulls have the overall near- term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the March low of $356.90.