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FOOD & FIBER

July coffee closed slightly higher on Thursday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, May's low crossing at 11.89 is the next downside target. Closes above the 10-day moving average crossing at 12.62 would confirm that a short-term low has been posted.

July cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 30.32 are needed to confirm that a low has been posted. If July renews this month's decline, April's low crossing at 28.52 is the next downside target.

July sugar closed higher on Thursday following Thursday's key reversal up. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 75% retracement level of the 2014-2015 decline crossing at 17.85 is the next upside target. Closes below the 20-day moving average crossing at 16.58 are needed to confirm that a short-term top has been posted.

July cotton closed higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, April's high crossing at 64.75 is the next upside target. If July renews its decline off April's high, the reaction low crossing at 59.12 is the next downside target.

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