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FOOD & FIBER

December coffee closed higher on Tuesday as it extends the trading range of the past four-days. The mid-range close set the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the reaction low crossing at 17.30 is the next downside target. Closes above the 20-day moving average crossing at 19.27 would confirm that a low has been posted.

December cocoa closed higher on Tuesday as it consolidates some of the decline off August's high. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 75% retracement level of the May-August-rally crossing at 29.80 is the next downside target. Closes above the 20-day moving average crossing at 31.44 would confirm that a low has been posted.

October sugar closed lower on Tuesday as it extends this summer's decline. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If October extends this summer's decline, weekly support crossing at 13.00 is the next downside target. Closes above the 20-day moving average crossing at 15.09 would confirm that a low has been posted.

December cotton closed lower on Tuesday and below the 20-day moving average signaling that additional weakness appears likely. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December resumes the rally off August's low, the 38% retracement level of the May-August-decline crossing at 70.69 is the next upside target.

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