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FOOD & FIBER

May coffee closed higher due to short covering on Friday. The high-range close set 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. Closes above the 20-day moving average crossing at 15.11 are needed to confirm that a low has been posted. If May extends the decline off January's high, weekly support crossing at 11.70 is the next downside target.

May cocoa closed lower on Friday and below the 20-day moving average crossing at 29.52 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the rally off February's low, the 62% retracement level of the September-Feberuary-decline crossing at 30.76 is the next upside target.

May sugar closed unchanged on Friday as it consolidates some of this winter's decline. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off January's high, weekly support crossing at 13.00 is the next downside target. Closes above the 20-day moving average crossing at 14.23 would temper the near-term bearish outlook.

May cotton closed lower on Friday extending this week's decline. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If May extends this week's decline, the reaction low crossing at 61.87 is the next downside target. Closes above the 10-day moving average crossing at 64.31 would confirm that a low has been posted.

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