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FOOD & FIBER

SOFTS: October sugar closed up 4 points at 12.89 cents today. Prices closed nearer the session high today on tepid short covering after hitting a nearly two-year low today. The sugar bears have the solid overall near-term technical advantage. There are no early chart clues to suggest a market bottom is close at hand.

September coffee closed up 115 points at 125.65 cents today. Prices closed nearer the session high on tepid short covering in a bear market. Prices last week hit a contract low. The coffee bears have the solid overall near-term technical advantage. Prices are in a five-month-old downtrend on the daily bar chart. There are no early clues of a market bottom being close at hand.

September cocoa closed up $17 at $1,862 a ton today. Prices closed near mid-range today and saw short covering in a bear market. The cocoa bears still have the solid overall near-term technical advantage.

December cotton closed up 35 points at 67.58 cents today. Prices closed near mid-range today and saw tepid short covering in a bear market. Prices Monday hit a 10-month low. The cotton bears still have the solid overall near- term technical advantage. Prices are in a steep six-week- old downtrend.

September orange juice closed down 10 points at $1.3970 today. Prices closed nearer the session high and hit a six- week high today. Recent strong gains suggest a market bottom is in place. The FCOJ bears do still have the overall near-term technical advantage.

July lumber futures closed down $5.80 at $355.10 today. Prices closed nearer the session high. The bears have the overall near-term technical advantage.

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