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FOOD & FIBER

July coffee closed higher on Friday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Monday. 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 decline off January's high, last February's low crossing at 12.45 is the next downside target. Closes above the 20-day moving average crossing at 13.82 are needed to confirm that a low has been posted.

July cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 19.97 would confirm that a short-term low has been posted. If July renews this month's decline, monthly support crossing at 17.54 is the next downside target.

July sugar closed higher on Friday as it consolidated some of this year's decline. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 16.43 are needed to confirm that a low has been posted. If July extends the decline off February's high, the 75% retracement level of the 2015-2016-rally crossing at 14.57 is the next downside target.

July cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 77.72 would confirm that a short-term low has been posted. If July renews the rally off April's low, the contract high crossing at 80.27 is the next upside target.

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