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FOOD & FIBER

May coffee closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 11.48 are needed to confirm that a low has been posted. If May extends the decline off January's high, weekly support crossing at 11.25 is the next downside target.

May cocoa closed lower on Friday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, the 87% retracement level of the 2016-2017-decline crossing at 29.07 is the next upside target. Closes below the 20-day moving average crossing at 25.97 would confirm that a short-term top has been posted.

May sugar closed lower on Friday as it extended this year'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 near-term. If May extends this year's decline, monthly support crossing at 10.13 is the next downside target. Closes above the 20-day moving average crossing at 12.17 are needed to confirm that a low has been posted.

May cotton closed sharply higher on Friday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. If May extends the rally off April's low, March's high crossing at 86.60 is the next upside target. Closes below the 50-day moving average crossing at 81.76 are needed to confirm that a short-term top has been posted.

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