Softs Report - Monday, Dec. 29

COTTONGeneral Comments: Cotton was lower in holiday market trading, but the biggest part of the loss came from the switch from December to March. Farmers are not selling too much due to price, but buyers are hard to find. A lack of new Chinese demand has been important and a reason to see lower US prices. The lack of demand seems to be part of the price for now but the demand is not a reason to see a rally anytime soon.Chart Trends: Trends in Cotton are mixed. Support is at 62.00, 60.80, and 59.60 March, with resistance of 64.90, 65.40 and 65.90 March.DepositPhotosFCOJGeneral Comments: Futures were higher last week. Prices have rallied after cold weather hit the state of Florida and reminded everyone what time of the year it was. Florida has also been dry and irrigation is needed. Traders are worried about demand even with overall lower prices. The weather is considered good for production here and in Brazil and Mexico. Scattered showers are reported in Brazil, but the amounts and coverage has been less than normal.Chart Trends: Trends in FCOJ are up. Support is at 192.00, 182.00, and 152.00 January, with resistance at 230.00, 232.00, and 240.00 January.COFFEEGeneral Comments: New York and London were higher last week, and trends are mixed in New York on the daily charts and are now mixed on the daily report in London. There are still ideas and reports of increasing harvest sales from Vietnam. There are reports of very good conditions in Brazil that has caused some farm selling in recent days. Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. Vietnam has scattered showers lately and conditions there are called good. Vietnamese producers are selling.Overnight News: The ICO average price is 285.35 ct/lb.Chart Trends: Trends in New York are mixed. Support is at 339.00, 334.00, and 330.00 March, and resistance is at 352.00, 359.00 and 365.00 March. Trends in London are mixed. Support is at 3780, 3710, and 3570 January, with resistance at 4100, 4200, and 4300 January.SUGARGeneral Comments: New York and London were higher last week in range trading. There are still ideas of good supplies for the market from good growing conditions for cane and beets around the world continue. The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increased supplies while global consumption is expected to remain steady.Chart Trends: Trends in New York are mixed. Support is at 1480, 1450, and 1440 March and resistance is at 1540, 156, and 1580 March. Trends in London are mixed. Support is at 423.00, 415.00, and 410.00 March, with resistance at 437.00, 445.00, and 448.00 March.COCOAGeneral Comments: New York was higher and London closed lower last week. Short term trends are mixed. A big main crop harvest is anticipated in West Africa and rains have been positive for crops lately. Light rains mixed with heat in Ivory Coast’s cocoa-growing regions last week signaled a positive outlook for the main crop. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market feels that there is less demand and the lack of demand is expected to continue.Chart Trends: Trends in New York are mixed. Support is at 5760, 5270, and 4930 March, with resistance at 6160, 6160, and 6480 March. Trends in London are mixed. Support is at 4150, 3830, and 3650 March, with resistance at 4460, 4700, and 4860 March.More By This Author:Grains Report - Friday, Dec. 26Softs Report - Monday, Dec. 22Grains Report - Friday, Dec. 19