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 CottonGeneral Comments: Cotton was lower last week as export demand remains weak and traders do not expect much improvement in at least the short term. There are still ideas and reports of weaker demand potential against an outlook for improved US production in the coming year. There have been demand concerns about Bangladesh and China. However, Chinese demand could start to improve as the government there is injecting a lot of money into the economy in an effort to get the country moving again. Texas and the Southeast have seen some extreme heat so far this year, and both areas also seen dry conditions at times during the growing season. The Delta has had somewhat better growing conditions but overall the entire crop has seen some stress.
Overnight News:
Chart Trends: Trends in Cotton are mixed to down. Support is at 70.20, 69.30, and 67.50 December, with resistance of 72.00, 72.70 and 73.50 December.
 FCOJGeneral Comments: FCOJ closed slightly higher last week as the effects of Hurricane Milton are now part of the price. The storm brought reports of more damage to orange trees and to infrastructure to the state and its industry. USDA cut Florida oranges production to 15 million boxes, from 18 million in its previous report and 20 million last year. The market remains well supported in the longer term based on forecasts for tight supplies in Florida. The reduced production appears to be mostly at the expense of the greening disease. There are no weather concerns to speak of for Brazil right now although reports indicate that Brazil has been hot and dry. Rain is expected this week.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 474.00, 458.00, and 454.00 November, with resistance at a 490.00, 509.00, and 512.00 November
 CoffeeGeneral Comments: New York was higher last week, but London was lower, and the chart trends in London remain down as the harvest in Vietnam becomes more active. New York chart trends are mixed. Rain remains in the forecast for Brazil crop areas but as crop losses are still a good possibility in Brazil and Vietnam. There are now reports for some rains in Brazil as the rainy season is now under way after very dry conditions. Losses are still possible in Brazil and also Vietnam from previous bad weather. Indonesian offers are still less as producers wait for higher prices before selling. Damage was done to crops earlier in the growing season in Vietnam and lower production is now expected for the next crop.
Overnight News: The ICO average price is 253.54 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 249.00, 242.00, and 236.00 December, and resistance is at 265.00, 268.00 and 271.00 December. Trends in London are down. Support is at 4670, 4540, and 4450 November, with resistance at 4900, 5000, and 5100 November.
 SugarGeneral Comments: New York and London closed a little lower last week on reports of better rains starting early in the month and variable world petroleum prices. A cold front has moved north from southern Brazil last week that has spread north and brought much needed rains to Sugar areas. Harvest progress is active in Brazil and growing conditions are much improved in India and Thailand. Indian and Thai monsoon rains have been very beneficial, and mills are expecting strong crops of cane.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 2170, 2100, and 2020 March and resistance is at 2290, 2340, and 2360 March. Trends in London are mixed to down. Support is at 555.00, 552.00, and 541.00 December, with resistance at 586.00, 590.00, and 593.00 December.
 CocoaGeneral Comments: New York closed higher and London closed a little lower last week with the weather once again playing a price supporting role and the ongoing harvest keeping prices weaker. It had been very wet in West Africa lately and this is bring concerns that pod disease could develop. The current rally attempt is not expected to go very far as the harvest has started in West Africa. Production in West Africa could be stronger this year on currently wetter weather in Ivory Coast. Above average rain is now forecast for the next couple of weeks to keep conditions too wet in West Africa.
Overnight News:
Chart Trends: Trends in New York are mixed to up. Support is at 7490, 7230, and 7060 December, with resistance at 8170, 8240, and 8800 December. Trends in London are mixed to up. Support is at 5620, 5490, and 5350 December, with resistance at 6060, 6250, and 6580 December.More By This Author:Softs Report – Thursday, Oct. 17
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