Market Commentary

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FOOD & FIBER

March coffee closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to slightly lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral signaling that sideways trading is possible near-term. If March renews the rally off January's low, the December 28th high crossing at $19.32 is the next upside target. Closes below the 50-day moving average crossing at 18.48 would signal that a short-term top has been posted. First resistance is the December 28th high crossing at $19.32. Second resistance is December's high crossing at 20.39. First support is the 50-day moving average crossing at 18.48. Second support is the 50% retracement level of the October-December rally crossing at 17.45.

March cocoa closed slightly higher on Wednesday as it posted a new high close for the multi-year rally. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 44.70 would signal that a short-term top has been posted. First resistance is today's high crossing at 48.69. Second resistance is unknown. First support is the 10-day moving average crossing at 46.68. Second support is the 20-day moving average crossing at 44.70.

March sugar closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, the 62% retracement level of the November-December decline crossing at 25.05 is the next upside target. Closes below the 20-day moving average crossing at 22.73 would signal that a short-term top has been posted.

March cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of the October-November decline crossing at 87.15 is the next upside target. Closes below the 20-day moving average crossing at 82.69 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the October-November decline crossing at 85.47. Second resistance is the 75% retracement level of the October-November decline crossing at 87.15. First support is the 20-day moving average crossing at 82.69. Second support is the 50-day moving average crossing at 81.27.