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FOOD & FIBER

May coffee closed sharply lower on Friday as it consolidated some of the rally off March'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. Closes below the 20-day moving average crossing at 127.30 would signal that a short-term top has been posted. If May extends the rally off March's low, the March 17th high crossing at 13.57 is the next upside target.

May cocoa closed slightly lower on Friday. The mid-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. If May extends this week's rally, the 50-day moving average crossing at 24.75 is the next upside target. If May renews the decline off March's high, the 87% retracement level of last-November's rally crossing at 23.11 is the next downside target.

May sugar closed higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 aforementioned rally, February's high crossing at 17.52. Closes below the 20-day moving average crossing at 15.37 would signal that a short-term top has been posted.

May cotton closed lower on Friday as it consolidates some of the rally off March'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. Closes above the 50-day moving average crossing at 85.56 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 81.47 would signal that a short-term top has been posted.