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FOOD & FIBER

March coffee closed higher on Tuesday. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March renews the decline off August's high, the 75% retracement level of the 2020-2022 rally crossing at $14.74 is the next downside target. If March extends the rally off November's low, the 50-day moving average crossing at $18.09 is the next upside target. First resistance is November's high crossing at $17.82. Second resistance is the 50-day moving average crossing at $18.09. First support is the 75% retracement level of the 2020-2022 rally crossing at $14.74. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.04.

March cocoa closed higher on Tuesday. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews last- month's decline, the 50-day moving average crossing at 23.97 is the next downside target. If March renews last-week's rally, November's high crossing at 25.77 is the next upside target.

March sugar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 19.05 would renew the decline off November's high while opening the door for additional weakness near-term. If March renews the rally off September's low, April's high crossing at 20.63 is the next upside target.

March cotton closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the reaction high crossing at 97.77 is the next upside target. If March extends the decline off November's high, October's low crossing at 70.10 is the next downside target.

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