About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

COTTON
General Comments: Futures were higher on ideas that crops in the Delta were hurt by the recent tropical storm that passed through the region. Trends are now up on the daily charts. Cotton growing conditions have improved in the last couple of weeks with rains reported in West Texas and perhaps flooding rains the Delta. The Southeast missed the biggest rains and East Texas has been dry. West Texas is expected to dry down this week but the Delta could get soime big storms. Some scattered showers are in the forecast in the Southeast. Production ideas are being impacted in just about all areas due to the weather extremes.
Overnight News: The Delta will get scattered showers and near normal temperatures and Southeast will get scattered showers and near to below normal temperatures. Texas will have mostly dry conditions and near to above normal temperatures. The USDA average price is now 83.52 ct/lb. ICE said that certified stocks are now 165,925 bales, from 165,025 bales yesterday. ICE said that 39 notices were posted for July delivery and that total deliveries for the month are now 39 contracts.
Chart Trends: Trends in Cotton are mixed to up with objectives of 8790 and 9040 December. Support is at 8540, 8410, and 8340 December, with resistance of 8710, 8750 and 8850 July.

FCOJ
General Comments: FCOJ closed a little higher again and chart trends are still mixed on the daily charts. The hurricane season is here and a big storm could threaten trees and fruit. The only storm has moved through the southeast but too far north to affect the state of Florida. An active season is anticipated but that does not mean a big and damaging storm is coming. It does mean that the market will be on alert if one does show up. Brazil is reported to be in good condition. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. It is dry in northern and western Mexican growing areas but there is some potential for some rains soon.
Overnight News: Florida should get scattered showers. Temperatures will average near normal. Brazil should get mostly dry conditions or isolated showers and above normal temperatures.
Chart Trends: Trends in FCOJ are mixed. Support is at 115.00, 113.00, and 112.00 July, with resistance at 120.00, 122.00, and 126.00 July.

COFFEE
General Comments: Both markets were higher in range trading and as there is not much going on right now. Trends on the daily and weekly charts are now sideways. It looks like demand is moderate for Robusta these days, and the offers are starting to increase as the Arabica harvest is expanding in Brazil. Drier conditions are in the forecast for these areas this week. Good conditions are reported in northern South America and good conditions reported in Central America. Colombia is having trouble exporting Coffee right now due to protests inside the country. Conditions are reported to be generally good in Asia and Africa.
Overnight News: ICE certified stocks are higher today at 2.175 million bags. The ICO daily average price is now 138.55 ct/lb. Brazil will get mostly dry conditions with near to above normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers. ICE said that 0 contracts were posted for delivery today against NY July futures and that total deliveries for the month are now 101 contracts.
Chart Trends: Trends in New York are mixed. Support is at 149.00, 146.00, and 142.00 September, and resistance is at 155.00, 158.00 and 159.00 September. Trends in London are mixed. Support is at 1580, 1540, and 1510 September, and resistance is at 1640, 1650, and 1670 September.

SUGAR
General Comments: New York and London were lower in range trading. London has been the leader to the downside on ample supplies of White Sugar available to the market and forecasts for improved growing conditions in Brazil. There is plenty of White Sugar available in India for the market and monsoon rains are promoting good conditions for the next crop. Southern growing areas of Brazil are getting some beneficial showers, with Parana and parts of Sao Paulo getting the best rains. Thailand is expecting improved production. Sugar demand is said to be weak. Ethanol demand is returning to the market as more world economies open up after the pandemic.
Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed. Support is at 1670, 1640, and 1610 October, and resistance is at 1760, 1790, and 1810 October. Trends in London are mixed. Support is at 416.00, 413.00, and 410.00 August, and resistance is at 428.00, 435.00, and 440.00 August.

COCOA
General Comments: Both markets were lower in range trading. The daily charts show sideways to down trends in both markets. The harvests are over in West Africa and ports there have been filled with Cocoa. The weather has had above average rains in West Africa. European demand has been slow and demand ideas in general are weak. The supplies are there for any increased demand.
Overnight News: Isolated showers are forecast for West Africa. Temperatures will be near to above normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to above normal temperatures. ICE certified stocks are lower today at 5.762 million bags. ICE said that 0 contracts were posted for July delivery and that total deliveries for the month are now 229 contracts.
Chart Trends: Trends in New York are mixed. Support is at 2350, 2330, and 2300 September, with resistance at 2410, 2450, and 2480 September. Trends in London are mixed. Support is at 1610, 1600, and 1590 September, with resistance at 1640, 1650, and 1670 September.

Questions? Ask Jack Scoville today at 312-264-4322