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FOOD & FIBER

May coffee closed lower on Friday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, December's low crossing at 13.52 is the next downside target. Closes above the 50-day moving average crossing at 14.71 are needed to confirm that a low has been posted.

May cocoa closed lower on Friday as it consolidated some of this month's rally. 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. If May extends the aforementioned rally, January's high crossing at 22.73 is the next upside target. Closes below the 20-day moving average crossing at 20.08 would confirm that a short-term top has been posted.

May sugar closed higher on Friday as it consolidates some of the decline off February's high. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 18.39 are needed to confirm that a low has been posted. If May extends the decline off February's high, the 62% retracement level of the 2015-2016-rally crossing at 16.28 is the next downside target.

May cotton closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near-term. If May renews this year's rally, the June-2014 high crossing at 81.41 is the next upside target. If May extends the decline off March's high, the 50-day moving average crossing at 76.33 is the next downside target.

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