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FOOD & FIBER

December coffee closed higher due to short covering on Friday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, weekly support crossing at 12.08 is the next downside target. Closes above the 20-day moving average crossing at 13.12 are needed to confirm that a low has been posted.

December cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, May's low crossing at 18.07 is the next downside target. Closes above the 20-day moving average crossing at 20.08 would confirm that a short-term low has been posted.

October sugar closed higher on Friday as it consolidated some of this year's decline. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off February's high, the September 2015 low crossing at 12.27 is the next downside target. Closes above the 20-day moving average crossing at 14.12 would confirm that a low has been posted.

October cotton closed higher on Friday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near-term. Closes above the 20-day moving average crossing at 72.84 would confirm that a short-term low has been posted. If October extends the decline off May's high, the 75% retracement level of the 2016-2017-rally crossing at 64.28 is the next downside target.

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