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FOOD & FIBER

March coffee closed lower on Tuesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, weekly support crossing at 11.34 is the next downside target. Closes above the 20-day moving average crossing at 12.70 would confirm that a short-term low has been posted.

March cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, August's low crossing at 18.51 is the next downside target. Closes above the 20-day moving average crossing at 20.36 would confirm that a short-term low has been posted.

March sugar closed lower on Tuesday as it extends the decline off November's high. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, June's low crossing at 13.50 is the next downside target. Closes above the 20-day moving average crossing at 14.87 would confirm that a short-term low has been posted.

March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 71.74 would confirm a short-term top has been posted. If March extends the rally off October's low, April's high crossing at 74.74 is the next upside target.

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