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FOOD & FIBER

March coffee closed sharply lower on Friday breaking out to the downside of a three-month old trading range. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, weekly support crossing at 11.55 is the next downside target. Multiple closes above the 50-day moving average crossing at 12.28 are needed to confirms that a short-term low has been posted.

March cocoa closed slightly higher for the third day in a row on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 87% retracement level of the November-December-decline crossing at 21.71 is the next upside target. Closes below the 20-day moving average crossing at 20.12 would confirm that a short-term top has been posted.

March sugar closed lower on Friday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the reaction low crossing at 13.17 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at 14.02 is the next upside target.

March cotton closed higher on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 January's high, the 62% retracement level of the October-January-rally crossing at 73.52 is the next downside target. Closes above the 20-day moving average crossing at 78.01 would confirm that a short-term low has been posted.

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