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FOOD & FIBER

July coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, May's high crossing at 12.60 is the next upside target. If July renews the decline off May's high, April's low crossing at 11.53 is the next downside target.

July cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, April's low crossing at 24.74 is the next downside target. Closes above the 20-day moving average crossing at 27.41 would confirm that a low has been posted.

July sugar closed slightly higher on Thursday as it extends this month's rally. The mid-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. Closes below the 20-day moving average crossing at 11.66 are needed to confirm that a top has been posted.

July cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 83.77 would confirm that a short-term top has been posted. If July resumes this year's rally, weekly resistance crossing at 95.10 is the next upside target.

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