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FOOD & FIBER

December coffee closed lower for the third day in a row on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $15.41 would confirm that a short-term top has been posted while opening the door for a possible test of this month's low crossing at $14.73. If December renews the rally off this month's low, the 38% retracement level of the April-September decline crossing at $16.68 is the next upside target. First resistance is Tuesday's high crossing at $16.45. Second resistance is the 38% retracement level of the April-September decline crossing at $16.68. First support is the 20-day moving average crossing at $15.41. Second support is September's low crossing at $14.73.

December cocoa closed slightly lower on Friday. The low-range close sets the stage for a steady to lower 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 week's decline, the 50-day moving average crossing at 35.16 is the next downside target. Closes above the 10-day moving average crossing at 36.52 would signal that a short-term low has been posted.

October sugar closed slightly higher on Friday. The mid-range close sets the stage for a slightly higher opening on Thursday. 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 26.34 would signal that a short-term top has been posted. If October extends the rally off June's low, monthly resistance on the continuation chart crossing at 29.36 is the next upside target.

December cotton closed lower on Friday. 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. Closes below the 50-day moving average crossing at 85.79 would open the door for a possible test of this month's low crossing at 85.16. If December renews the rally off this month's low, September's high crossing at 90.00 is the next upside target. First resistance is September's high crossing at 90.00. Second resistance is the 75% retracement level of the 2022 decline crossing at 91.29. First support is the 50-day moving average crossing at 85.79. Second support is September's low crossing at 85.16.