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FOOD & FIBER

March coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $16.30 would signal that a short-term top has been posted. If March extends the rally off January's low, the 50% retracement level of the August-January decline crossing at $18.91 is the next upside target. First resistance is last-Wednesday's high crossing at $18.42. Second resistance is the 50% retracement level of the August-January decline crossing at $18.91. First support is the 10-day moving average crossing at $17.31. Second support is the 50-day moving average crossing at $16.45.

March cocoa closed slightly higher on Tuesday. The high-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 26.03 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 25.68 would signal that a short-term top has been posted while opening the door for a possible test of January's low crossing at 25.07.

March sugar closed higher on Tuesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 20.40 would signal that a short-term top has been posted. If March renews the rally off January's low, monthly resistance crossing at 22.64 is the next upside target.

March cotton closed sharply higher on Tuesday as it extends the November-February trading range. Multiple closes below the 50-day moving average crossing at 83.89 would open the door for additional weakness near-term. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the November 16th high crossing at 89.92 would mark an upside breakout of the November-February trading range while opening the door for a possible test of the 50% retracement level of the August-October decline crossing at 93.37. If March extends Monday's decline, January's low crossing at 80.37 is the next downside target.

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