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Market Commentary and Analysis

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May coffee closed higher on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 9.56 are needed to confirm that a low has been posted. If May extends this winter's decline, weekly support crossing at 8.32 is the next downside target.

July cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If July extends the decline off April's high, the reaction low crossing at 22.15 is the next downside target. Closes above the 20-day moving average crossing at 23.55 would confirm that a short-term low has been posted.

July sugar closed lower on Thursday as it extends this year's trading range. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the rally off March's low, February's high crossing at 13.00 is the next upside target. If July renews the decline off February's high, March's low crossing at 12.29 is the next downside target.

May 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 50-day moving average crossing at 75.44 is the next downside target. If May renews the rally off February's low, the 38% retracement level of the 2018-2019-decline crossing at 79.88 is the next upside target.