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March coffee closed slightly lower on Wednesday as it extends the decline off December's high. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 75% retracement level of the October-December-rally crossing at 10.74 is the next downside target. Closes above the 20-day moving average crossing at 12.11 would confirm that a low has been posted.

March cocoa posted a downside reversal on Wednesday due to profit taking after tested resistance marked by last-May's high crossing at 28.36. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, weekly resistance crossing at 29.43 is the next upside target. Closes below the 20-day moving average crossing at 25.76 would confirm that a short-term top has been posted.

March sugar closed higher on Wednesday as it extends the rally off September's low. The mid-range close set the stage for a steady to higher opening on Thursday. 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 October's low, last-October's high crossing at 14.82 is the next upside target. Closes below the 20-day moving average crossing at 13.84 are needed to confirm that a top has been posted.

March cotton closed sharply higher on Wednesday as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off August's low, the 62% retracement level of the 2018-2019-decline crossing at 74.04 is the next upside target. If March extends Tuesday's decline, the 50-day moving average crossing at 67.50 is the next downside target.