Analysis

July coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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, February's high crossing at 11.29 is the next upside target. Closes below the 50-day moving average crossing at 9.48 would open the door for additional weakness near-term.

July cocoa closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If July extends the rally off April's low, the May-2018 high crossing at 28.32 is the next upside target. Closes below the 20-day moving average crossing at 24.73 would confirm that a short-term top has been posted.

July sugar closed higher on Monday but remains below the 20-day moving average crossing at 12.35 confirming that a short-term top has been posted. The mid-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off June's high, the reaction low crossing at 11.60 is the next downside target. Closes above the 10-day moving average crossing at 12.54 would temper the near-term bearish outlook.

July cotton posted an inside day with a higher close on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this spring's decline, monthly support crossing at 59.85 is the next downside target. Closes above the 20-day moving average crossing at 66.56 would confirm that a short-term low has been posted.