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Dec. - Jan. Softs Comments

ByJudy Crawford
Published 10/21/2011, 09:53 AM
Updated 07/09/2023, 06:31 AM
OJ
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MAR
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DEC COTTON:

It failed to hold the 100.00 support and made a low today at 96.78. The next support area is approximately 94.00 on the daily chart. If a market cannot rally after having a huge and major sell-off from early June to late July, consolidates and still cannot do so is very negative. If it fails the 150 day ma on the weekly that intersects at 94.30, cotton is probably headed for 80.00. Closed 96.86, down 2.86.

JAN ORANGE JUICE: In Tuesday's report it had closed over both the 100 and 150 day ma. It sold off today and tested those moving averages and held. It again closed back over both of them. If there is follow through OJ should test the previous high up at 184.20. Closed 169.40, up 1.15.

DEC COFFEE: The inside day mentioned in the last report triggered a sell. It almost negated it today. It has been trying to get over the 20 day ma but has trouble holding it. Today it closed right on it. Just looking at the daily chart, it looks like it is forming a bottom - but so did cotton and that failed! Just watching. Closed 231.65, down 4.50.

DEC COCOA: Yesterday cocoa tried to rally back over the 26.00 support but was stopped by the 20 day ma. Today it sold off again but failed to take out the new low made on Tuesday (25.23). Today's low 25.45. Just watching. Closed 25.62, down .68.

MAR SUGAR: It triggered a sell today and sold off to 26.13. It then rallied to close on the 100 day ma. Keep stops at 27.47. Closed 26.80, down .17.
Position: Short 26.66 (10.20).
Projection: 24.00.

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