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Cocoa Prices-- Cocoa prices in the July contract are continuing their bearish trend hitting a 5 week low today down another 37 points finishing sharply down for the 3rd consecutive day trading below its 20 day moving average but still above its 100 day moving average which stands at 2234 settling this Friday afternoon at 2246 as good weather in Africa and weak demand is pushing prices lower.
Orange Juice Futures-- Orange juice futures for the July contract are still trading above their 20 and 100 day moving average and have been by far the strongest soft commodity as the other soft markets continue to the downside but OJ is right near an 8 week high settling last Friday at 142 going out this week around 148 looking to break the 150 level with prices in an 8 week consolidation and if those levels are broken you will see a bullish trend develop i
Sugar Futures-- Sugar futures in New York finished higher for the 2nd consecutive trading session basically trading around unchanged for the trading week still trading below its 20 and 100 day moving average also hitting a 3 year low this week as well as coffee and they seem to be mirroring each other in recent months to the downside as large supplies and a bearish trend continue to push sugar prices lower.
Cotton Futures-- Cotton futures in New York continue their bearish momentum down another 55 points in the December contract which is considered the new crop which will be harvested this fall trading at 83.10 still trading below its 20 and 100 day moving average hitting a 3 month low continuing its bearish trend.
Coffee Futures--- Coffee futures in New York are down another 300 points this Friday afternoon hitting a 3 year low currently trading at 127.10 a pound hitting a fresh 3 year low trading far below its 20 &100 day moving averages with solid weather in Brazil and low demand for this product at this point continuing to push prices lower.
Orange Juice Futures-- Orange juice futures are still stuck in a two-month consolidation between 140 – 150 down about 400 points for the week and what looks to me as a possible top forming in prices as the soft markets seem to be entering bearish trends once again.
Coffee Futures--- Coffee futures finished down 295 points and had a disappointing week finishing lower by about 800 points still in a real seesaw chart pattern finishing around 137.00 a pound creating a false breakout to the upside last week with a false breakout to the downside a couple weeks ago so were still unable to breakout of this 8 week consolidation.Search
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