We anticipate high volatility to continue in the coffee market, with support as much as 6 points below today's close. The market volatility makes trading and risk management difficult. Sugar futures closed moderately weaker in a consolidation session. It appears that the nearby contract is finding good support 20 points below today's close. Resistance is 45 points above today's close.
Brazil appears to be limiting exports which has supported the market.
Look for consolidation near term. The long-term trend remains lower. OJ futures closed moderately firmer. We believe today's trade was mostly short covering after a couple weeks of selling pressure. There is nothing in the market to change the long-term trend which is lower.