Cotton has dropped nearly (22%) since briefly topping the 100 level in early March. As of the Friday close, Cotton is sitting just above the upward trendline that has supported Cotton since October of 2023.
Cotton spot quotations experienced a decline this past week, as highlighted in the latest report from the USDA's Agricultural Marketing Service. The average spot quotation for the base quality of cotton fell by 195 points, settling at 85.19 cents per pound, down from 87.14 cents the prior week. Despite the weekly downturn, prices remained above the previous year's average of 78.66 cents.
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Cotton rallied higher every day last week but retreated after briefing touching the October highs. Cotton looks to need to consolidate before taking out this level.
Live Cattle has been in an extended uptrend since April of 2020 and accelerated to a steeper uptrend in May of 2023. Over the past several weeks Live Cattle has broken the steeper more recent uptrend and is currently challenging the longer-term trend.
Soybeans closed last week right on the downward trend line after spending much of the week above the line. If Soybeans can break through, it could run for quite a while.
Cocoa (or cocoa bean) is one of soft commodities, along with sugar, coffee, orange juice and cotton. The bean is the fully dried and fermented seed, wherefrom cocoa solids and cocoa butter can be extracted. Cocoa beans are the basis of the chocolate.