Blue Line Breakfast Report - Sugar Cocoa Coffee OJ - February 7

Cocoa - YTD up 14.72%

Speculators continue to pile into the market driving it up to new contract highs while the level of open interest continues to grow. Funds are piling into the market leaving a small gap in the charts. With the hot dry weather in the Ivory Coast we can expect smaller production numbers.

From a technical perspective the trend traders continue to maintain long positions still from January 10th at 2588 and with support at 2721 and sell triggers down at 2745. A move down through 2745 puts them on the sidelines. I would expect traders that are long to add to their positions and trail stops.

Sugar - YTD up 10.66%

This market looks like the next one to setup for a breakout to the upside. We are monitoring the Indian production issues at hand and expecting the deficit to continue to grow.

The trend traders are still long with entries back on January 6th at 13.73 and with the market settling at 14.74 the first level of support comes in at 14.43. The sell triggers are down at 14.02 and is a place to get out not a place to reverse.

Good luck and good trading,

Phillip Streible

Chief Market Strategist


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