Softs
Coffee appears to have made a bear turn, and a strong dollar is going to pressure the market further. Despite the trendline support that is fast approaching, the upside potential of that market at this point does not outweigh the downside risk, and therefore stand aside for the moment. Cocoa is losing downside momentum and indicating a potential congestion, however the next few days are critical to reestablishing bearish momentum if the market can close the month out with fresh lows. Cotton is likely to turn here and I recommend puts. Sugar is a sell with straight puts long term. Lumber remains a cyclical buy.
Past performance is not indicative of future results.
**Chart courtesy of Gecko Software's TracknTrade
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