Cotton (CTY00, Cash Index): The cotton market remains in a major (long-term) sideways trend. Theoretical Positions: Long-term investors remain on the sidelines.
Coffee (KCY00, Cash Index): The Index still looks to be in a major downtrend based on an Elliott Wave 3-wave downtrend pattern. Theoretical Positions: Long-term investors are likely on the sidelines, waiting for confirmation of a trend in either direction.
Cocoa (CCY00, Cash Index): The Index extended is major downtrend to a low of 4,939 during November before closing at 5,404, down 737 (12%) for the month. Theoretical Positions: Long-term investors are likely on the sidelines in cocoa. If holding short positions, buy stops would be above the previous 4-month high of 8,750 (August 2025).
Sugar (SBY00, Cash Index): After extending its major downtrend to a low of 15.20 during November, the Index completed another bullish spike reversal by closing at 15.21, up 0.79 for the month. Once again, the Index looks to have moved into a major uptrend, though it has recently struggled finding follow-through buying interest. Theoretical Positions: Long-term investors are likely on the sidelines, having been burned too many times on similar reversal patterns.
Orange Juice (OJY00, Cash Index): The Index extended its major downtrend to a low of 137.55 before closing November at 154.85, down 17.95 (10.4%) for the month. Given the market is sharply oversold, according to monthly stochastics, it could complete a bullish reversal pattern over the coming months. Theoretical Positions: Long-term investors are likely on the sidelines or short the market after the October break that was extended during November.
