September coffee closed slightly lower due to light profit taking on Tuesday but remains above the 62% retracement level of this summer's decline crossing at 13.28. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 75% retracement level of the June-July decline crossing at 13.69 is the next upside target. Closes below the 20-day moving average crossing at 12.15 would confirm that a short-term top has been posted.

September cocoa closed higher on Tuesday as it extends last week's breakout above resistance marked by June's high crossing at 28.58. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but are turning bullish again signaling that sideways to higher prices is possible near-term. If September extends this summer's rally, last August's high crossing at 29.73 is the next upside target. Closes below the 20-day moving average crossing at 27.94 would confirm that a short-term top has been posted.

October sugar closed higher on Tuesday as it extends this year's rally. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but are turning neutral to bullish hinting that sideways to higher prices are possible near-term. If October extends this summer's rally, monthly resistance crossing at 19.73 is the next upside target. Closes below the 20-day moving average crossing at 18.04 are needed to confirm that a short-term top has been posted.

October cotton posted an inside day with a slightly lower close on Tuesday as it consolidates some of Monday's rally.

Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If October extends Monday's rally, July's high crossing at 63.10 is the next upside target. The high-range close sets the stage for a steady to higher opening on Wednesday. Closes below the 10-day moving average crossing at 58.45 are needed to confirm that a top has been posted.

GRAINS

September Corn closed down 3 1/2-cents at 3.54 1/2.

September corn posted an inside day with a lower close on Tuesday due to profit taking as traders consolidated some of its recent gains. Monday's weekly crop progress report confirms serious maturity delays in portions of the northwestern Midwest and some central and eastern areas. Crop ratings remain well above average suggesting that USDA could significantly boost yield estimates next week. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near-term. Today's low-range close sets the stage for a steady to lower opening on Wednesday. If September extends the rally off July's low, the June 30th gap crossing at 3.83 1/4 is the next upside target. First resistance is Monday's high crossing at 3.64 1/2. Second resistance is the June 30th gap crossing at 3.83 1/4. First support is Monday's gap crossing at 3.39 1/4. Second support is the 10-day moving average crossing at 3.29 3/4.

September wheat closed down 7-cents at 5.42 1/4.

September wheat posted an inside day with a lower close on Tuesday as it consolidated some of Monday's rally. Today's low- range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above gap resistance crossing at 5.54 are needed to confirm that a seasonal low has been posted. If September renews this summer's decline, psychological support crossing at 5.00 is the next downside target. First resistance is Monday's high crossing at 5.57. Second resistance is the 38% retracement level of this summer's decline crossing at 5.80 1/4. First support is Monday's gap crossing at 5.36. Second support is last Wednesday's low crossing at 5.05.