Rain is a Good Thing

Soft commodities continue to improve, with corn and wheat likely to now confirm intermediate-term bottoms, pending today's weekly close. 

As we discussed previously, cocoa has been particularly strong, and is continuing to push higher yet today out of a high and tight bullish price consolidation. 

Going forward, I am looking for coffee to play catch-up to the other softs, complete with bullish seasonality into early-July. In addition, if corn and wheat can now base out a few days next week, I would be looking for fresh long entries there. Sugar remains a bit sluggish, however, but cotton is the dark horse.