NY COCOA Forecast for today, April 28, 2011

SINGAPORE, April 28, 2011 - New York cocoa will rise more to $3,255 per tonne, as the current wave has not completed.
 

A surge on Wednesday has confirmed an upward wave "C", progressing towards the 100 percent Fibonacci projection level at $3,255, based on the length of the wave "A".
 

The upside of the wave "C", however, could be extended to $3,400, the 161.8 percent Fibonacci projection level, should the resistance at $3,255 be cleared.
 

There may not be a retracement before $3,255, as the strong bullish momentum gained during the previous trading session may continue to push cocoa up.
Source: reuters

NY coffee ( arabica ) Forecast for today, April 28, 2011

SINGAPORE, April 28, 2011 - New York coffee is biased to rise to $3.06 per lb, as the current consolidation may develop into a bullish flag pattern.
 

Strategically, the pattern will be confirmed when coffee rises above a resistance of $2.9850, derived from the upper channel line of a descending channel.
 

But a fall below $2.93 will invalidate the bullish outlook as a bearish target at $2.8895 will be established based on a double-top.

Source : Reuters

Forecast : Indonesia '11 cocoa exports may drop 12.5pct, more falls seen

JAKARTA, April 28, 2011 - Cocoa exports from Indonesia, the world's No.3 producer, may fall as much as 12.5 percent this year due to wet weather hitting output, and is set to drop further in 2012 on rising domestic consumption, the Indonesian Cocoa Association said on Wednesday .

Cocoa exports from Southeast Asia's largest economy will be between 280,000 tonnes and 300,000 tonnes this year, down from 320,000 tonnes in 2010, Zulhefi Sikumbang, chairman of an association known as Askindo, told a news conference.

Indonesian production will be flat at about 600,000 tonnes this year, as increased output from new planting offsets the impact of heavy rains, Askindo said last month.