Report Date: 29th Jan 2010

Global Services Division

Agro (ICE) - Cocoa

Trading Strategy (for Cocoa Mar’10 - applicable for 3-5 days - contract $per ton)
Buy/Sell Entry point(s) Liquidation
Futures Contract Entry Point Stop-Loss
[Advised on] Triggered on Objective
Cocoa
Sell 3315/3325 ----- 3235 3375
(ICE) Mar’10

Traders are advised to wait for sell around mentioned levels with strict stop-loss.

ICE March cocoa futures after having reached the 9-week low of $3172 levels on Wednesday
traded with that days bar on Thursday and moved in the range of 3211 and 3287 and finally
settled lower at 3260 levels signalling near term downtrend in the coming session as long as 3375
is not violated.

Prices closed well below the trend line support signalling room for further drop in prices in the
coming sessions. On the lower side strong support is seen at 3100-3050, which also coincides
with the trend line support drawn from the March 2009 lows of 2169 levels.

As far as prices continue to hold above 3050 on daily closing basis will negate any further drop in
prices. At the same time on the higher side initial resistance is seen at around 3300-3320 levels
and further above towards 3345 to 3375 levels, which should be considered as good selling
opportunity in the near term.
Global Services Division

Agro (ICE) - Coffee

Trading Strategy (for Coffee Mar’10- applicable for 3-5 days – contract cents/lb)

Buy/Sell Entry point(s) Liquidation

Futures Contract Entry Point Stop-Loss
[Advised on] Triggered on Objective
Coffee 134.5/134.8 Below
Buy 132.75/133 -----
(ICE) Mar’10 0 132

Above 135 then one can’t rule out prices touching as high as 135.5-136 levels during today
itself.

ICE futures U.S. Arabica coffee futures in the near term likely to hold the yesterdays support of
132 and may probably move higher towards 135-137 levels in the coming session before it drops
lower as the main trend is still down. On Thursday prices moved in the range of 132.05 and
134.90 and finally settled lower at 132.95.

On the lower side strong support is seen at 132 and further below to drop till 129-126 levels, which
also coincides with the long term upward slopping trend line drawn from the March 2009 lows of
115 levels.

At the same time on the higher side initial resistance is seen at 136-138 and further above to
move higher till 140.5 levels and unlikely to stay above those levels.

Overall one can foresee coffee prices to move in the broader range of 126 and 140.5 levels in the
coming few days to one week time period.
Global Services Division

Agro (ICE) – Cotton No.2

Trading Strategy (for Cotton Mar’10 contract - applicable for 3-5 days - Cents/lb)

Buy/Sell Entry point(s) Liquidation

Entry Point Stop-Loss
Futures Contract [Advised on] Triggered on Objective
Cotton 70.20/70.3
Buy 69.25/69.35 ---- 68.75
(ICE) Mar’10 0

ICE Cotton prices currently holding the trend line support around 68.8 levels and in case holds
that support then expect the prices to move higher initially towards 70.2 to 70.8 levels in the near
term. On Thursday prices moved in the range of 68.83 and 69.83 and finally settled lower at 69.14
levels.

Prices in the early European session is currently trading at 69.60 and in case drops below 68.90
on daily basis then expect further downside towards 65-63 levels in the coming sessions.

On the higher side initial resistance is seen at 70.2 to 71.3 and further above to move higher
towards 72.25 levels.
Global Services Division

Agro (ICE) – Sugar #11

Trading Strategy (for Sugar 11 Mar’10 contract - applicable for 3-5 days - Cents/lb)

Buy/Sell Entry point(s)

Futures Contract Entry Point Liquidation Stop-Loss
[Advised on] Triggered on
Objective
30.10
Sugar11
Sold 29.3/29.40 01/28/10 28.30/28.20 daily
(ICE) Mar 10
closing
Our suggested short position got triggered on Thursday and traders are advised to
continue the call with given targets.

Sugar 11 Mar’10 futures after Wednesday’s sharp fall moved within the previous days bar on
Thursday and settled higher at 29 levels, after dealing in the range of 28.45 and 29.24 levels.

On the lower side initial support is seen at 28.55-28.35 and then at 27.87-27.30. In case drops
below 26.70 then expect the downtrend to stay for a while with targets of 25.6 to 25 levels. Only a
significant close below 23.8 and below will signal reversal in trend.

On the higher side initial resistance is seen at 29.40 and then at 29.80 levels. For a clear up trend
prices should settle well below the recent highs of 30.10 and above on daily closing basis.

Global Services Division Research powered by

Scott Slutsky, Managing Director
312-563-8325
sslutsky@pfgbest.com

Disclaimer: There is risk of loss in trading futures and options