Softs Report 04/24/2025

COTTON
General Comments: Cotton was higher yesterday as demand ideas got help when Mr. Trump dialed back on his tariff threats and threats on the independence of the Fed. There are still hopes for improved growing weather. Some rain was reported in west Texas last week to help ease drought concerns and potential supply problems, and farmers are in the fields. More showers are in the forecast for the Great Plains.
Overnight News: The USDA average price is now 70.09 ct/lb. OCE said that 0 notices were posted for May delivery and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 67.00, 66.00, and 65.40 May, with resistance of 70.20, 70.50 and 70.80 May.

DJ U.S. Export Sales: Weekly Sales Totals-Apr 24
For the week ended Apr 17, in thousand running bales. Net changes in commitments are gross sales, less cancellations, buy-backs and other downward adjustments. Total commitments are total export shipments plus total sales. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
upland cotton 104.0 38.0 10859.1 11294.3 3477.7 1171.9
pima cotton 5.8 0.0 393.7 294.6 87.9 1.7

FCOJ
General Comments: FCOJ closed lower again yesterday. USDA has reduced Florida production mostly at the expense of the greening disease and some extreme weather seen in the last couple of years. There are no weather concerns to speak of for Brazil or Florida right now although Brazil could turn hot and dry.
Overnight News:
Chart Trends: Trends in FCOJ are up. Support is at 247.00, 233.00, and 212.00 May, with resistance at 301.00, 319.00, and 341.00 May.

COFFEE
General Comments: New York and London were higher yesterday in response to the latest from the White House offering some sort of peace in the economic wars. There are still ideas of good demand against ideas of less supplies available to the market. The lack of offers from Brazil continues. Hot and dry weather is in the forecast for Brazil longer term. Trends are up on the daily charts.
Overnight News: The ICO average price is 347.86 ct/lb.
Chart Trends: Trends in New York are mixed to up. Support is at 361.00, 342.00, and 325.00 May, and resistance is at 393.00, 405.00 and 418.00 May. Trends in London are mixed. Support is at 5200, 5130, and 4880 May, with resistance at 5480, 5560, and 5620 May.

SUGAR
General Comments: Both markets were a little lower yesterday. Ideas of good supplies and less demand continue. China has been a buyer with cheaper prices to help provide some support. Thai Sugar has moved to China lately and in volume. There were reports of some scattered showers in center south Brazil and reports that India will have comfortable beginning stocks to help cushion the blow from reduced production for the coming year.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1730, 1690, and 1650 July and resistance is at 1830, 1860, and 1910 July. Trends in London are down. Support is at 488.00, 484.00, and 478.00 August, with resistance at 508.00, 513.00, and 521.00 August.

COCOA
General Comments: New York and London were lower as prices moved lower from resistance areas on the charts and on fears that the world was entering a recession or depression. Trends are down in London and in New York, and demand ideas got hurt as the tariffs will increase costs to US buyers of chocolates. Demand ideas have been under pressure on the high prices currently seen for Cocoa due to bad production in West Africa. Cocoa imports are now subject to a 10% tariff at minimum.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 8540, 8370, and 8180 May, with resistance at 9510, 9650, and 10260 May. Trends in London are mixed to down. Support is at 6150, 5890, and 5690 May, with resistance at 6830, 7210, and 7500 May.

Questions? Ask Jack Scoville today at 312-264-4322