Softs Report 04/30/2025

COTTON
General Comments: Cotton was lower again yesterday as planting conditions remain improved and should improve further this week. The demand side of the market is not robust but is hanging in there. Some rain was reported in west Texas last week, and farmers are in the fields. More showers are in the forecast for the Great Plains. Planting progress is about the same as the five year average and conditions of the crops should be good.
Overnight News: The USDA average price is now 67.55 ct/lb. ICE said that 0 notices were posted for May delivery and that total deliveries for the month are now 9 contracts.
Chart Trends: Trends in Cotton are mixed to up. Support is at 66.20, 65.10, and 63.80 July, with resistance of 68.10, 70.00 and 71.60 July.

FCOJ
General Comments: FCOJ closed lower again yesterday and the trends remain down in the market. 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 down. Support is at 244.00, 233.00, and 212.00 July, with resistance at 275.00, 287.00, and 301.00 July.

COFFEE
General Comments: New York and London were lower yesterday on what was reported to be producer selling. Prices are still very high and reflect the report of tight supplies. There are still ideas of good demand against ideas of less supplies available to the market. The lack of offers from Brazil continues even with the Robusta harvest started. Vietnam is done with its harvest. 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 349.65 ct/lb. ICE NY said that 3 contracts were tendered for delivery against May futures and that total deliveries for the month are now 216 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 397.00, 388.00, and 381.00 July, and resistance is at 419.00, 416.00 and 422.00 July. Trends in London are mixed. Support is at 5270, 5140, and 4880 July, with resistance at 5520, 5550, and 5600 July.

SUGAR
General Comments: Both markets were lower again 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 1740, 1730, and 1690 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 a little higher in recovery trading. Trends are mixed 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: ICE said that 0 contracts were posted for delivery against May futures and that total deliveries for the month are now 1,085 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 8620, 8530, and 8080 July, with resistance at 10080, 10450, and 10870 July. Trends in London are mixed. Support is at 6100, 5910, and 5690 July, with resistance at 6650, 6850, and 6890 July.

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