Softs Report 07/03/2025

DJ U.S. May Coffee, Cocoa Imports-Jul 3
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-May 2025—- —Apr 2025—-
-coffee- kilograms pounds kilograms pounds
coffee, unroasted 131,846,992 290,722,617 124,568,965 274,674,568
coffee, roasted 10,066,625 22,196,908 10,406,250 22,945,781
coffee, soluble
instant 7,645,374 16,858,050 6,150,917 13,562,772
-Cocoa-
cocoa beans 29,863,738 65,849,542 40,111,845 88,446,618
sweetened bars/block
10 lbs or over 2,441,695 5,383,937 1,792,208 3,951,819
for retail candy 0 0 0 0
cocoa butter 11,955,630 26,362,164 12,333,471 27,195,304
cocoa paste,
not defatted 8,429,150 18,586,276 7,451,570 16,430,712
cocoa paste
defatted 2,657,035 5,858,762 6,404,389 14,121,678
cocoa powder,
unsweetened 7,521,988 16,585,984 11,339,006 25,002,508
cocoa powder,
sweetened 69,374 152,970 79,940 176,268
confectioners
coating 5,115,765 11,280,262 6,020,759 13,275,774
candy containing
chocolate 16,587,871 36,576,256 16,746,870 36,926,848

COTTON
General Comments: Cotton was higher yesterday in recovery trading. USDA on Monday estimated Cotton planted area at 10.12 million acres which was on the high end of trade expectations. There are still reports of better weather for planting in Texas and on demand concerns caused by the tariff wars and after USDA reported moderate to poor weekly export sales. Planting conditions remain good in Texas, but it is still too wet in the Delta and Southeast. It has been hot in most areas. Condition is rated behind last year. The monsoon in India is off to a good start and a good production there is possible.
Overnight News: The USDA average price is now 68.99 ct/lb. ICE said that 0 contracts were posted for delivery against July futures and that total deliveries for the month are now 226 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 67.00, 66.20, and 64.30 December, with resistance of 69.90, 70.50 and 70.90 December.

DJ U.S. Export Sales: Weekly Sales Totals-Jul 3
For the week ended Jun 26, 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 23.7 106.6 11719.7 12938.2 1524.0 1818.9
pima cotton -0.2 6.3 454.8 344.3 67.9 26.0

DJ U.S. May Cotton Exports-Jul 3
In kilograms and in running 480-pound bales. Source. U.S. Department
Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
May 25 Apr 25 Mar 25 May 24
Upland, under 1 inch 7,525,370 11,269,804 10,113,347 4,652,569
1 to 1 1/8 inch 88,047,994 107,236,065 115,602,412 50,176,250
Amer pima, over 1 1/8 inc 6,792,175 7,422,503 9,642,559 7,374,603
upland 1 1/8 and over 172,164,670 235,660,125 264,056,940 157,647,532
All cotton 274,530,209 361,588,497 399,415,258 219,850,954
——- In Running 480-Pound Bales ——-
May 25 Apr 25 Mar 25 May 24
Upland, under 1 inch 34,564 51,762 46,450 21,369
1 to 1 1/8 inch 404,401 492,531 530,958 230,458
upland 1 1/8 and over 31,196 34,091 44,288 33,871
Amer pima, over 1 1/8 inc 790,746 1,082,378 1,212,804 724,069
All cotton 1,260,907 1,660,762 1,834,499 1,009,767

FCOJ
General Comments: Futures were sharply lower yesterday and closed at new lows for the move on the daily charts. Trends are down. Development conditions are good in Florida now with daily rounds of showers. The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida producers to lose trees. The weather so far this year is improved with scattered showers adding to soil moisture and helping with tree health.
Overnight News: ICE said that 0 notices were posted for delivery against July futures and that total deliveries for the month are now 50 contracts.
Chart Trends: Trends in FCOJ are mixed to down. Support is at 199.00, 188.00, and 176.00 September, with resistance at 236.00, 258.00, and 273.00 September.

COFFEE
General Comments: Both markets closed lower yesterday on reports of good growing conditions in most production regions of the world. Prices have now been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up. The Brazil Robusta harvest continues, and Indonesia continues to harvest. Vietnam is done with its harvest and domestic price were firm last week. The Brazil Arabica harvest is starting to expand and is expected to be less this year as news reports indicate that many cherries have fallen from the trees.
Overnight News: The ICO average price is 262.10 ct/lb. ICE NY said that 4 notices were posted for delivery against July futures and that total deliveries for the month are now 79 contracts.
Chart Trends: Trends in New York are down. Support is at 280.00, 276.00, and 270.00 September, and resistance is at 308.00, 312.00 and 328.00 September. Trends in London are mixed to down. Support is at 3460, 3380, and 3320 September, with resistance at 3960, 4140, and 4390 September.

SUGAR
General Comments: New York and London closed lower again as the weather remains generally good around the world for crops. Ideas of good supplies for the market continue and have been responsible for the price weakness. The South Center Brazil harvest is faster now amid drier conditions. Production in Centre-South Brazil has also been stronger than expected in recent weeks. Good growing conditions are reported in India and Thailand after a fast start to the Monsoon season. The Monsoon has featured above average rains but recent rains have been less in India, especially in southern areas. Good rains are still reported in Thailand. Sugar prices in Brazil are now cheap enough that at least some refiners could increase ethanol production and cut back on Sugar production. Sugarcane used to produce sugar in the Center-South region of Brazil rose to 51.5% in the first half of June, up from 49.7% a year earlier.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1540, 1500, and 1440 October and resistance is at 1650, 1680, and 1700 October. Trends in London are down. Support is at 446.00, 440.00, and 434.00 October, with resistance at 467.00, 475.00, and 480.00 October.

COCOA
General Comments: New York and London were lower yesterday. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market anticipates good demand and less production from Ivory Coast and Ghana. Pod counts for the mid crop suggested there is unlikely to be a significant recovery in production this season, and current weather is has seen increased rain for the crops for the coming crop. Adequate soil moisture in Ivory Coast is fostering abundant flowering on trees, signaling a healthy October-to-March main crop despite mainly below-average rain in most of the main growing regions last week
Overnight News: ICE NY said that 0 contracts were tendered against July futures and that total deliveries for the month are now 732 contracts.
Chart Trends: Trends in New York are down. Support is at 8200, 8090, and 7780 July, with resistance at 8900, 9290, and 9450 July. Trends in London are mixed to down. Support is at 5640, 5420, and 5200 July, with resistance at 6000, 6160, and 6480 July.

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