Softs Report 07/15/2025

COTTON
General Comments: Cotton was a little higher yesterday as futures continue to slowly rally despite export hopes that remain less and as growing conditions are generally good. The USDA WASDE reports showed increased ending stocks from increased production and unchanged demand. Export sales were once again on the weak side. There are still reports of better weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around. 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 67.52 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.

This Week Last Week Last Year Average
Cotton Squaring 61 48 62 62
Cotton Setting Bolls 23 14 26 22
Very Poor Poor Fair Good Excellent
Cotton This Week 7 10 29 45 9
Cotton Last Week 8 11 31 45 7
Cotton Last Year 11 12 32 37 8

FCOJ
General Comments: Futures were higher yesterday on follow through buying from last week in response to news that President Trump will impose 50% tariffs on Brazil. Brazil is the major exporter of FCOJ and sells oa lot into the US. Trends are turning up. USDA estimated Florida oranges production at 12.3 million boxes, up 3 million from the last report. The production estimates had little effect on the trade. 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 200 contracts.
Chart Trends: Trends in FCOJ are up. Support is at 292.00, 284.00, and 253.00 September, with resistance at 314.00, 320.00, and 326.00 September.

COFFEE
General Comments: Both markets were sharply higher yesterday with London the stronger market. President Trump announced new tariffs of 50% on imports from Brazil, and the news had delayed effect on prices. 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. Vietnam exported 943,000 tons of coffee in the January-June period, up 4.1% from the same period last year Brazil exported 133,863 tons of green coffee in June, down 34% from the 203,278 tons in the same month last year.
Overnight News: The ICO average price is 260.47 ct/lb. ICE NY said that 46 notices were posted for delivery against July futures and that total deliveries for the month are now 217 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 288.00, 276.00, and 27000 September, and resistance is at 308.00, 312.00 and 321.00 September. Trends in London are mixed to up. Support is at 3400, 3200, and 3140 September, with resistance at 3600, 3850, and 3960 September.

SUGAR
General Comments: Both markets were lower yesterday 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 recent 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. 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. Brazil exported 3.36 million tons of sugar in June, up 5.2% from the 3.19 million tons in the same month last year. Pakistan plans to import 500,000 metric tons of sugar to help to maintain price stability, the country’s food security ministry said.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1540, 1500, and 1440 October and resistance is at 1680, 1700, and 1730 October. Trends in London are mixed. Support is at 446.00, 440.00, and 434.00 October, with resistance at 494.00, 500.00, and 506.00 October.

COCOA
General Comments: New York and London were a little higher in quiet trading. 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. 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. Good soil moisture in most of Ivory Coast’s cocoa-growing regions is encouraging strong flowering for the coming October-to-March main crop despite below-average rainfall last week.
Overnight News: ICE NY said that 0 contracts were tendered against July futures and that total deliveries for the month are now 749 contracts.
Chart Trends: Trends in New York are mixed. Support is at 7910, 7780, and 7640 September, with resistance at 8630, 9290, and 9450 September. Trends in London are mixed. Support is at 5080, 4960, and 4900 September, with resistance at 5600, 5800, and 6000 September.

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