Softs Report 07/24/2025

COTTON
General Comments: Cotton was a little higher yesterday in slow trading on ideas that growing conditions are generally good. Export sales were once again on the weak side last week. There are still reports of better weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around. It is starting to turn dry in west Texas again, however. Condition is rated behind last year. The monsoon in India is good and a good production there is possible.
Overnight News: The USDA average price is now 67.93 ct/lb.
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 24
For the week ended Jul 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 -32.7 132.6 11767.6 12945.3 989.7 2106.0
pima cotton 5.5 17.4 466.2 351.9 48.8 49.4

FCOJ
General Comments: Futures were higher again yesterday and closed at new highs for the move. News that President Trump will impose 50% tariffs on Brazil is still supporting prices. Brazil is the major exporter of FCOJ and sells a lot into the US. Trends are up. Development conditions are good in Florida now with daily rounds of showers. This could change in the next few weeks as hot weather is expected. The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida producers to lose trees.
Overnight News: ICE said that 100 notices were posted for delivery against July futures and that total deliveries for the month are now 300 contracts.
Chart Trends: Trends in FCOJ are up. Support is at 327.00, 306.00, and 292.00 September, with resistance at 338.00, 344.00, and 350.00 September.

COFFEE
General Comments: New York was higher yesterday, but London was lower with Robusta more available to the market. Arabica has been weakening on the Trump tariffs on Brazil and on good weather in Brazil. Prices had been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up, but that has changed in the US with the tariffs. Much less Coffee from Brazil is now expected to enter the US market. 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 get near the end and is expected to be less this year.
Overnight News: The ICO average price is 258.78 ct/lb.
Chart Trends: Trends in New York are mixed to down. Support is at 286.00, 276.00, and 27000 September, and resistance is at 312.00, 316.00 and 321.00 September. Trends in London are mixed to down. Support is at 3170, 3120, and 3060 September, with resistance at 3400, 3600, and 3750 September.

SUGAR
General Comments: Both markets were a little lower yesterday in consolidation trading as ideas of good supplies for the market from good growing conditions for cane and beets around the world continue. The South Center Brazil harvest is faster now amid drier conditions. Production in Centre-South Brazil has also been strong. 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.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1540, 1500, and 1440 October and resistance is at 1700, 1730, and 1760 October. Trends in London are mixed. Support is at 446.00, 440.00, and 434.00 October, with resistance at 479.00, 500.00, and 506.00 October.

COCOA
General Comments: New York and London were higher again yesterday on follow through buying after setting new lows for the move last week on the poor grind data from Europe and Asia. The North American grind showed a small reduction. 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.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 7910, 7840, and 7500 September, with resistance at 8630, 8900, and 9390 September. Trends in London are mixed. Support is at 5230, 4970, and 4700 September, with resistance at 5600, 5810, and 5990 September.

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