Softs Report 07/31/2025

COTTON
General Comments: Cotton was lower again yesterday as better weather is expected for the Delta and Southeast for the coming week as crop condition reports were mostly unchanged. There are still reports of hotter and drier weather in West Texas. There are still ideas that growing conditions are generally good. 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 67.21 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 31
For the week ended Jul 24, 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 39.1 71.7 11806.7 11859.5 797.9 2177.7
pima cotton 0.1 5.0 466.4 351.9 40.3 54.4

FCOJ
General Comments: Futures were sharply lower again yesterday on speculative selling. Trends are down. 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:
Chart Trends: Trends in FCOJ are mixed. Support is at 280.00, 276.00, and 264.00 September, with resistance at 299.00, 306.00, and 324.00 September.

COFFEE
General Comments: New York was lower and London was higher yesterday. Robusta is still more available to the market and with Brazil looking for new markets not in the US for its Coffee due to the US tariffs imposed on imports from Brazil. Arabica has been weaker recently also on the current 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 near the end and is expected to be less this year. It is turning cold in Brazil this week, but temperatures should remain above damaging levels.
Overnight News: The ICO average price is 255.67 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. Support is at 3170, 3120, and 3060 September, with resistance at 3600, 3750, and 3950 September.

SUGAR
General Comments: Both markets were lower yesterday despite news of less sucrose found in Brazil Sugarcane and 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 Center-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. However, the total recovered Sugar juice has been less in Brazil this year.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1600, 1540, and 1500 October and resistance is at 1700, 1730, and 1760 October. Trends in London are mixed. Support is at 465.00, 446.00, and 449.00 October, with resistance at 500.00, 506.00, and 512.00 October.

COCOA
General Comments: New York and London were higher yesterday as buying from more stressful weather reported for West Africa returned. 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. Temperatures have turned colder in West Africa and this could be a danger zto crops.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 7910, 7840, and 7500 September, with resistance at 8720, 8900, and 9390 September. Trends in London are mixed. Support is at 5230, 4970, and 4700 September, with resistance at 5700, 5810, and 5990 September.

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