Softs Report 09/19/2025

COTTON
General Comments: Cotton was higher yesterday. 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:
Chart Trends: Trends in Cotton are mixed. Support is at 65.90, 64.30, and 63.00 December, with resistance of 68.50, 69.90 and 69.50 December.

This Week Last Week Last Year Average
Cotton Squaring 97 93 98 98
Cotton Setting Bolls 73 65 83 80
Cotton Bolls Opening 13 8 18 16
Very Poor Poor Fair Good Excellent
Cotton This Week 4 10 31 43 12
Cotton Last Week 7 11 29 43 10
Cotton Last Year 8 18 32 36 7

FCOJ
General Comments: Futures were lower yesterday as the rally from the freeze evnt in Brazil seems to have run its course. Trends are turning up on the daily charts. Selling was seen in response to news that President Trump had decided to remove OJ from the punishing tariffs on Brazil it announced earlier in the year. So, the actions by the president have created major highs and lows in the market. 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 and closed near the lows of the week producers to lose trees.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 223.00, 216.00, and 207.00 September, with resistance at 257.00, 272.00, and 283.00 September.

COFFEE
General Comments: New York was higher and London was lower with reports of freezing temperatures near Coffee areas of Brazil and on reduced deliverable supplies for the New York exchange. Robusta is still more available to the market and with Brazil holding back on offers to world destinations. Prices had been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up. The Brazil harvest is moving along, and Indonesia about over. Vietnam is done with its harvest.
Overnight News: The ICO average price is 298.64 ct/lb.
Chart Trends: Trends in New York are up. Support is at 324.00, 316.00, and 310.00 September, and resistance is at 349.00, 354.00 and 372.00 September. Trends in London are up. Support is at 3920, 3750, and 3620 September, with resistance at 4300, 4380, and 4520 September.

SUGAR
General Comments: New York and London were lower yesterday as the Brazil weather continues to moderate after a freeze was reported about a week ago. Ideas are that the losses from a Brazil freeze could be significant but are now part of the price. There were ideas of less European production this year that could rally prices later in the year but have drawn no interest so far from speculators. 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. China imported 740,000 tons of sugar in July, up 76.4% from the same month last year, according to data released by the General Administration of Customs on Friday.
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 1750 October. Trends in London are mixed. Support is at 473.00, 466.00, and 460.00 October, with resistance at 500.00, 506.00, and 517.00 October.

COCOA
General Comments: Both markets were a little lower yesterday on reports of increased selling pressure from producers after the recent rally and on reports that temperatures were moderate in Cocoa areas of Brazil. There are ideas that some of the Cocoa was damaged. Demand ideas were down on Friday after the Swiss Chocolate Association said that the Trump tariffs would hurt sales by its members into the US. The President imposed a 34% tariff on Switzerland last week. 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.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 7910, 7500, and 7210 September, with resistance at 8680, 8900, and 9320 September. Trends in London are mixed up. Support is at 5580, 5300, and 4700 September, with resistance at 5740, 6010, and 6160 September.

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