Softs Report 08/21/2025

COTTON
General Comments: Cotton was slightly 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.

DJ U.S. Export Sales: Weekly Sales Totals-Aug 21
For the week ended Aug 14, 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 105.4 0.0 3232.8 4305.6 2966.9 217.1
pima cotton 1.0 0.0 94.1 83.6 77.6 0.0

FCOJ
General Comments: Futures were mostly a little lower yesterday in consolidation trading. Trends are mixed 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: Both markets were higher 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. The lack of deliverable stocks and the lack of deliveries has supported the futures market. 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 315.94 ct/lb. ICE NY said that 7 contracts were delivered against September futures and that total deliveries for the month are now 7 contracts.
Chart Trends: Trends in New York are up. Support is at 337.00, 317.00, and 309.00 December, and resistance is at 364.00, 367.00 and 370.00 December. Trends in London are up. Support is at 4000, 3820, and 3590 November, with resistance at 4400, 4480, and 4620 November.

SUGAR
General Comments: New York and London were higher yesterday as the Brazil production could be less, in part due to a recent freeze event and in part to reports of less sucrose in the cane. 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.
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. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America, but Africa has turned dry and producers there are concerned about potential losses now. The market anticipates good demand and less production from Ivory Coast and Ghana.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 7560, 7500, and 7210 September, with resistance at 8680, 8900, and 9320 September. Trends in London are mixed. Support is at 5440, 5300, and 4700 September, with resistance at 5740, 6010, and 6160 September.

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