Softs Report 09/10/2025

COTTON
General Comments: Cotton was a little higher last week in narrow range trading. Futures remain in a trading range on the daily and weekly charts. USDA showed improved conditions in its reports last week. There are still ideas that growing conditions are generally good. There are still reports of good weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around. 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 65.80, 64.30, and 63.00 December, with resistance of 68.90, 69.50 and 69.90 December.

FCOJ
General Comments: Futures were higher again yesterday as the weather is considered good for production here and in Brazil and Mexico. Development conditions are good in Florida and in Brazil now with daily rounds of showers in Florida and dry weather in Brazil. The poor production potential for the crops comes from early dry 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: ICE said that 0 notices were posted for delivery against September futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed to down. Support is at 227.00, 222.00, and 210.00 November, with resistance at 248.00, 252.00, and 254.00 November.

COFFEE
General Comments: New York was higher and London was lower yesterday in quiet trading. There are still reduced deliverable supplies for both exchanges as commercials have taken the supplies instead of buying in cash markets. Robusta is still more available to the market and with Brazil holding back on offers to world destinations. The lack of deliverable stocks in both markets and the lack of deliveries has supported the futures market. Reductions in deliverable stocks are starting to abate. Arabica could correct sharply if the U.S. Supreme Court upholds last month’s federal appeals court ruling that President Trump overstepped his authority in enacting sweeping trade tariffs. Rains will be needed in September to improve the outlook for next year’s arabica crop in Brazil, which has been impacted by dry weather and cold snaps. Vietnam exported 85,000 metric tons of coffee in August, up 12.9% from a year ago. Exports of coffee from January to August rose 7.8% from a year earlier.
Overnight News: The ICO average price is 328.38 ct/lb. ICE NY said that 0 contracts were delivered against September futures and that total deliveries for the month are now 854 contracts.
Chart Trends: Trends in New York are up. Support is at 364.00, 343.00, and 337.00 December, and resistance is at 399.00, 405.00 and 412.00 December. Trends in London are mixed. Support is at 4250, 4100, and 3910 November, with resistance at 4800, 4980, and 5060 November.

SUGAR
General Comments: New York was higher and London was higher yesterday for the first time in many days. 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. 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. The outlook for cane crops in India and Thailand remains favorable after good rains this year, while Brazilian cane mills continue to favor producing sugar over ethanol. South Africa’s sugar farmers are having trouble from U.S. tariffs and from cheap imports from countries including neighboring Eswatini.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1530, 1500, and 1470 March and resistance is at 1660, 1700, and 1720 March. Trends in London are mixed. Support is at 454.00, 450.00, and 439.00 December, with resistance at 467.00, 473.00, and 476.00 December.

COCOA
General Comments: New York and London were higher yesterday even as demand concerns in West Africa were important. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America, but African producers are concerned about potential losses now. The market feels that there is less demand and less production from Ivory Coast and Ghana and the lack of demand is expected to continue. Ecuador is expected to become the second largest producer of Cocoa, replacing Ghana on the list. ADMISI noted that chocolate maker Mondelez last week estimated that the pod count in Africa was 7% above the five-year average and much higher than last year.
Overnight News: ICE NY said that there were 8 notices were posted for delivery against September futures and that total deliveries for the month are now 605 contracts.
Chart Trends: Trends in New York are mixed. Support is at 7150, 7100, and 6540 December, with resistance at 8050, 8140, and 8500
December. Trends in London are mixed to down. Support is at 4930, 4700, and 4510 December, with resistance at 5350, 5500, and 5650 September.

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