Softs Report 02/25/2026

COTTON
General Comments: Cotton was higher yesterday on speculative short covering, but with some left over selling coming due to the US Supreme Court rejecting the Trump tariffs. No tariffs could give producers more space on inputs and on export sales. There are still demand concerns moving forward on weak world economy ideas led by the US weakened economy and demands in world forums. Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields. The USDA Outlook Forum showed that US planted area for Cotton is estimated at 9.4 million acres with total production estimated at 13.6 million bales. Trends tare up on the daily charts.
Overnight News: ICE said that 32 notices were posted for delivery against March futures and that total deliveries for the month are now 32 contracts…
Chart Trends: Trends in Cotton are up. Support is at 65.00, 64.50, and 63.40 May, with resistance of 65.60, 66.70 and 67.10 May.

FCOJ
General Comments: Futures were sharply higher to limit up yesterday on short covering. Prices have recently traded between 200.00 and 165.00 after making an apparent low of about 151.00 on February 6. The Florida harvest is active but starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry. Weather for the next crop was very cold in January and into early February and some damage to trees and fruit was expected. The frozen fruit is often harvested and sent to processors for juice. The weather now looks warmer and any danger of a freeze event is passing by. Chart trends are mixed or up on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are reported in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to down. Support is at 172.00, 163.00, and 153.00 March, with resistance at 182.00, 201.00, and 211.00 March.

COFFEE
General Comments: Both markets closed higher yesterday on what seemed to be speculative short covering as good weather for growing and harvesting continues to be seen in Brazil and Vietnam and as production ideas are high in both countries. The trends are mixed in New York and down in London on the daily charts. There are reports of very good conditions in Brazil and a large crop is forecast. Brazil producers have stopped selling due to the recent fall in prices. Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. Vietnam has scattered showers lately and conditions there are called good.
Overnight News: The ICO average price is 265.52 ct/lb. ICE NY said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 615 contracts.
Chart Trends: Trends in New York are down. Support is at 276.00, 270.00, and 264.00 May, and resistance is at 291.00, 296.00 and 306.00 May. Trends in London are mixed to down. Support is at 3520, 3460, and 3400 May, with resistance at 3730, 3780, and 3890 May.

SUGAR
General Comments: New York was higher and London was lower yesterday as futures continue to recover from the lows and trends are turning up on the daily charts. There are good supplies for the market from good growing conditions for cane and beets around the world. The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increase supplies especially for White Sugar while global consumption is expected to remain steady.
Overnight
Chart Trends: Trends in New York are mixed to up. Support is at 1380, 1360, and 1340 May and resistance is at 1420, 1450, and 1470 May. Trends in London are mixed. Support is at 402.00, 395.00, and 388.00 May, with resistance at 416.00, 422.00, and 428.00 May.

COCOA
General Comments: New York and London closed lower yesterday on continued speculative selling. Some producer selling in Ivory Coast was also noted. Short term trends are down in both markets. A big main crop harvest has arrived in West Africa and rains have been positive for the next crop. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market feels that there is less demand due to the high prices seen last year and the lack of demand is expected to continue. Weak demand has led to a build-up on unsold supplies in both Ivory Coast and Ghana, while the prospect of another global surplus in 2026/27 are real. Cocoa demand has fallen sharply after prices nearly tripled in 2024, prompting chocolate makers to reformulate ingredients and shrink the size of their bars. Cocoa arrivals at ports in Ivory Coast were down 4.5% to 1.307 million metric from October 1 to February 22, versus the same period a year ago. Ivory Coast’s Coffee and Cocoa Council and the cocoa exporters’ group GEPEX have agreed on a solution to enable the resumption of export contracts
Overnight News: ICE NY said that 95 notices were posted for de3livery against March futures and that total deliveries for the month are now 538 contracts.
Chart Trends: Trends in New York are down. Support is at 2990, 2740, and 2620 May, with resistance at 3290, 3860, and 4330 May. Trends in London are down. Support is at 2060, 2000, and 1940 May, with resistance at 2330, 2670, and 2970 May.

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