Softs Report 03/12/2026

DJ U.S. January Coffee, Cocoa Imports-Mar 12
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Jan 2026—- —Dec 2025—-
-coffee- kilograms pounds kilograms pounds
coffee, unroasted 85,326,900 188,145,815 78,055,786 172,113,008
coffee, roasted 1,291,073 2,846,816 2,794,631 6,162,161
coffee, soluble
instant 6,236,834 13,752,219 5,824,596 12,843,234
-Cocoa-
cocoa beans 51,603,060 113,784,747 19,309,801 42,578,111
sweetened bars/block
10 lbs or over 1,389,234 3,063,261 1,841,952 4,061,504
for retail candy 744 1,641 6,239 13,757
cocoa butter 13,503,774 29,775,822 7,365,875 16,241,754
cocoa paste,
not defatted 12,064,479 26,602,176 5,055,006 11,146,288
cocoa paste
defatted 10,343,204 22,806,765 4,330,564 9,548,894
cocoa powder,
unsweetened 8,898,219 19,620,573 10,750,597 23,705,066
cocoa powder,
sweetened 41,988 92,584 185,407 408,822
confectioners
coating 4,467,390 9,850,595 4,902,345 10,809,671
candy containing
chocolate 14,299,822 31,531,108 16,156,871 35,625,901

COTTON
General Comments: Cotton was mostly a little lower on demand fears as the war with Iran continues that could curb export demand for US Cotton as much of the demand comes from the Middle East. 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. USDA on Tuesday made no changes in the monthy domestic WASDE reports but increased ending stocks estimates in the world data. Trends are turning mixed on the daily charts.
Overnight News: ICE said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 630 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 63.40, 62.00, and 60.80 May, with resistance of 65.80, 66.40 and 66.80 May.

DJ U.S. January Cotton Exports-Mar 12
In kilograms and in running 480-pound bales. Source. U.S. Department
Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jan 26 Dec 25 Nov 25 Jan 25
Upland, under 1 inch 8,027,218 5,116,058 7,322,595 3,952,958
1 to 1 1/8 inch 68,550,854 54,190,590 30,506,708 76,528,277
Amer pima, over 1 1/8 inc 3,256,451 4,688,574 2,392,055 7,067,238
upland 1 1/8 and over 122,226,154 96,763,740 77,264,846 138,424,575
All cotton 202,060,677 160,758,962 117,486,204 225,973,048
——- In Running 480-Pound Bales ——-
Jan 26 Dec 25 Nov 25 Jan 25
Upland, under 1 inch 36,869 23,498 33,632 18,156
1 to 1 1/8 inch 314,852 248,895 140,116 351,492
upland 1 1/8 and over 14,957 21,534 10,987 32,460
Amer pima, over 1 1/8 inc 561,380 444,432 354,875 635,779
All cotton 928,057 738,360 539,610 1,037,886

DJ U.S. Export Sales: Weekly Sales Totals-Mar 12
For the week ended Mar 5, 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 253.2 36.6 9157.4 10123.5 4128.3 867.9
pima cotton 7.1 0.0 302.9 327.9 82.4 0.5

FCOJ
General Comments: Futures were higher yesterday on speculative buying. The Florida harvest is active but starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry. The weather for the next crop is dry but seasonal. Chart trends are mixed or up on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are still reported in Brazil.
Overnight News: ICE said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 160.00, 153.00, and 1\46.00 May, with resistance at 200.00, 207.00, and 222.00 May.

COFFEE
General Comments: New York and London were lower yesterday on qar concerns and as good weather for growing and harvesting continues to be seen in Brazil and Vietnam. Production ideas are high in both countries. Vietnam producers have pulled back from selling as they have already sold quite a bit. 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 267.19 ct/lb. ICE NY said that 12 notices were posted for delivery against March futures and that total deliveries for the month are now 935 contracts.
Chart Trends: Trends in New York are mixed. Support is at 276.00, 270.00, and 264.00 May, and resistance is at 296.00, 315.00 and 325.00 May. Trends in London are mixed to down. Support is at 3520, 3460, and 3400 May, with resistance at 3890, 3950, and 4130 May.

DJ Brazilian Coffee Exports Tumble in February — Market Talk
0947 ET – Brazil’s Coffee Exporters Council, or Cecafé, says that exports of coffee fell by nearly a quarter in February from a year earlier. Last month, Brazil shipped 2.62 million 60-kilogram bags of coffee, which is down 23.5%. Through eight months in the 2025/26 crop year, exports total 26.04 million bags, a 22.6% decline. Driving shipments lower is the fallback in coffee futures on the Intercontinental Exchange, with the most-active contract down over 17% year-to-date. Cecafé head Márcio Ferreira says that fund traders are liquidating long positions in coffee as not only has the U.S. dollar fallen in value versus the Brazilian Real, but a strong harvest is expected out of the country next year. (kirk.maltais@wsj.com)

SUGAR
General Comments: New York and London were both lower yesterday on reports that the Iran war is causing the release of strategic petroleum reserves and reports that President Ttrump has called for a quick end to the war. Trends are mixed on the daily charts in New York but are turning down in London. 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 but a rise in production in India and Thailand being offset by the war in 2irkd markets for White Sugar while global consumption is expected to remain steady.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1360, 1340, and 1310 May and resistance is at 1470, 1480, and 1490 May. Trends in London are mixed to down. Support is at 402.00, 395.00, and 388.00 May, with resistance at 426.00, 428.00, and 430.00 May.

COCOA
General Comments: New York closed a little lower and London closed near unchanged yesterday along with most commodities markets. Short term trends are mixed 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.
Overnight News: ICE NY said that 12 notices were posted for delivery against March futures and that total deliveries for the month are now 793 contracts.
Chart Trends: Trends in New York are mixed. Support is at 2740, 2620, and 2500 May, with resistance at 3860, 4330, and 4400 May. Trends in London are down. Support is at 2000, 1940, and 1880 May, with resistance at 2670, 2970, and 3050 May.

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