Softs Report 03/19/2026

COTTON
General Comments: Cotton was higher early yesterday, but fell back as the war with Iran continues and as the weather remains s question, Crude Oil was higher again. The market is also concerned about the weather that has been hot and dry so far in US Cotton areas. Much of the demand for Cotton comes from the Middle East and Southeast Asia and the costs of production have increased dramatically because of the war. Much of the rest of the demand comes from China and Southeast Asia. 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. Trends are up 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 up. Support is at 67.10, 66.40, and 65.00 May, with resistance of 69.40, 70.00 and 70.60 May.

DJ U.S. Export Sales: Weekly Sales Totals-Mar 19
For the week ended Mar 12, 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 196.7 122.2 9354.0 10224.6 4051.0 990.1
pima cotton 7.8 0.0 310.6 354.4 84.9 0.5

FCOJ
General Comments: Futures were lower yesterday and trends started to turn down from the recent trading range. 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 to down. Support is at 180.00, 171.00, and 163.00 May, with resistance at 193,00 202.00, and 207.00 May.

COFFEE
General Comments: New York was higher and London was lower yesterday, with New York trends trying to turn mixed and London trends remaining down. There are still ideas of good supplies available to the market. Brazil said last week that that exports dropped significantly in February and exports might not improve that much in March due to shipping costs and concerns. 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. World production conditions are generally good. 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 270.71 ct/lb. ICE NY said that 26 notices were posted for delivery against March futures and that total deliveries for the month are now 1,119 contracts.
Chart Trends: Trends in New York are mixed. Support is at 282.00, 276.00, and 279.00 May, and resistance is at 301.00, 315.00 and 325.00 May. Trends in London are mixed to down. Support is at 3500, 3400, and 3340 May, with resistance at 3630, 3690, and 3740 May.

SUGAR
General Comments: New York and London were higher again in reaction to strength in petroleum futures. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol/ President Ttrump has called for a quick end to the war but no one seems to agree with him that a quick end is coming. Trends are mixed on the daily charts in both markets. 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.
Overnight News:
Chart Trends: Trends in New York are up. Support is at 1410, 1360, and 1330 May and resistance is at 1480, 1490, and 1520 May. Trends in London are mixed. Support is at 426.00, 416.00, and 402.00 May, with resistance at 442.00, 458.00, and 454.00 May.

COCOA
General Comments: New York and London closed a little lower in range trading yesterday. 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:
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