Softs Report 04/28/2026

COTTON
General Comments: Cotton was a little higher yesterday as conditions remain dry in major Texas growing areas but scattered showers are now forecast for most Delta and Southeast Cotton growing areas. Some improvement in conditions are likely in the center east parts of the Cotton Belt. Temperatures will be variable. The strait of Hormuz remans closed and input costs are higher but the US Dollar was a little lower. 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. It has been dry in Brazil. Trends are mixed on the daily charts.
Overnight News: ICE said that 140 notice were posted for delivery against May futures and that total deliveries for the month are now 389 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 76.90, 76.00, and 74.80 July, with resistance of 81.80, 82.40 and 83.00 July.

FCOJ
General Comments: Futures were mixed in consolidation trading. The weather for the next crop is dry but seasonal and some rains are starting to appear. Chart trends are down on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are still reported in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are down. Support is at 138.00, 133.00, and 126.00 May, with resistance at 160,00 173.00, and 176.00 May.

COFFEE
General Comments: Both markets were lower yesterday. The next crop is developing in South America and Asia. There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran. Brazil said exports might not improve that much in March due to shipping costs and concerns. There are reports of very good conditions in Brazil and a large crop is forecast. World production conditions are generally good. Scattered showers are being reported now in Brazil. Mexico is in good condition, as Central America. Vietnam has had drier weather and conditions there are called good.
Overnight News: The ICO average price is 265.68 ct/lb. ICE NY said that 4 notices were posted for delivery against May futures and that total deliveries for the month are now 710 contracts.
Chart Trends: Trends in New York are mixed. Support is at 283.00, 280.00, and 278.00 July, and resistance is at 306.00, 312.00 and 318.00 July. Trends in London are mixed to up. Support is at 3380, 3250, and 3180 July, with resistance at 3570, 3610, and 3650 July.

SUGAR
General Comments: New York and London were both lower yesterday as the Iran war drags on and the strait of Hormuz remains closed. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. But some in the market expect less war in the near future. India, the world’s second-largest producer, had no plans to curb sugar exports to provide downward pressure on prices. 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 mixed. Support is at 1310, 1260, and 1200 July and resistance is 1540, 1570, and 1630 July. Trends in London are down. Support is at 404.00, 398.00, and 392.00 August, with resistance at 439.00, 463.00, and 468.00 August.

COCOA
General Comments: New York and London closed lower yesterday. Short term trends are still 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 0 notices were posted for delivery against May futures and that total deliveries for the month are now 551 contracts
Chart Trends: Trends in New York are mixed. Support is at 4200, 3060, and 2840 July, with resistance at 3700, 4060, and 4220 July. Trends in London are mixed. Support is at 2410, 2330, and 2170 July, with resistance at 2670, 2810, and 3000 July.

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