Softs Report 05/12/2026

COTTON
General Comments: Cotton was higher again yesterday as the Iran war remains on the front page. President Trump has still paused Operation Freedom to allow negotiations on a peace deal to be concluded, but ha also rejected the latest peace proposal. Forecasts and reports of just scattered showers in western Cotton areas continue. Conditions remain dry in major Texas growing areas but scattered to isolated showers are still forecast and also forecast for most Delta and Southeast Cotton growing areas. Temperatures will be variable. Trends are up on the daily and weekly charts.
Overnight News: ICE said that 0 notices were posted for delivery against May futures and that total deliveries for the month are now 522 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 84.20, 81.90, and 80.20 July, with resistance of 87.20, 87.80 and 88.40 July.

FCOJ
General Comments: Futures were near unchanged after an early rally attempt failed. The weather for the next crop is dry but seasonal and some rains are now being reported. Chart trends are mixed on the daily charts. The weather is considered good for production Mexico but it is dry in Brazil. Scattered showers are still reported in eastern Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 180.00, 173.00, and 161.00 July, with resistance at 193,00 200.00, and 206.00 July.

COFFEE
General Comments: New York and London were higher yesterday. New York was lower on selling seen in most commodities due to the Iran war news. The next crop is developing in South America and Asia. There are still ideas of good supplies available. 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 263.83 ct/lb. ICE NY said that 5 notices were posted for delivery against May futures and that total deliveries for the month are now 877 contracts.
Chart Trends: Trends in New York are gown. Support is at 265.00, 260.00, and 254.00 July, and resistance is at 286.00, 397.00 and 306.00 July. Trends in London are mixed. Support is at 3250, 3180, and 3120 July, with resistance at 3570, 3610, and 3650 July.

SUGAR
General Comments: Both markets were higher yesterday as the Iran war drags on and the strait of Hormuz remains closed. President Trump has paused Operation Freedom to allow negotiations on a peace deal to be concluded but rejected an offer from Iran over the weekend. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. Trends are up 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.
Overnight News:
Chart Trends: Trends in New York are mixed to up. Support is at 1440, 1400, and 1370 July and resistance is 1520, 1550, and 1570 July. Trends in London are mixed. Support is at 433.00, 404.00, and 398.00 August, with resistance at 448.00, 457.00, and 46800 August.

COCOA
General Comments: Both markets were higher yesterday. Daily and weekly trends are up 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 50 notices were posted for delivery against May futures and that total deliveries for the month are now 625 contracts
Chart Trends: Trends in New York are up. Support is at 4110, 3700, and 3490 July, with resistance at 5000, 5310, and 5610 July. Trends in London are up. Support is at 3110, 2860, and 2710 July, with resistance at 3610, 3300, and 4070 July.

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