Softs Report 07/07/2026

COTTON
General Comments: Cotton was sharply higher again yesterday on follow through buying in response to the USDA reports and ideas of warm and dry weather keeping the condition low for the crops. USDA said that planted area is estimated at 9.85 million acres. USDA showed that condition is still well behind year ago levels, with some areas showing improvement and other areas showing deterioration with the crop in thew squaring phase. Progress is about average, with bolls starting to be set and squaring proceeding at a normal pace. Forecasts and reports of scattered showers in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be variable to warm. Trends are mixed on the daily and are still down weekly charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed. Support is at 75.10, 74.50, and 73.10 December, with resistance of 81.60, 82.20 and 82.80 December.

FCOJ
General Comments: Futures were sharply lower to limit down yesterday and trends are still down on the daily and weekly charts. It is still dry in Florida. The weather for the next crop is dry but seasonal and some rains are now being reported. The weather is considered good for production in Mexico but it is dry in Brazil. Scattered showers are still reported in eastern Brazil but many areas are drying out seasonally.
Overnight News: ICE said that 0 notices were posted for delivery against July futures and that total deliveries for the moth are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed to up. Support is at 153.00, 148.00, and 140.00 September, with resistance at 174,00 176.00, and 180.00 September.

COFFEE
General Comments: Both markets were sharply lower yesterday after a few sessions of trading much higher. It appeared to be speculative selling that hit a market with very little buying power left. The harvest delays in both Brazil and Vietnam continue. The next crop is developing well in South America and Asia amid hot and dry conditions. Other world production conditions are generally good. Mostly dry conditions are being reported in Brazil. Mexico is in good condition, as Central America.
Overnight News: The ICO average price is 290.72 ct/lb. ICE NY said that 2 notices were posted for delivery against July contracts today and that total deliveries for the month are now 196 contracts.
Chart Trends: Trends in New York are up. Support is at 316.00, 300.00, and 285.00 September, and resistance is at 350.00, 372.00 and 384.00 September. Trends in London are mixed to up. Support is at 3790, 3680, and 3620 September, with resistance at 4120, 4180, and 4240 September.

SUGAR
General Comments: Both markets were lower yesterday as drought in Europe and Brail becomes an increasing concern. The hot and dr weather is threatening Sugarbeets production. The Iran war has been paused as both sides signing a memorandum of understanding and continuing negotiations in Geneva. 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. Drier weather in parts of Brazil and India have been good for the harvest.
Overnight News:
Chart Trends: Trends in New York are up. Support is at 1345, 1370, and 1300 October and resistance is 1540, 1560, and 1590 October. Trends in London are mixed. Support is at 457.00, 454.00, and 448.00 October, with resistance at 490.00, 496.00, and 502.00 October.

COCOA
General Comments: Both markets closed higher again yesterday even though Ivory Coast arrivals remain large. Daily trends are up. 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. Ivory Coast arrivals now total 1.910 million tons, up 18.4% from last year.
Overnight News: ICE NY said that 33 notices were posted for delivery against July futures and that total deliveries for the month are now 392 contracts.
Chart Trends: Trends in New York are up. Support is at 5180, 4860, and 4510 September, with resistance at 5920, 5980, and 6040 September. Trends in London are up. Support is at 3800, 3660, and 3540 September, with resistance at 4410, 4470, and 4530 September.

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