Softs Report 10/27/2026

COTTON
General Comments: Cotton was lower yesterday on increasing harvest progress and the surprise result of the Brail elections that cut the value of the Real in a big way. The harvest is active amid good conditions. USDA last week showed that conditions are now 33% good to excellent. Progress shows that the crop was 52% harvested and 89% opening bolls. Forecasts and reports of dry conditions in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be warm in all areas.
Overnight News
Chart Trends: Trends in Cotton are mixed to down. Support is at 77.10, 75.50, and 74.80 December, with resistance of 82.40, 84.00 and 85.30 December

FCOJ
General Comments: Futures were a little lower yesterday and trends are trying to turn down on the daily charts. USDA said that the US oranges production is now estimated at 61.7 million boxes down from 63.5 million last year. Florida production was estimated at 10.0 million boxes, from 13 million last year. Showers are showing up in Florida and trees are recovering. The weather for the next crop is seasonal. The weather is considered good for production in Mexico and showers are developing in Brazil as the rainy season is starting on time.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to down. Support is at 135.00, 132.00, and 129.00 November, with resistance at 147,00 152.00, and 156.00 November.

COFFEE
General Comments: New York and London were both lower yesterday on the surprise results of the Brail elections that went the Real sharply lower and helped Brazil producers by raising prices in local currency terms. Trends are down in London on the daily charts and are mixed to down in New York. Brazil crops are looking better with rains but producers are holding back on sales due to recent price weakness. The Brazil harvest is almost over despite increased rains. Conditions are called good for next crop development, and the wet season is starting on time. Arabica has been boosted near term by quality concerns owing to excess El Nino-linked rains in Brazil and worries the weather pattern might cause dryness ahead. The next crop is developing in the rest of South America amid scattered to isolated showers. Indonesia is now about done with its harvest. Asian conditions are called good. Other world production conditions are generally good. Mexico is in good condition, but Central America has been dry. Premiums are now at or near record highs in Central America due to the drought.
Overnight News: The ICO average price is 256.60 ct/lb.
Chart Trends: Trends in New York are mixed to down. Support is at 291.00, 284.00, and 278.00 December, and resistance is at 310.00, 318.00 and 322.00 December. Trends in London are down. Support is at 3090, 3070, and 3000 November, with resistance at 3270, 3400, and 3450 November.

SUGAR
General Comments: New York and London were lower yesterday on the surprise result of the Brail elections that forced the Real sharply lower as well. Lula won the elections instead of the right wing candidate Bolsonaro. Trends are down in both markets. Drought in Brazil was a major concern but rains have returned to center-south regions. Refineries in the region are producing ethanol at the expense of Sugar. Indian production is less after hot and dry conditions and production in the rest of Asia could be hurt by El Nino weather. Higher world petroleum prices are supporting higher ethanol prices and could cause less Sugar to be produced. Brazilian production dropped 41.6% in the first half of September due to excess rains.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1840, 1800, and 1750 March and resistance is 2000, 2050, and 2080 March. Trends in London are down. Support is at 510.00, 497.00, and 476.00 December, with resistance at 533.00, 546.00, and 554.00 December.

COCOA
General Comments: New York and London both closed a little lower yesterday. Daily trends are turning down. A big main crop harvest has arrived in West Africa but it has now turned dry for the next crop. Dry conditions in Ivory Coast have created concerns about the prospects for 2026/27 production, although a large global surplus in 2025/26 has ensured that short-term supplies remain ample. Ivorian farmers said that poor rainfall risks bringing the September-to-February main crop to an early end. 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 but demand has started to increase. Cocoa arrivals at Ivorian ports stood at 23,000 metric tons in the week, down 52% from last year.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 5430, 5050, and 4990 December, with resistance at 5650, 5910, and 6020 December. Trends in London are mixed to down. Support is at 4060, 3790, and 3770 December, with resistance at 4390, 4510, and 4620 December.

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