Softs Report 06/05/2025

COTTON
General Comments: Cotton was lower on forecast for a major rain event for Texas next week. There are still reports of better weather for planting in Texas and on demand concerns caused by the tariff wars and after USDA reported moderate to poor weekly export sales. However, Gap stores reported strong earnings and said it would greatly increase its use of US Cotton in its clothing. Planting conditions remain good in Texas, but it is still too wet in the Delta and Southeast. Some rain was reported in west Texas last week, and farmers are in the fields. It has turned drier in the Delta and Southeast. Planting progress is now behind the five year average and condition is rated behind last year. The monsoon in India is off to a good start and a good production there is possible. The Monsoon is paused right now.
Overnight News: The USDA average price is now 66.15 ct/lb.
Chart Trends: Trends in Cotton are mixed. Support is at 63.80, 62.10, and 60.80 July, with resistance of 66.80, 67.20 and 67.90 July.

DJ U.S. Export Sales: Weekly Sales Totals-Jun 5
For the week ended May 29, 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 109.8 39.0 11525.3 12366.0 2210.8 1336.7
pima cotton 6.7 1.0 453.6 325.7 94.5 12.8

DJ U.S. April Cotton Exports-Jun 5
In kilograms and in running 480-pound bales. Source. U.S. Department
Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Apr 25 Mar 25 Feb 25 Apr 24
Upland, under 1 inch 11,269,804 10,113,347 8,467,410 7,873,341
1 to 1 1/8 inch 107,236,065 115,602,412 106,085,480 57,489,836
Amer pima, over 1 1/8 inc 7,422,503 9,642,559 3,899,471 6,039,310
upland 1 1/8 and over 235,660,125 264,056,940 185,402,689 192,154,448
All cotton 361,588,497 399,415,258 303,855,050 263,556,935
——- In Running 480-Pound Bales ——-
Apr 25 Mar 25 Feb 25 Apr 24
Upland, under 1 inch 51,762 46,450 38,890 36,162
1 to 1 1/8 inch 492,531 530,958 487,247 264,049
upland 1 1/8 and over 34,091 44,288 17,910 27,738
Amer pima, over 1 1/8 inc 1,082,378 1,212,804 851,548 882,558
All cotton 1,660,762 1,834,499 1,395,595 1,210,507

FCOJ
General Comments: Futures were lower yesterday and trends are still mixed in the market. A low is trying to be completed. USDA adjusted US and Florida production slightly higher than in production estimates in its recent reports. Production estimates remain well below those from a year ago. The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida producers to lose trees. A tight market and higher prices should remain a feature for futures traders.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to up. Support is at 261.00, 248.00, and 236.00 July, with resistance at 304.00, 314.00, and 325.00 July.

COFFEE
General Comments: New York and London were higher yesterday, with New York the strongest market. Trends are down on the charts. Prices have now been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up. The Brazil Robusta harvest continues and Indonesia continues to harvest. Vietnam is done with its harvest. The Brazil Arabica harvest is starting and is expected to be less this year, although maybe not as bad a originally feared. Cooxupe coffee cooperative on Tuesday said farmers had harvested 10.1% of the crop, slightly behind the pace of last year.

Overnight News: The ICO average price is 303.52 ct/lb.
Chart Trends: Trends in New York are down. Support is at 337.00, 324.00, and 318.00 July, and resistance is at 368.00, 379.00 and 385.00 July. Trends in London are down. Support is at 4290, 4230, and 4170 July, with resistance at 4540, 4610, and 4700 July.

DJ U.S. April Coffee, Cocoa Imports-Jun 5
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—Apr 2025—- —-Mar 2025—-
-coffee- kilograms pounds kilograms pounds
coffee, unroasted 124,568,965 274,674,568 120,906,346 266,598,493
coffee, roasted 10,406,250 22,945,781 10,140,128 22,358,982
coffee, soluble
instant 6,150,917 13,562,772 6,864,550 15,136,333
-Cocoa-
cocoa beans 40,111,845 88,446,618 59,503,585 131,205,405
sweetened bars/block
10 lbs or over 1,792,208 3,951,819 3,711,035 8,182,832
for retail candy 0 0 0 0
cocoa butter 12,333,471 27,195,304 10,297,354 22,705,666
cocoa paste,
not defatted 7,451,570 16,430,712 10,641,277 23,464,016
cocoa paste
defatted 6,404,389 14,121,678 7,892,315 17,402,555
cocoa powder,
unsweetened 11,339,006 25,002,508 9,237,079 20,367,759
cocoa powder,
sweetened 79,940 176,268 263,858 581,807
confectioners
coating 6,020,759 13,275,774 6,247,684 13,776,143
candy containing
chocolate 16,746,870 36,926,848 18,031,445 39,759,336

SUGAR
General Comments: Both markets were a little higher yesterday in consolidation trading as ideas of good supplies for the market continue to be heard. China has been a buyer with cheaper prices to help provide some support. There were reports of some scattered showers in center south Brazil and the harvest has been slower but is expected to be faster now amid drier conditions. Good growing conditions are reported in India and Thailand after a fast start to the Monsoon season. The Monsoon is paused right now. Sugar prices in Brazil are now cheap enough that at least some refiners cud increase ethanol production and cut back on Sugar production. Petrobras has cut gasoline prices this week for the first time since 2023 and ethanol production could be affected due to lower prices.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 1670, 1650, and 1620 July and resistance is at 1780, 1850, and 1890 July. Trends in London are mixed to down. Support is at 468.00, 456.00, and 450.00 August, with resistance at 488.00, 490.00, and 499.00 August.

COCOA
General Comments: Both markets closed higher yesterday in speculative trading despite reports of increased availability of Cocoa to the market. There are still reports of increased flows of Cocoa from Nigeria and reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market anticipates good demand and less production from Ivory Coast and Ghana. Early pod counts for the 2025/26 main crop suggested there is unlikely to be a significant recovery in production next season, but current weather is good for the crops. Trends are mixed to down in London and in New York.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 8940, 8800, and 8300 July, with resistance at 10070, 10410, and 11280 July. Trends in London are mixed to down. Support is at 6140, 6040, and 5910 July, with resistance at 6600, 6980, and 7290 July.

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