Softs Report 02/12/2026

COTTON
General Comments: Cotton was higher yesterday in choppy trading and trends are turning mixed. There are demand concerns moving forward on weak world economy ideas led by the US weakened economy and demands in world forums. Tariffs on other nations that change all the time were creating an atmosphere not conducive for new demand. USDA will issue its latest WASDE reports later today.
Chart Trends: Trends in Cotton are mixed. Support is at 60.60, 60.00, and 59.40 March, with resistance of 62.20, 62.60 and 63.10 March.

DJ U.S. Export Sales: Weekly Sales Totals-Feb 12
For the week ended Feb 5, 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 231.0 50.9 8034.4 9130.9 4023.2 713.8
pima cotton 4.5 0.0 268.2 273.0 87.5 0.5

FCOJ
General Comments: Futures were higher again yesterday as the Florida harvest is active and the weather remains benign for harvest progress as conditions are mostly dry. Weather for the next crop was very cold in January and into early February and some damage to trees and fruit was expected. Chart trends are mixed to up. The cold and dry Winter weather has created more ideas of some crop losses. Traders are worried about demand even with overall low prices. The weather is considered good for production in Brazil and Mexico. Scattered showers are reported in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to up. Support is at 146.00, 136.00, and 124.00 March, with resistance at 189.00, 194.00, and 211.00 Marzo.

COFFEE
General Comments: Both markets closed a little higher yesterday in recovery trading as good weather for growing and harvesting continues to be seen in Brazil and Vietnam. Production ideas are high in both countries. The trends are mixed in New York and mixed in London on the daily charts. There are still reports of harvest sales from Vietnam as the new harvest is active. There are reports of very good conditions in Brazil and a large crop is forecast. Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. Vietnam has scattered showers lately and conditions there are called good. Vietnamese producers are selling new crop Coffee.
Overnight News: The ICO average price is 268.99 ct/lb.
Chart Trends: Trends in New York are mixed to down. Support is at 292.00, 288.00, and 282.00 March, and resistance is at 331.00, 338.00 and 342.00 March. Trends in London are mixed to down. Support is at 3680, 3620, and 3560 March, with resistance at 3880, 3930, and 4010 .

SUGAR
General Comments: New York and London were lower yesterday and trends are down on the daily charts. 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 with a rise in production in India and Thailand set to increase supplies especially for White Sugar while global consumption is expected to remain steady.
Overnight
Chart Trends: Trends in New York are down. Support is at 1380, 1350, and 1320 March and resistance is at 1420, 1450, and 1470 March. Trends in London are down. Support is at 386.00, 380.00, and 374.00 March, with resistance at 402.00, 410.00, and 418.00 March.

COCOA
General Comments: New York and London closed a little lower on follow through selling yesterday. Short term trends are turning down 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:
Chart Trends: Trends in New York are mixed to down. Support is at 3720, 3600, and 3480 March, with resistance at 4490, 4970, and 5180 March. Trends in London are mixed to down. Support is at 2720, 2660, and 2600 March, with resistance at 3660, 3780, and 4030 March.

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