Softs Report 02/20/2026

COTTON
General Comments: Cotton was a little higher yesterday in range trading and trends are still mixed. There are still demand concerns moving forward on weak world economy ideas led by the US weakened economy and demands in world forums. However, crude oil futures were stronger and kept polyester price higher than cotton. Tariffs on other nations that change all the time were creating an atmosphere not conducive for new demand for US products. Overseas production in places like India and Brazil are expected to be high. The USDA Outlook Forum showed that planted area for Cotton is estimated at 9.4 million acres with total production estimated at 13.6 million bales.
Chart Trends: Trends in Cotton are mixed. Support is at 60.60, 60.00, and 59.40 March, with resistance of 62.60, 63.10 and 63.70 March.

DJ U.S. Export Sales: Weekly Sales Totals-Feb 20
For the week ended Feb 12, 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 466.3 33.1 8500.6 9443.4 4316.8 747.0
pima cotton 4.8 0.0 273.0 290.3 86.9 0.5

FCOJ
General Comments: Futures were limit down yesterday as the Florida harvest is active but starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry. March was lower in liquidation trading before First Notice Day at the beginning of next month. Weather for the next crop was very cold in January and into early February and some damage to trees and fruit was expected. The frozen fruit is often harvested and sent to processors for juice and this fact helped to turn trends down on the weekly charts last week. The weather now looks warmer and any danger of a freeze event is passing by. Chart trends are mixed or up on the daily charts. 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 186.00, 163.00, and 151.00 March, with resistance at 211.00, 220.00, and 228.00 Marzo.

COFFEE
General Comments: Both markets closed lower yesterday 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. Brazil producers have stopped selling due to the recent fall in prices. 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 263.92 ct/lb. ICE NY said that 279 notices were posted for delivery against March futures and that total deliveriesd for the month are now 575 contracts.
Chart Trends: Trends in New York are down. Support is at 276.00, 270.00, and 264.00 March, and resistance is at 308.00, 315.00 and 331.00 March. Trends in London are down. Support is at 3560, 3500, and 3440 March, with resistance at 3830, 4010, and 4100.

SUGAR
General Comments: New York and London were higher yesterday and trends still 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 1340, 1310, and 1280 May and resistance is at 1420, 1450, and 1470 May. Trends in London are down. Support is at 394.00, 391.00, and 388.00 May, with resistance at 410.00, 416.00, and 422.00 May.

COCOA
General Comments: New York and London closed lower on follow through speculative selling yesterday. Some producer selling in Ivory Coast was also noted. Short term trends are down in both markets and Ghana announced it was cutting the farmgate price paid to farmers in an effort to increase sales. 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 down. Support is at 3000, 2880, and 2740 March, with resistance at 3930, 4210, and 4400 March. Trends in London are down. Support is at 2120, 2060, and 2000 March, with resistance at 2730, 2970, and 3150 March.

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