Softs Report 03/04/2026

COTTON
General Comments: Cotton was lower again yesterday on more ideas that the war with Iran could curb export demand for US Cotton as much of he demand comes from the Middle East. Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields. \Trends tare turning down on the daily charts.
Overnight News: ICE said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 600 contracts.
Chart Trends: Trends in Cotton are down. Support is at 63.40, 62.00, and 60.80 May, with resistance of 64.80, 65.80 and 66.40 May.

FCOJ
General Comments: Futures were higher yesterday. Prices have recently traded between 200.00 and 165.00 after making an apparent low of about 151.00 on February 6. The Florida harvest is active but starting to wrap up 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. The frozen fruit is often harvested and sent to processors for juice. 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 still reported in Brazil.
Overnight News: ICE said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are down. Support is at 160.00, 153.00, and 1\46.00 May, with resistance at 188.00, 200.00, and 207.00 May.

COFFEE
General Comments: New York and London were lower yesterday as good weather for growing and harvesting continues to be seen in Brazil and Vietnam and as production ideas are high in both countries. Vietnam producers have pulled back from selling as they have already sold quite a bit/ The trends are mixed in New York and down in London on the daily charts. 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.
Overnight News: The ICO average price is 265.81 ct/lb. ICE NY said that 25 notices were posted for delivery against March futures and that total deliveries for the month are now 840 contracts.
Chart Trends: Trends in New York are down. Support is at 276.00, 270.00, and 264.00 May, and resistance is at 291.00, 296.00 and 306.00 May. Trends in London are mixed to down. Support is at 3520, 3460, and 3400 May, with resistance at 3790, 3890, and 3950 May.

SUGAR
General Comments: New York and London were higher yesterday on ideas that the Iran war could raise prices for petroleum and increase demand for biofuels at the expense of Sugar production. Trends are turning up on the daily charts. Weekly London charts show the potential for a bottom formation. 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 News:
Chart Trends: Trends in New York are mixed to up. Support is at 1380, 1360, and 1340 May and resistance is at 1420, 1450, and 1470 May. Trends in London are mixed. Support is at 402.00, 395.00, and 388.00 May, with resistance at 420.00, 422.00, and 428.00 May.

COCOA
General Comments: New York and London closed miced. Some producer selling in Ivory Coast was also noted. Short term trends are 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: ICE NY said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 729 contracts.
Chart Trends: Trends in New York are down. Support is at 2740, 2620, and 2500 May, with resistance at 3290, 3860, and 4330 May. Trends in London are down. Support is at 2000, 1940, and 1880 May, with resistance at 2330, 2670, and 2970 May.

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