Softs Report 03/24/2026

COTTON
General Comments: Cotton was higher yesterday as the war with Iran continues but is not going well for the US and as the weather remains s question, {resident Trump said yesterday that the US and Iran were talking and that the US would refrain from ramping up attacks this week. The market is also concerned about the weather that has been hot and dry so far in US Cotton areas, mostly from Texas to the west. Much of the demand for Cotton comes from the Middle East and Southeast Asia and the costs of production have increased dramatically because of the war. Much of the rest of the demand comes from China and Southeast Asia. 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 are mixed on the daily charts and up on the weekly charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed to down. Support is at 66.40, 65.-0, and 63.80 May, with resistance of 69.40, 70.00 and 70.60 May.

FCOJ
General Comments: Futures were j=higher yesterday and trends are still down from the recent trading range on the daily charts. Trends are mixed on the weekly charts. The Florida harvest is starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry. The weather for the next crop is dry but seasonal. Chart trends are mixed 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 4 contracts.
Chart Trends: Trends in FCOJ are down. Support is at 156.00, 150.00, and 14400 May, with resistance at 193,00 202.00, and 207.00 May.

COFFEE
General Comments: New York and London were lower yesterday, with New York the weaker market. There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran. Brazil said last week that that exports dropped significantly in February and exports might not improve that much in March due to shipping costs and concerns. Vietnam producers have pulled back from selling as they have already sold quite a bit. 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. World production conditions are generally good. 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 278.76 ct/lb.
Chart Trends: Trends in New York are mixed to up. Support is at 301.00, 295.00, and 288.00 May, and resistance is at 315.00, 325.00 and 337.00 May. Trends in London are mixed. Support is at 3500, 3400, and 3340 May, with resistance at 3690, 3740, and 3840 May.

SUGAR
General Comments: New York and London were lower in reaction to price action in petroleum futures caused in part to statements by President Trump indicating that the US and Iran are talking. The US is now pausing new strikes on Iean to help the talks along. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. Trends are mixed on the daily charts in both markets. 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 but a rise in production in India and Thailand being offset by the war
Overnight News:
Chart Trends: Trends in New York are up. Support is at 1410, 1360, and 1330 May and resistance is 1600, 1660, and 1720 May. Trends in London are mixed. Support is at 440.00, 433.00, and 425.00 May, with resistance at 458.00, 464.00, and 470.00 May.

COCOA
General Comments: New York and London closed a little lower in range trading last week. Short term trends are mixed 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. Support is at 2740, 2620, and 2500 May, with resistance at 3860, 4330, and 4400 May. Trends in London are down. Support is at 2000, 1940, and 1880 May, with resistance at 2670, 2970, and 3050 May.

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