Softs Report 03/31/2026

COTTON
General Comments: Cotton was higher yesterday on follow through buying from last week and in response to higher petroleum futures. The war with Iran continues but is not going well or getting better for the US and the weather remains s problem for producers, Some buying came in ideas of reduced planted ae ideas as costs have gone op a lot foo producers, President Trump said last weekend that the US and Iran were talking and that the US would refrain from ramping up attacks this and next week. Iean has denied that talks are happening but the US insists they are continuing. The market is worried about the weather that remains hot and dry in US Cotton areas, mostly from Texas to the west. 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. USDA will release its planting intentions later today. Trends are mixed on the daily charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed to down. Support is at 69.20, 66.40, and 65.00 May, with resistance of 71.20, 71.80 and 72.40 May.

FCOJ
General Comments: Futures were higher yesterday in recovery trading Trends are still mixed on the daily charts. The Florida harvest is about over and isolated showers are now being reported. The weather for the next crop is dry but seasonal and some rains are starting to appear. 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:
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. 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 exports might not improve that much in March due to shipping costs and concerns. 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. Producers there have stopped selling and exporters are now sourcing beans from Indonesia and Brazil
Overnight News: The ICO average price is 265.23 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 288.00, 282.00, and 276.00 May, and resistance is at 312.00, 319.00 and 325.00 May. Trends in London are mixed to doqn. Support is at 3400, 3340, and 3280 May, with resistance at 3500, 3690, and 3740 May.

SUGAR
General Comments: New York and London were lower despite the price action in petroleum futures caused in part to statements by President Trump indicating that the US and Iran are talking. Iran gas denied that there are talks and even if the war ends soon analysts expect a long time for recovery of infrastructure in the Middle East. The US is now pausing new strikes on Iran 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 1610, 1660, and 1720 May. Trends in London are mixed to down. Support is at 440.00, 433.00, and 425.00 May, with resistance at 470.00, 476.00, and 482.00 May.

COCOA
General Comments: New York and London closed a little lower yrsterday. 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.

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