Softs Report 06/25/2026

COTTON
General Comments: Cotton was lower again yesterday on long liquidation. USDA showed that condition is still well behind year ago levels, with some areas showing improvement and other areas showing deterioration with the crop in thew squaring phase. The WASDE report showed reduced beginning and ending stocks with the rest of the supply and demand data left unchanged. Ending stocks are now estimated at 3.70 million bales. Forecasts and reports of scattered showers in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be variable. Trends are mixed on the daily and weekly charts.
Overnight News: ICE said that 3 contracts were posted for delivery against July futures and that total deliveries for the month are now 530 contracts.
Chart Trends: Trends in Cotton are mixed to up. Support is at 72.10, 71.00, and 68.90 July, with resistance of 75.10, 78.10 and 79.10 July.

DJ U.S. Export Sales: Weekly Sales Totals-Jun 25
For the week ended Jun 18, 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 83.9 67.1 11801.2 11668.7 2067.3 2375.6
pima cotton 4.3 0.0 484.0 453.2 97.0 70.7

FCOJ
General Comments: Futures were lower and trends are down on the daily and weekly charts. It is still dry in Florida. The weather for the next crop is dry but seasonal and some rains are now being reported. The weather is considered good for production in Mexico but it is dry in Brazil. Scattered showers are still reported in eastern Brazil but many areas are drying out seasonally.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to down. Support is at 142.00, 136.00, and 130.00 July, with resistance at 178,00 184.00, and 190.00 July.

COFFEE
General Comments: New York and London were higher again yesterday on the harvest delays in both Brazil and Vietnam. The next crop is developing well in South America and Asia amid good conditions, but the rain seen lately have pushed the harvest progress behind year ago levels. World production conditions are generally good. Mostly dry conditions are being reported now in Brazil. Mexico is in good condition, as Central America. Vietnam has had some showers but producers are not selling and are waiting for a move higher in prices.
Overnight News: The ICO average price is 260.51 ct/lb. ICE NY said that 0 notices were posted for delivery against July contracts today and that total deliveries for the month are now 3 contracts.
Chart Trends: Trends in New York are up. Support is at 268.00, 260.00, and 256.00 September, and resistance is at 285.00, 294.00 and 298.00 September. Trends in London are mixed to up. Support is at 3470, 3430, and 3330 September, with resistance at 3680, 3730, and 3920 September.

SUGAR
General Comments: Both markets were higher again yesterday. The Iran war has been paused as both sides signing a memorandum of understanding and continuing negotiations in Geneva. Trends are mixed or down 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. Drier weather in parts of Brazil and India have been good for the harvest.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1370, 1340, and 1310 October and resistance is 1410, 1450, and 1480 October. Trends in London are mixed. Support is at 430.00, 424.00, and 417.00 October, with resistance at 445.00, 448.00, and 454.00 October.

COCOA
General Comments: New York was higher while London also closed higher as the Markets build to new recent highs. Daily trends are turning up now. 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.
Overnight News: ICE NY said that 15 notices were posted for delivery against July futures and that total deliveries for the month are now 250 contracts.
Chart Trends: Trends in New York are up. Support is at 4400, 4190, and 3960 September, with resistance at 5190, 5360, and 5420 September. Trends in London are up. Support is at 3260, 3140, and 3090 September, with resistance at 3810, 4080, and 4200 September.

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