Softs Report: Sugar And Coffee Faced Pressure

COTTON
General Comments: Cotton was higher last week as strong weekly export sales and ideas of a cut in production went against ideas of strong harvest progress amid mostly favorable conditions. The US stock markets were mixed in response to the election and Crude oil was sharply lower. The weekly charts show mixed trends. The harvest is active amid good conditions. USDA last week showed that conditions are now 33% good to excellent. Progress shows that the crop was 63% harvested and 92% opening bolls. Forecasts and reports of dry conditions in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be warm in all areas.
Chart Trends: Trends in Cotton are mixed. Support is at 76.50, 75.50, and 74.80 December, with resistance of 82.40, 84.00 and 85.30 December.

FCOJ
General Comments: Futures were higher last week in moderate buying interest. USDA said that the US oranges production is now estimated at 61.7 million boxes down from 63.5 million last year. Florida production was estimated at 10.0 million boxes, from 13 million last year. Isolated showers are showing up in Florida and trees are suffering from drought. The weather is considered good for production in Mexico and showers and rains are featured in Brazil as the rainy season is here.
Overnight News: ICE said that 0 notices were posted for delivery against November futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 128.00, 122.00, and 116.00 January, with resistance at 149,00 151.00, and 155.00 January.

COFFEE
General Comments: New York was lower and London was a little higher last week. The higher move in London comes just before the start of the Vietnam harvest later this month. Trends are mixed in London on the daily charts and in New York. Brazil conditions are called good for next crop development, and the wet season is here. Arabica has been boosted near term by quality concerns owing to excess El Nino-linked rains in Brazil and worries the weather pattern might cause dryness ahead. The next crop is developing in the rest of South America amid scattered to isolated showers. Indonesia is now about done with its harvest. Asian conditions are called good to poor, with Indonesia too dry and drier conditions developing in Vietnam. Mexico is in good condition, but Central America has been dry. Premiums are now at or near record highs in Central America due to the drought. Vietnam exported 1.569 million metric tons of coffee in the first 10 months of 2026, up 18.8% from the same period a year earlier, government data showed on Tuesday. Central America and Mexico combined production is expected to fall more than 9% this year due to dry conditions.
Overnight News: The ICO average price is 247.74 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 270.00, 264.00, and 258.00 December, and resistance is at 310.00, 318.00 and 322.00 December. Trends in London are mixed. Support is at 3140, 3080, and 3020 January, with resistance at 3310, 3360, and 3430 January.

SUGAR
General Comments: New York and London were lower last week after the big down move on Tuesday. Trends are down in both markets on the daily charts. Sugar is under pressure from overall energy price weakness, which tends to prompt cane mills to produce more sugar and less biofuel ethanol. Refineries in the region had been producing ethanol at the expense of Sugar. Indian production is less after hot and dry conditions and production in the rest of Asia could be hurt by El Nino weather. It is too dry in southern China. Higher world petroleum prices are supporting higher ethanol prices and could cause less Sugar to be produced. Brazilian production dropped 41.6% in the first half of September due to excess rains.
Chart Trends: Trends in New York are mixed to down. Support is at 1800, 1750, and 1720 March and resistance is 2000, 2050, and 2080 March. Trends in London are mixed to down. Support is at 488.00, 478.00, and 472.00 March, with resistance at 511.00, 5224.00, and 538.00 March.

COCOA
General Comments: New York and London were both lower last wee. Daily chart trends are still turning down. A big main crop harvest has arrived in West Africa but it has now turned dry for the next crop. Dry conditions in Ivory Coast have created concerns about the prospects for 2026/27 production, although a large global surplus in 2025/26 has ensured that short-term supplies remain ample. Ivorian farmers said that poor rainfall risks bringing the September-to-February main crop to an early end. 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 but demand has started to increase.
Chart Trends: Trends in New York are mixed. Support is at 5050, 4990, and 4920 December, with resistance at 5440, 5650, and 5910 December. Trends in London are mixed. Support is at 3790, 3770, and 3720 December, with resistance at 4230, 4300, and 4500 December.