About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

Visit Website →

Softs Report 11/20/2025

By On November 20, 2025 - 11:40 AM · In Market Commentaries, Morning Grains & Softs Report
COTTON
General Comments:   Cotton was lower yesterday as traders hope for some new Cotton demand but as the cash market appears to be quiet.  A lack of new Chinese demand has been important and a reason to see lower US prices.  The US harvest is over in most areas and initial yield reports are good.  US stocks  are mixed today after several days of lower values.  The monsoon in India is good and a good production there is possible.
Overnight News:
Chart Trends:  Trends in Cotton are mixed.  Support is at 62.00, 61.60, and 60.90 December, with resistance of 63.50, 63.80 and 64.80 December.
DJ US Export Sales: Weekly Sales Totals-Nov 20
    For the week ended Oct 2, 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
upland cotton     199.0        0.0     4413.2     5144.5    3216.8     280.3
pima cotton         8.2        0.0      123.9      169.6      62.4       0.0
FCOJ
General Comments:  Futures were lower and the trends are mixed on the daily and weekly charts.  Traders are worried about demand even with lower prices.  FCOJ from Brazil has been subjected to tariffs and those continue for the most part.  The weather is considered good for production here and in Brazil and Mexico.  Development conditions are good in Florida and in Brazil now with occasional showers in Florida and dry weather in Brazil.
Overnight News:  ICE said that 105 notices were posted for delivery against November futures and that total deliveries for the month are 533 contracts.
Chart Trends:  Trends in FCOJ are mixed to down.  Support is at 146.00, 140.00, and 134.00 January, with resistance at 171.00, 184.00, and 192.00 January.
COFFEE
General Comments:  New York and London were lower yesterday.  Secretary Bessent last week said that certain products will get reduced tariffs soon to help lower prices, but there are still 40% tariffs imposed on Coffee from Brazil.  Coffee from Brazil had been subjected to a 50% tariff.  It has been a little too dry in Brazil for best yield potential.  Vietnam has seen too much rain as typhoons hit the country, and big rains are reported in central areas again and are causing flooding and yield and quality concerns.
Overnight News: The ICO average price is 324.83 ct/lb.  ICE NY aid that 290 notices were posted for delivery against December futures and that total deliveries for the month are now 290 contracts.
Chart Trends: Trends in New York are mixed.  Support is at 363.00, 359.00, and 354.00 March, and resistance is at 390.00, 400.00 and 415.00 March.  Trends in London are mixed.  Support is at 4350, 4140, and 3940 January, with resistance at 4680, 4790, and 4850 January.
SUGAR
General Comments:  New York and London were a little lower yesterday, and New York failed at the weekly highs.  There are still ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  Production in Center-South Brazil has also been strong, but the south center harvest is almost over.  Too much rain has been reported in northern areas.  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 increased supplies while global consumption is expected to remain steady.  India plans to allow sugar exports of 1.5 million metric tons in the new season as a decline in the diversion of sugar for ethanol production is expected to leave a larger domestic surplus.  China imported 750,000 metric tons of sugar in October, up 39% on the same month last year.  The International Sugar Organization forecast on Monday there would be a global sugar surplus of 1.63 million metric tons in the 2025/26 season, driven by a rise in production.
Overnight News:
Chart Trends: Trends in New York are down.  Support is at 1400, 1370, and 1340 March and resistance is at 1520, 1540, and 1610 March.  Trends in London are mixed to down.  Support is at 408.00, 399.00, and 393.00 March, with resistance at 437.00, 445.00, and 452.00 March.
COCOA
General Comments:  New York was lower and London closed lower yesterday on chart based selling.  A big main crop harvest is anticipated in West Africa.  Demand concerns in West Africa continue.  Light rains mixed with heat in Ivory Coast’s cocoa-growing regions last week signaled a positive outlook for the main 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 and the lack of demand is expected to continue.  Ivory Coast’s cocoa grind fell 25.4% year-on-year at the start of the 2025/26 season in October to 44,075 metric tons..
cocoa arrivals in ports in top grower Ivory Coast were picking up after a slow start to the season. A total of about 105,000 tons were delivered between November 10 and November 16, up from 94,000 tons in the same week of the previous season,
Overnight News:
Chart Trends:  Trends in New York are down.  Support is at 5060, 5000, and 4940 December, with resistance at 5780, 6110, and 6410 December.  Trends in London are mixed to down.  Support is at 3740, 3680, and 3620 December, with resistance at 4530, 4630, and 4780 December.
Questions? Ask Jack Scoville today at 312-264-4322        
Tagged with: • • • • • • •