Softs Report 11/24/2025

SOFTS COMMENTS
Jack Scoville
MORNING
Monday, November 24, 2025

Price Futures Group, CBOT
Chicago, IL
(312) 264-4322
jscoville@pricegroup.com

JSL, SA de CV
San Salvador, El Salvador (503) 2260-7806

COTTON
General Comments: Cotton was lower last week. Some traders still hope for some new Cotton demand but as the cash market appears to be quiet. Farmers are also not selling too much due to price. 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 higher today after several days of lower values. The monsoon in India is good and a good production there is possible.
Overnight News: ICE said that 84 notices were posted fir delivery against December futures and that total deliveries for the month are now 143 contracts.
Chart Trends: Trends in Cotton are mixed to down. Support is at 63.20, 62.60, and 62.00 March, with resistance of 65.40, 65.90 and 66.20 March.

FCOJ
General Comments: Futures were lower last week and made new lows for the move and the trends are down 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 140.00, 134.00, and 128.00 January, with resistance at 171.00, 184.00, and 192.00 January.

COFFEE
General Comments: New York was little changed and London were higher last week and trends are mixed in New York but are turning up in London. 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. Those are being removed now. Coffee from Brazil had been subjected to a 50% tariff. Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. 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 317.45 ct/lb. ICE NY aid that 98 notices were posted for delivery against December futures and that total deliveries for the month are now 403 contracts.
Chart Trends: Trends in New York are mixed to down. Support is at 371.00, 363.00, and 359.00 March, and resistance is at 390.00, 400.00 and 415.00 March. Trends in London are mixed to up. Support is at 4260, 4140, and 4000 January, with resistance at 4690, 4790, and 4850 January.

SUGAR
General Comments: New York and London were a little lower last week in consolidation trading. 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. 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 last Monday that 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 and London closed lower last week. 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. Traders are concerned over poor quality beans in Ivory Coast and talk that both Ivory Coast and Ghana have stopped marketing beans due to low prices.
Overnight News: ICE NY said that 331 notices were posted for delivery against December futures and that total deliveries for the month are now 465 contracts.
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