Softs Report 12/01/2025

MORNING SOFTS COMMENTS
Jack Scoville

Monday, December 01, 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 higher last week and might be in the process of completing a low on the daily charts. Some traders still hope for some new Cotton demand but as the cash market appears to be quiet. The weekly export sales report was positive once again, but old news. Farmers are 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 lack of demand seems to be part of the price for now. The US harvest is over in most areas and initial yield reports are good. The monsoon in India is good and a good production there is possible.
Overnight News: ICE said that 0 notices were posted for delivery against December futures and that total deliveries for the month are now 173 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 63.90, 63.20, and 62.00 March, with resistance of 65.40, 65.90 and 66.20 March.

DJ U.S. Export Sales: Weekly Sales Totals-Dec 1
For the week ended Oct 23, 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 132.8 35.0 4879.3 5663.4 3209.2 342.1
pima cotton 6.6 0.0 138.5 188.2 54.8 0.0

DJ U.S. Export Sales: Weekly Sales Totals-Nov 28
For the week ended Oct 16, 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 175.7 26.8 4746.6 5473.9 3251.3 307.1
pima cotton 5.0 0.0 131.9 176.6 58.3 0.0

FCOJ
General Comments: Futures were higher last week, and the trends are mixed on the daily charts. Traders are worried about demand even with lower prices. FCOJ from Brazil has been subjected to tariffs but those have been stopped by the US for now. 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 144.00, 13300, and 128.00 January, with resistance at 156.00, 164.00, and 173.00 January.

COFFEE
General Comments: New York and London were higher last week, and trends are mixed in New York and in London. 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. The rains are easing now. Wire reports say that Brazil farmers are not selling even with tariffs removed by the US government.
Overnight News: The ICO average price is 328.06 ct/lb. ICE NY said that 0 notices were posted for delivery against December futures and that total deliveries for the month are now 412 contracts.
Chart Trends: Trends in New York are mixed. Support is at 363.00, 359.00, and 352.00 March, and resistance is at 390.00, 400.00 and 415.00 March. Trends in London are mixed. 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 higher last week. Trends are sideways but are trying to turn up. 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.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1460, 1430, and 1400 March and resistance is at 1520, 1540, and 1610 March. Trends in London are mixed to down. Support is at 416.00, 410.00, and 408.00 March, with resistance at 437.00, 445.00, and 452.00 March.

DJ Unica Reports Larger Brazilian Sugar Output — Market Talk
0928 ET – Harvesting of sugarcane in Brazil appears to be outpacing its progress from last year, according to data from Brazilian crop agency Unica. The firm reports that for the first two weeks of November, 18.8 million metric tons of sugarcane were harvested in the south-central region of Brazil, which is up 14% from this time last year. 983,000 tons of sugar were refined, up almost 9% from last year, and total ethanol production was 1.3 billion liters. That’s up nearly 25% from this time last year, according to Unica. Sugar futures trading on the ICE are down 1.7% this morning, following most of the agricultural and soft commodity complex lower. (kirk.maltais@wsj.com)

COCOA
General Comments: New York closed mixed and London closed a little higher 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. 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. The beans are in ports now and available. The EU is expected to lift its forest restrictions on imports of certain products including Cocoa for another year.
Overnight News: ICE NY said that 0 notices were posted for delivery against December futures and that total deliveries for the month are now 1,406 contracts.
Chart Trends: Trends in New York are down. Support is at 4940, 4990, and 4820 March, with resistance at 5540, 5780, and 6110 March. Trends in London are mixed to down. Support is at 3620, 3580, and 3520 March, with resistance at 3860, 4000, and 4200 March.

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Past performance is not indicative of future results. Investing in futures can involve substantial risk & is not for everyone. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be offer or solicitation on our part with respect to the sale purchase of any securities or futures.
The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author.
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Questions? Ask Jack Scoville today at 312-264-4322