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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

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Softs Report 01/23/2026

By On January 23, 2026 - 9:30 AM · In Market Commentaries, Morning Grains & Softs Report
COTTON
General Comments:   Cotton was lower yesterday as the US Dollar was stronger and other commodities like Gold were lower.  World leaders met in Davos for the economic forum and the market is waiting for results from the meetings as well as new comments from President Trump about his proposals to take over Greenland against everyone else wishes.  Trump has walked  back those comments and the crisis has been less for now.  The USDA reports released on Monday showed less production and unchanged demand.  Ending stocks were less.
Chart Trends:  Trends in Cotton are mixed.  Support is at 63.70, 63.00, and 62.40 March, with resistance of 65.90, 66.40 and 67.20 March.
DJ U.S. Export Sales: Weekly Sales Totals-Jan 23
    For the week ended Jan 15, 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      412.5       25.9    7349.8    8417.3   4019.6    533.1
pima cotton         16.4        0.0     235.7     255.9     70.1      0.0
FCOJ
General Comments:  Futures were higher again yesterday on speculative buying as the Florida harvest is active end the weather remain benign.  Chart trends are mixed but are turning up again.  There is no freeze in the forecast, but areas north of the state have been very cold and more cold weather is possible this weekend.  Florida has also been dry and irrigation is needed.  Traders are worried about demand even with overall lower prices.  The weather is considered good for production in Brazil and Mexico.  Scattered showers are reported in Brazil.
Overnight News:  ICE said that 165 notices were posted for delivery against January futures and that total deliveries for the month are now 400 contracts.
Chart Trends:  Trends in FCOJ are mixed.  Support is at 184.00, 174.00, and 168.00 March, with resistance at 226.00, 230.00, and 240.00 March.
COFFEE
General Comments:  New York was a little higher and London closed lower yesterday, and trends are mixed in both markets.  President Trump raised the threat of new tariffs on the EU in response to his need to own Greenland against EU and Greenland wishes but has since dismissed that idea.  There are still ideas and reports of increasing harvest sales from Vietnam.  There are reports of very good conditions in Brazil.  Most farmers are holding for better prices.  Scattered showers are being reported now to improve tree condition in Brazil.  Mexico is in good condition, as is Central America.  Vietnam has scattered showers lately and conditions there are called good.  Vietnamese producers are selling new crop Coffee.
Overnight News: The ICO average price is 292.51 ct/lb.
Chart Trends: Trends in New York are mixed.  Support is at 342.00, 339.00, and 335.00 March, and resistance is at 363.00, 372.00 and 383.00 March.  Trends in London are mixed to up.  Support is at 3860, 3730, and 3670 March, with resistance at 4100, 4190, and 4270 .
SUGAR
General Comments:  New York and London were higher yesterday.  World leaders were in Davos for the economic forum and the market is waiting for results from the meetings as well as new comments from President Trump about his proposals to take over Greenland against everyone else wishes.  The president has since taken those comments back.  There are good supplies for the market from good growing conditions for cane and beets around the world continue.  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 increase supplies while global consumption is expected to remain steady.
Overnight News:
Chart Trends: Trends in New York are mixed.  Support is at 1440, 1410, and 1380 March and resistance is at 1510, 1540, and 1560 March.  Trends in London are mixed.  Support is at 415.00, 410.00, and 404.00 March, with resistance at 431.00, 437.00, and 445.00 March.
COCOA
General Comments:  New York and London closed lower again yesterday.  Short term trends are down.  World leaders were in Davos for the economic forum and the market is waiting for results from the meetings as well as new comments from President Trump about his proposals to take over Greenland against everyone else wishes.  The president has pulled back from that idea for now.  A big main crop harvest is anticipated in West Africa and rains have been positive for crops lately.  Mostly dry conditions in Ivory Coast’s cocoa-growing regions are reported now.  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.
Overnight News:
Chart Trends:  Trends in New York are down.  Support is at 4300, 4080, and 3960 March, with resistance at 5300, 5560, and 5790 March.  Trends in London are down.  Support is at 3040, 2920, and 2800 March, with resistance at 3660, 3780, and 4030 March.
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