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

DJ U.S. Total Prevented Acreage Data – Jan 13
U.S. acreage data for select crops reported as planted, failed and prevented
by farmers to the Farm Service Agency. Prevented acres is land
not planted due to poor conditions. Failed acres is land farmers planted
and abandoned. Farmers participating in various FSA programs are required
to submit a report on their cropland.
Source: USDA
In acres.
Sum of Sum of Sum of
Planted Acres Failed Acres Prevented Acres
ALL CORN 86,716,852 459,349 11,433,459
COTTON- ELS 164,439 2,485 24,781
COTTON- Upland 11,994,919 1,244,113 494,425
SOYBEANS 75,016,490 67,381 4,461,432
WHEAT 46,464,147 378,909 2,220,072

COTTON
General Comments: Cotton was higher last week. The weekly charts still show bullish trends and ideas are that further price gains are coming. A catalyst for the rally has been the trade deal between the US and China. China has also been buying Cotton from the US and Brazil as it needs higher quality Cotton to blend with its domestic production. It did not really buy last week but will probably resume buying once the new trade deal is signed on January 15. The market has not been able to move a lot in terms of price for the last month as the harvest has been ongoing amid some stressful conditions. The harvest is now about over and certified stocks are now leveling off. USDA showed the production problems in its annual update and held demand strong. The report was considered bullish for futures. World data also showed reduced ending stocks and the world report was also considered bullish.
Overnight News: The Delta and Southeast should see frequent periods of precipitation through this weekend. Temperatures should be mostly above normal. Texas will have mostly dry conditions. Temperatures will average above normal. The USDA average price is now 66.85 ct/lb. ICE said that certified stocks are now 6,824 bales, from 8,824 bales yesterday.
Chart Trends: Trends in Cotton are up with objectives of 7150 and 7240 March. Support is at 7020, 7000, and 6900 March, with resistance of 7330, 7440, and 7500 March.

DJ USDA Crop Production: U.S. All Cotton-Jan 10
Cotton: Yield and Production by Type, State,
and United States, 2018-19
=========================================================================
Type Yield Production 1/
And ============================================================-
State Annual
2018 Dec 1 2019 2018 Dec 1 2019
=========================================================================
====== Pounds ====== ====- 1,000 Bales ====
Upland
U.S. 847.0 784.0 803.0 17,566.0 20,070.0 19,380.0
Amer-Pima
U.S. 1,545.0 1,570.0 1,544.0 801.0 747.0 722.0
All
U.S. 864.0 799.0 817.0 18,367.0 20,817.0 20,102.0
=========================================================================
Cotton: Area Planted and Harvested by Type, State,
and United States, 2017-19
=========================================================================
Type Area Planted Area Harvested
and ============================================================-
State Annual
2017 2018 2019 2018 Dec 1 2019
=========================================================================
============== 1,000 Acres ==============
Upland
U.S. 12,465.0 13,850.0 13,508.0 9,957.0 12,281.0 11,580.0
Amer-Pima
U.S. 252.5 250.3 229.8 248.8 228.4 224.5
All
U.S. 12,717.5 14,100.3 13,737.8 10,205.8 12,509.4 11,804.5
=========================================================================
1/ Production ginned and to be ginned.
2/ 480-pound net weight bale.

DJ USDA Supply/Demand: U.S. Cotton – Jan 10
U.S. Cotton Supply and Use 1/
=========================================================================
Item 2018/19 2019/20
prev Jan 10 prev Jan 10
=========================================================================
Area
Million acres
Planted 14.10 14.10 13.76 13.74
Harvested 10.21 10.21 12.51 11.80
Pounds
Yield per harv. acre 864 864 775 817
Million 480 pound bales
Beginning stocks 4.20 4.20 4.85 4.85
Production 18.37 18.37 20.21 20.10
Imports 0.00 0.00 0.01 0.01
Supply, total 22.57 22.57 25.06 24.96
Domestic use 2.98 2.98 3.00 3.00
Exports 14.76 14.76 16.50 16.50
Use, total 17.74 17.74 19.50 19.50
Unaccounted 2/ -0.02 -0.02 0.06 0.06
Ending stocks 4.85 4.85 5.50 5.40
Avg. farm price 3/ 70.30 70.30 61.00 63.00
=========================================================================
Note: Reliability calculations at end of report. 1/ Upland and extra-long
staple; marketing year beginning August 1. Totals may not add due to
rounding. 2/ Reflects the difference between the previous season’s supply
less total use and ending stocks. 3/ Cents per pound for upland cotton.

DJ USDA Supply/Demand: World Cotton – Jan 10
World Cotton Supply and Use 1/
(Million 480-pound bales)
==============================================================================
beginning domestic exports ending
stocks prod imports use loss 2/ stocks
==============================================================================
2019/20 (Projected)
World
Dec 79.69 121.11 44.38 120.27 44.40 0.19 80.32
Jan 79.53 120.48 43.83 120.22 43.85 0.19 79.59
World Less China
Dec 44.02 93.86 35.38 81.77 44.22 0.19 47.08
Jan 43.86 93.23 35.33 81.72 43.67 0.19 46.85
United States
Dec 4.85 20.21 0.01 3.00 16.50 0.06 5.50
Jan 4.85 20.10 0.01 3.00 16.50 0.06 5.40
Total foreign
Dec 74.84 100.90 44.38 117.27 27.90 0.13 74.82
Jan 74.68 100.38 43.83 117.22 27.35 0.13 74.19
Major exporters 4/
Dec 28.08 57.12 2.88 33.85 23.40 0.02 30.82
Major Importers 8/
Dec 44.80 40.73 38.92 79.22 2.94 0.11 42.17
Jan 44.60 40.42 38.37 78.97 2.94 0.11 41.36
==============================================================================
1/ Marketing year beginning August 1. Totals may not add exactly and trade
may not balance due to rounding and other factors. 2/ Generally
reflects cotton lost or destroyed in the marketing channel; for Australia
Brazil China and the United States reflects the difference between
implicit stocks based on supply less total use and indicated ending
stocks. 3/ Less than 5 000 bales. 4/ Includes Egypt and Syria in
addition to the countries and regions listed. 5/ Azerbaijan Kazakhstan
Kyrgyzstan Tajikistan Turkmenistan and Uzbekistan. 6/ Benin Burkina
Faso Cameroon Central African Republic Chad Cote d’Ivoire Mali Niger
Senegal and Togo. 7/ Argentina Australia Brazil Lesotho South
Africa Tanzania Zambia and Zimbabwe. 8/ In addition to the countries
and regions listed includes Japan Russia South Korea and Taiwan. 9/
Includes intra-EU trade.

COT — Supplemental Report – Option and Futures Combined Positions as of January 07, 2020
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
COTTON NO. 2 – ICE FUTURES U.S.
CFTC Code #033661 Open Interest is 280,091
: Positions :
: 33,127 25,012 76,744 56,999 150,335 93,963 17,516 260,834 269,608: 19,258 10,484
: Changes from: December 31, 2019 (Change in open interest: 19,007) :
: 534 -1,362 9,515 2,384 9,227 5,245 1,048 17,678 18,427: 1,328 580
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 8.9 27.4 20.4 53.7 33.5 6.3 93.1 96.3: 6.9 3.7
: Total Traders: 300 Number of Traders in Each Category :
: 94 76 93 52 62 49 22 247 210:
——————————————————————————————————————-

FCOJ
General Comments: FCOJ was a little lower. Overall chart patterns suggest that the market is still ready to trend lower. Good growing conditions and increased oranges production estimates by USDA this season have been bearish. The weather has been great for the trees as there have been frequent periods of showers and no severe storms so far this year. Many areas have been dry lately and harvest is expanding. Crop yields and quality should be high for Florida this year. Inventories of FCOJ in the state are high and are more than 38% above last year.
Overnight News: Florida should get mostly dry conditions. Temperatures will average near to above normal. Brazil should get dry conditions through the weekend and near to above normal temperatures. ICE said that 0 notices were posted for delivery against January contracts and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are down with objectives of 95.00 March. Support is at 95.00, 92.00, and 89.00 March, with resistance at 98.00, 99.00, and 100.00 March.

Utilized Production of Citrus Fruits by Crop – States and United States: 2018-2019 and
Forecasted January 1, 2020
[The crop year begins with the bloom of the first year shown and ends with the completion of
harvest the following year]
—————————————————————————————————-
: Utilized production boxes 1/ :Utilized production ton equivalent
Crop and State :———————————————————————–
: 2018-2019 : 2019-2020 : 2018-2019 : 2019-2020
—————————————————————————————————-
: —— 1,000 boxes —— —— 1,000 tons —–
Oranges :
California, all …………: 49,800 49,000 1,992 1,960
Early, mid, and Navel 2/ ..: 40,800 40,000 1,632 1,600
Valencia ………………: 9,000 9,000 360 360 :
Florida, all ……………: 71,750 74,000 3,229 3,330
Early, mid, and Navel 2/ ..: 30,400 32,000 1,368 1,440
Valencia ………………: 41,350 42,000 1,861 1,890 :
Texas, all ……………..: 2,500 2,560 106 109
Early, mid, and Navel 2/ ..: 2,210 1,950 94 83
Valencia ………………: 290 610 12 26 :
United States, all ………: 124,050 125,560 5,327 5,399
Early, mid, and Navel 2/ ..: 73,410 73,950 3,094 3,123
Valencia ………………: 50,640 51,610 2,233 2,276 :
Grapefruit :
California ……………..: 3,200 4,100 128 164
Florida, all ……………: 4,510 5,400 192 229
Red …………………..: 3,740 4,500 159 191
White …………………: 770 900 33 38
Texas ………………….: 6,100 6,200 244 248 :
United States …………..: 13,810 15,700 564 641 :
Tangerines and mandarins 3/ :
California ……………..: 26,000 22,000 1,040 880
Florida ………………..: 990 1,050 47 50 :
United States …………..: 26,990 23,050 1,087 930 :
Lemons :
Arizona ………………..: 1,350 1,400 54 56
California ……………..: 22,800 19,000 912 760 :
United States …………..: 24,150 20,400 966 816
—————————————————————————————————-
(NA) Not available.
1/ Net pounds per box: oranges in California-80, Florida-90, Texas-85; grapefruit in
California-80, Florida-85, Texas-80; tangerines and mandarins in California-80, Florida-95;
lemons-80.
2/ Navel and miscellaneous varieties in California. Early (including Navel) and midseason
varieties in Florida and Texas.
3/ Includes tangelos and tangors.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of January 7, 2020
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
FRZN CONCENTRATED ORANGE JUICE – ICE FUTURES U.S. (CONTRACTS OF 15,000 POUNDS) :
CFTC Code #040701 Open Interest is 21,363 :
: Positions :
: 9,535 7,476 1,128 0 70 963 7,637 196 1,935 1,062 2,573 :
: Changes from: December 31, 2019 :
: -200 -195 11 0 0 28 328 46 0 -38 91 :
: Percent of Open Interest Represented by Each Category of Trader :
: 44.6 35.0 5.3 0.0 0.3 4.5 35.7 0.9 9.1 5.0 12.0 :
: Number of Traders in Each Category Total Traders: 87 :
: 22 13 6 0 . 4 23 . 17 7 12 :
—————————————————————————————————————-

DJ Florida FCOJ Movement and Pack – Jan 10
Florida FCOJ Movement And Pack
In mm ps, (million pounds solid). Source: Florida Department of Citrus (FDOC)
WEEK ENDING:
12/28/2019 Corresponding
Current Week Last
Week Season
12/28/2019 12/29/2018 % Change
CARRY OVER, RECEIPT & PACK
Carry Over
Bulk 289.11 210.68 37.2%
Retail/Institutional 5.81 5.10 13.8%
Total 294.92 215.79 36.7%
Pack
Bulk 4.20 2.17 93.2%
Retail/Institutional 0.79 0.91 -14.0%
Total Pack 4.99 3.09 61.5%
Reprocessed -1.50 -2.16 -30.5%
Pack from Fruit 3.49 0.93 276.1%
Receipts & Losses
Net Gain or Loss -0.21 -0.08 162.3%
Imports – Foreign 4.64 5.05 -8.2%
Domestic Receipts 0.50 0.19 167.3%
Receipts of Florida Product
from Non-Reporting Entit 0.00 0.00 NC
Chilled OJ used in FCOJ 0.40 0.00 NA
Reprocessed FCTJ 0.03 0.00 NA
Total Carry Over, Receipt & Pack
Bulk 297.16 215.86 37.7%
Retail/Institutional 6.59 6.02 9.5%
Total 303.76 221.88 36.9%
MOVEMENT
Bulk
Domestic 2.64 3.77 -29.8%
Exports 0.03 0.20 -83.9%
Total (Bulk) 2.68 3.97 -32.6%
Retail/Institutional
Domestic 0.96 0.74 30.1%
Exports 0.00 0.00 NC
Total (Retail/Inst) 0.96 0.74 30.1%
Total Movement 3.64 4.71 -22.7%
ENDING INVENTORY
Bulk 294.49 211.89 39.0%
Retail/Institutional 5.63 5.28 6.7%
Ending Inventory 300.12 217.17 38.2%
Total Same
Total Season Period Last
To Date Season
28-Dec-19 29-Dec-18 % Change
CARRY OVER, RECEIPT & PACK
Carry Over
Bulk 311.95 237.21 31.5%
Retail/Institutional 5.82 5.92 -1.6%
Total 317.77 243.13 30.7%
Pack
Bulk 26.91 24.18 11.3%
Retail/Institutional 15.92 15.07 5.6%
Total Pack 42.83 39.25 9.1%
Reprocessed -23.31 -25.44 -8.4%
Pack from Fruit 19.53 13.81 41.4%
Receipts & Losses
Net Gain or Loss -0.72 -1.08 -33.2%
Imports – Foreign 23.35 40.21 -41.9%
Domestic Receipts 4.97 0.58 763.7%
Receipts of Florida Product
from Non-Reporting Entit 0.13 0.04 257.3%
Chilled OJ used in FCOJ 6.82 0.24 2802.1%
Reprocessed FCTJ 0.28 0.21 33.0%
Total Carry Over, Receipt & Pack
Bulk 350.38 276.13 26.9%
Retail/Institutional 21.74 20.99 3.6%
Total 372.12 297.11 25.2%
MOVEMENT
Bulk 52.40 60.91 -14.0%
Domestic 3.49 3.32 5.2%
Exports 55.89 64.24 -13.0%
Total (Bulk)
Retail/Institutional
Domestic 16.11 15.71 2.6%
Exports 0.00 0.00 NC
Total (Retail/Inst) 16.11 15.71 2.6%
Total Movement 72.00 79.94 -9.9%
ENDING INVENTORY
Bulk 294.49 211.89 39.0%
Retail/Institutional 5.63 5.28 6.7%
Ending Inventory 300.12 217.17 38.2%
83782
Florida FCOJ Movement And Pack
In mm ps, (million pounds solid). Source: Florida Department of Citrus (FDOC)
WEEK ENDING:
12/21/2019 Corresponding
Current Week Last
Week Season
12/21/2019 12/22/2018 % Change
CARRY OVER, RECEIPT & PACK
Carry Over
Bulk 286.99 206.37 39.1%
Retail/Institutional 5.81 5.29 10.0%
Total 292.81 211.66 38.3%
Pack
Bulk 7.05 3.32 112.7%
Retail/Institutional 1.43 1.42 0.7%
Total Pack 8.48 4.74 79.1%
Reprocessed -3.11 -2.40 29.5%
Pack from Fruit 5.37 2.33 130.1%
Receipts & Losses
Net Gain or Loss -0.13 -0.05 164.5%
Imports – Foreign 0.12 7.66 -98.5%
Domestic Receipts 2.91 0.03 8926.8%
Receipts of Florida Product
from Non-Reporting Entit 0.00 0.00 NC
Chilled OJ used in FCOJ 0.28 0.00 NA
Reprocessed FCTJ 0.08 0.02 284.4%
Total Carry Over, Receipt & Pack
Bulk 294.19 214.95 36.9%
Retail/Institutional 7.25 6.71 8.0%
Total 301.43 221.66 36.0%
MOVEMENT
Bulk
Domestic 4.85 4.02 20.4%
Exports 0.23 0.24 -6.2%
Total (Bulk) 5.07 4.27 18.9%
Retail/Institutional
Domestic 1.44 1.60 -10.2%
Exports 0.00 0.00 NC
Total (Retail/Inst) 1.44 1.60 -10.2%
Total Movement 6.51 5.87 11.0%
ENDING INVENTORY
Bulk 289.11 210.68 37.2%
Retail/Institutional 5.81 5.10 13.8%
Ending Inventory 294.92 215.79 36.7%
Total Same
Total Season Period Last
To Date Season
21-Dec-19 22-Dec-18 % Change
CARRY OVER, RECEIPT & PACK
Carry Over
Bulk 311.95 237.21 31.5%
Retail/Institutional 5.82 5.92 -1.6%
Total 317.77 243.13 30.7%
Pack
Bulk 22.71 22.00 3.2%
Retail/Institutional 15.13 14.16 6.9%
Total Pack 37.84 36.16 4.7%
Reprocessed -21.80 -23.28 -6.3%
Pack from Fruit 16.04 12.88 24.5%
Receipts & Losses
Net Gain or Loss -0.51 -1.00 -49.3%
Imports – Foreign 18.71 35.15 -46.8%
Domestic Receipts 4.47 0.39 1051.0%
Receipts of Florida Product
from Non-Reporting Entit 0.13 0.04 257.3%
Chilled OJ used in FCOJ 6.42 0.24 2632.0%
Reprocessed FCTJ 0.25 0.21 20.1%
Total Carry Over, Receipt & Pack
Bulk 342.33 270.95 26.3%
Retail/Institutional 20.96 20.07 4.4%
Total 363.28 291.03 24.8%
MOVEMENT
Bulk 49.75 57.15 -12.9%
Domestic 3.46 3.12 10.9%
Exports 53.22 60.27 -11.7%
Total (Bulk)
Retail/Institutional
Domestic 15.15 14.97 1.2%
Exports 0.00 0.00 NC
Total (Retail/Inst) 15.15 14.97 1.2%
Total Movement 68.37 75.24 -9.1%
ENDING INVENTORY
Bulk 289.11 210.68 37.2%
Retail/Institutional 5.81 5.10 13.8%
Ending Inventory 294.92 215.79 36.7%

COFFEE
General Comments: Futures were lower for the week in New York and in London. The weekly charts suggest that further price weakness is possible. Rains were reported in Brazil Coffee areas. The Brazilian crop is developing well but some exporters are out of previous crop supplies to sell. They might have found some more to sell in the last week as offers were said to increase from the country due to the weakness in the Real. It is dry in other parts of Latin America. Central America has had less than normal rains, especially in Honduras. Peru is also too dry right now. The Asian harvest is underway but producers do not seem to be selling on ideas that prices are too low. Vietnam exports remain behind a year ago, but the market anticipates bigger offers. Vietnamese crops are expected to be big despite uneven growing conditions earlier in the year.
Overnight News: ICE certified stocks are higher today at 2.065 million bags. The ICO daily average price is now 110.56 ct/lb. Brazil will get showers and storms into next week with near to above normal temperatures. Vietnam will see mostly dry conditions.
Chart Trends: Trends in New York are down with objectives of 117.00, 115.00, and 105.00 March. Support is at 116.00, 115.00, and 113.00 March, and resistance is at 123.00, 125.00 and 130.00 March. Trends in London are mixed to down with objectives of 1310, 1280, and 1260 March. Support is at 1310, 1290, and 1270 March, and resistance is at 1370, 1390, and 1410 March.

COT — Supplemental Report – Option and Futures Combined Positions as of January 07, 2020
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
COFFEE C – ICE FUTURES U.S.
CFTC Code #083731 Open Interest is 364,175
: Positions :
: 40,583 19,676 120,803 112,452 201,466 77,352 13,345 351,190 355,290: 12,986 8,885
: Changes from: December 31, 2019 (Change in open interest: 5,937) :
: -677 45 6,671 -2,078 -1,617 303 569 4,218 5,668: 1,718 269
: Percent of Open Interest Represented by Each Category of Trader :
: 11.1 5.4 33.2 30.9 55.3 21.2 3.7 96.4 97.6: 3.6 2.4
: Total Traders: 440 Number of Traders in Each Category :
: 124 110 161 119 119 48 24 385 336:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Robusta Coffee Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 01/07/2020
Reportable Positions
Producer/Merchant/ Processor/User Swap Dealers
OI Long Short Long Short Spreading
===============================================================================
ICE Robusta Coffee Futures and Options – ICE Futures Europe
115,716 70,469 55,746 11,360 14,849 1,083
Percent of Open Interest Represented by Each Category of Trader
100.0% 60.9% 48.2% 9.8% 12.8% 0.9%
Number of Traders in Each Category
145 54 41 11 7 10
Reportable Positions
===============================================================================
Managed Money Other Reportables

Long Short Spreading Long Short Spreading
===============================================================================
5,770 23,101 4,756 3,753 1,010 10,853
Percent of Open Interest Represented by Each Category of Trader
5.0% 20.0% 4.1% 3.2% 0.9% 9.4%
Number of Traders in Each Category
17 26 19 12 10 16
Nonreportable Positions
=======================
Long Short
=======================
7,673 4,319
Percent of Open Interest Represented by Each Category of Trader
6.6% 3.7%

SUGAR
General Comments: The markets closed higher. The US Dollar has turned weaker and this was a signal for Brazil to step up its export pricing program. Reports indicate that little is on offer from India. Thailand might also have less this year due to reduced planted area and erratic rains during the monsoon season. There is still more than enough Sugar for any demand and that India will have to sell sooner or later. Reports from India indicate that the country is seeing relatively good growing conditions and still holds large inventories from last year. However, these supplies are apparently not moving and this could be due to less government subsidy for mills and exporters. Reports of improving weather in Brazil imply good crops there.
Overnight News: Brazil will get scattered showers and storms. Temperatures should be near to above normal.
Chart Trends: Trends in New York are up with objectives of 1410, 1440, and 1450 March. Support is at 1370, 1340, and 1320 March, and resistance is at 1410, 1420, and 1440 March. Trends in London are up with objectives of 379.00 March. Support is at 365.00, 362.00, and 360.00 March, and resistance is at 380.00, 386.00, and 388.00 March.

COT — Supplemental Report – Option and Futures Combined Positions as of January 07, 2020
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SUGAR NO. 11 – ICE FUTURES U.S.
CFTC Code #080732 Open Interest is 1,182,058
: Positions :
: 140,167 161,390 265,079 380,881 636,850 294,706 61,977 1,080,832 1,125,296: 101,226 56,762
: Changes from: December 31, 2019 (Change in open interest: 15,030) :
: -6,674 3,991 8,483 11,728 7,591 -952 -4,248 12,584 15,817: 2,446 -787
: Percent of Open Interest Represented by Each Category of Trader :
: 11.9 13.7 22.4 32.2 53.9 24.9 5.2 91.4 95.2: 8.6 4.8
: Total Traders: 272 Number of Traders in Each Category :
: 71 58 90 86 82 39 25 245 210:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe White Sugar Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 01/07/2020
Reportable Positions
===============================================================================
Producer/Merchant/
Processor/User Swap Dealers
OI Long Short Long Short Spreading
===============================================================================
ICE White Sugar Futures and Options- ICE Futures Europe
88,131 27,846 61,421 11,752 2,395 3,536
Percent of Open Interest Represented by Each Category of Trader
100.0% 31.6% 69.7% 13.3% 2.7% 4.0%
Number of Traders in Each Category
127 40 39 11 4 7
Reportable Positions
===============================================================================
Managed Money Other Reportables

Long Short Spreading Long Short Spreading
===============================================================================
25,258 5,685 5,763 3,227 1,967 4,834
Percent of Open Interest Represented by Each Category of Trader
28.7% 6.5% 6.5% 3.7% 2.2% 5.5%
Number of Traders in Each Category
28 10 12 7 12 16
Nonreportable Positions
=======================
Long Short
=======================
5,917 2,531
Percent of Open Interest Represented by Each Category of Trader
6.7% 2.9%

COCOA
General Comments: Futures closed higher in both markets. Harvest is now active in West Africa and reports are that good volumes and quality are expected. Ideas are that demand is currently very strong due to the current price action. The reports from West Africa imply that a big harvest is possible in the region. Ivory Coast arrivals are strong and are above year ago levels. The weather in Ivory Coast is good. The precipitation is a little less now so there are no real concerns about disease. Ideas are that the next crop will be very good.
Overnight News: Scattered showers and storms are expected in southern sections of West Africa. Temperatures will be on both sides of normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to above normal temperatures. ICE certified stocks are lower today at 2.799 million bags.
Chart Trends: Trends in New York are up with objectives of 2670 and 2780 March. Support is at 2530, 2500, and 2470 March, with resistance at 2610, 2650, and 2670 March. Trends in London are up with objectives of 1900 and 1970 March. Support is at 1860, 1830, and 1810 March, with resistance at 1910, 1930, and 1950 March.

COT — Supplemental Report – Option and Futures Combined Positions as of January 07, 2020
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
COCOA – ICE FUTURES U.S.
CFTC Code #073732 Open Interest is 321,445
: Positions :
: 47,382 35,687 95,909 94,437 157,661 69,278 22,008 307,006 311,266: 14,439 10,180
: Changes from: December 31, 2019 (Change in open interest: 2,894) :
: -4,024 -9 2,447 -453 -1,033 3,974 309 1,945 1,714: 949 1,180
: Percent of Open Interest Represented by Each Category of Trader :
: 14.7 11.1 29.8 29.4 49.0 21.6 6.8 95.5 96.8: 4.5 3.2
: Total Traders: 229 Number of Traders in Each Category :
: 69 54 90 41 42 39 17 207 161:
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DJ ICE Commitments: ICE Europe Cocoa Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 01/07/2020
Reportable Positions
===============================================================================
Producer/Merchant/
Processor/User Swap Dealers
OI Long Short Long Short Spreading
===============================================================================
ICE Cocoa Futures and Options – ICE Futures Europe
366,794 181,676 261,378 48,614 12,039 16,723
Percent of Open Interest Represented by Each Category of Trader
100.0% 49.5% 71.3% 13.3% 3.3% 4.6%
Number of Traders in Each Category
151 51 47 13 5 9
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
49,031 11,980 22,396 5,096 892 39,782
Percent of Open Interest Represented by Each Category of Trader
13.4% 3.3% 6.1% 1.4% 0.2% 10.8%
Number of Traders in Each Category
33 13 16 11 11 26
Nonreportable Positions
=======================
Long Short
=======================
3,477 1,606
Percent of Open Interest Represented by Each Category of Trader
0.9% 0.4%

Questions? Ask Jack Scoville today at 312-264-4322