Softs Report 06/24/2024

COTTON
General Comments: Cotton was a little lower last week as growing conditions are good and demand is not. A stronger US Dollar on Friday kept Cotton in a negative mode. Big storms were reported in southern Texas last week that could damage crops. There are also some big problems with too much rain in the Delta and Southeast in recent weeks. Demand has been weaker so far this year but there are hopes for improved demand with the lower prices. Chinese consumer demand has held together well, and Chinese demand for Cotton has started to increase.
Overnight News: ICE said that 21 notices were posted for delivery against July futures and that total deliveries for the month are now 21 contracts.
Chart Trends: Trends in Cotton are down with no objectives. Support is at 68.00, 66.80, and 6e 67.60 July, with resistance of 72.00, 73.70 and 76.00 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2024
: 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 248,337
: Positions :
: 30,276 73,524 52,237 65,380 94,243 85,656 14,122 233,549 234,127: 14,787 14,210
: Changes from: June 4, 2024 (Change in open interest: -32,336) :
: 366 11,251 -23,391 -10,922 -14,104 551 -5,362 -33,397 -31,607: 1,061 -729
: Percent of Open Interest Represented by Each Category of Trader :
: 12.2 29.6 21.0 26.3 37.9 34.5 5.7 94.0 94.3: 6.0 5.7
: Total Traders: 304 Number of Traders in Each Category :
: 83 91 86 56 58 48 22 236 213:
——————————————————————————————————————-

FCOJ
General Comments: FCOJ closed higher in range trading last week. The daily charts show that the market is trying to form a bottom. The market remains well supported in the longer term based on forecasts for tight supplies and very hot weather in Florida. The reduced production appears to be at the expense of the greening disease. There are no weather concerns to speak of for Florida or for Brazil right now. The weather has improved in Brazil with some moderation in temperatures and increased rainfall amid reports of short supplies in Florida and Brazil are around but will start to disappear as the weather improves and the new crop gets harvested.
Overnight News:
Chart Trends: Trends in FCOJ are down with objectives of 403.00 and 370.00 July. Support is at 406.00, 389.00, and 384.00 July, with resistance at 452.00, 473.00, and 477.00 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 11, 2024
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
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FRZN CONCENTRATED ORANGE JUICE – ICE FUTURES U.S. (CONTRACTS OF 15,000 POUNDS) :
CFTC Code #040701 Open Interest is 15,155 :
: Positions :
: 2,399 8,893 961 0 228 3,438 257 107 1,972 702 3,708 :
: Changes from: June 4, 2024 :
: 405 -475 -51 0 -7 -573 -104 -20 -7 139 73 :
: Percent of Open Interest Represented by Each Category of Trader :
: 15.8 58.7 6.3 0.0 1.5 22.7 1.7 0.7 13.0 4.6 24.5 :
: Number of Traders in Each Category Total Traders: 61 :
: 8 9 5 0 . 18 . . 9 12 10 :
—————————————————————————————————————-

COFFEE
General Comments: New York and London closed lower on Friday but were higher for the week on the strength in the US Dollar but reports of short supplies that could be made worse by ideas of reduced offers of Robusta are still in the market and forecasts for another couple of weeks of dry weather in Vietnam are still heard. There were also reports of poor Robusta yields in Brazil during the harvest. Ideas of less production in Vietnam are driving the rally. There were indications that Brazil and Vietnam producers were now offering Coffee, buts in small amounts,
Overnight News: The ICO daily average price is now 230.22 ct/lb. ICE NY said that 57 contracts were posted for delivery against July contracts and that total deliveries for the month are now 210 contracts.
Chart Trends: Trends in New York are mixed to up with no objectives. Support is at 227.00, 219.00, and 212.00 July, and resistance is at 236.00, 239.00 and 241.00 July. Trends in London are up with no objectives. Support is at 4180, 4080, and 4060 July, with resistance at 4540, 4660, and 4720 July.\

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2024
: 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 305,102
: Positions :
: 59,918 14,979 99,328 74,519 170,365 61,674 13,230 295,440 297,902: 9,663 7,201
: Changes from: June 4, 2024 (Change in open interest: -4,675) :
: -550 1,054 -5,807 6,550 3,131 -4,982 -3,292 -4,790 -4,914: 114 238
: Percent of Open Interest Represented by Each Category of Trader :
: 19.6 4.9 32.6 24.4 55.8 20.2 4.3 96.8 97.6: 3.2 2.4
: Total Traders: 395 Number of Traders in Each Category :
: 124 81 118 103 122 50 21 335 290:
——————————————————————————————————————-

SUGAR
General Comments: Both markets closed lower last week as harvest progress in Brazil was the important fundamental. Trends are mixed on the daily charts. End users need Sugar but are not finding too much available in the cash market. There are still ideas that the Brazil harvest can be strong for the next few weeks amid dry harvest weather, but now the cry weather is causing concern about developing Sugarcane in center south areas. Harvest weather is called good in center-south Brazil. There are worries about the Thai and Indian production, but data shows better than expected production from both countries.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1880, 1860, and 1840 July and resistance is at 2000, 2050, and 2100 July. Trends in London are mixed. Support is at 536.00, 528.00, and 522.00 August, with resistance at 570.00, 578.00, and 586.00 August.

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2024
: 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 1,027,963
: Positions :
: 81,782 146,026 245,202 399,528 485,164 226,453 69,167 952,965 945,559: 74,998 82,405
: Changes from: June 4, 2024 (Change in open interest: -19,637) :
: -241 -9,415 -8,079 5,633 10,864 -19,188 -14,344 -21,874 -20,974: 2,237 1,337
: Percent of Open Interest Represented by Each Category of Trader :
: 8.0 14.2 23.9 38.9 47.2 22.0 6.7 92.7 92.0: 7.3 8.0
: Total Traders: 234 Number of Traders in Each Category :
: 57 53 78 73 68 39 24 208 186:
——————————————————————————————————————-

COCOA
General Comments: Both markets were lower last week and weekly chart trends are turning down. Production concerns in West Africa as well as demand from nontraditional sources along with traditional buyers keep supporting futures. Production in West Africa could be reduced this year due to the extreme weather which included Harmattan conditions. The availability of Cocoa from West Africa remains very restricted and projections for another production deficit against demand for the coming year are increasing. Ideas of tight supplies remain based on more reports of reduced arrivals in Ivory Coast and Ghana continue.
Overnight News: ICE NY said that 0 noticex were postec for delivey against July futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in New York are mixed Support is at 8400, 7870, and 7370 July, with resistance at 10310, 10520, and 11000 May. Trends in London are mixed. Support is at 8100, 7640, and 7250 July, with resistance at 9150, 9640, and 9980 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2024
: 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 237,463
: Positions :
: 25,346 10,785 103,071 62,751 101,007 33,626 16,104 224,793 230,968: 12,670 6,495
: Changes from: June 4, 2024 (Change in open interest: -43,916) :
: 3,092 -1,002 -39,464 -6,088 -2,968 -1,362 -1,198 -43,822 -44,632: -95 715
: Percent of Open Interest Represented by Each Category of Trader :
: 10.7 4.5 43.4 26.4 42.5 14.2 6.8 94.7 97.3: 5.3 2.7
: Total Traders: 163 Number of Traders in Each Category :
: 55 36 65 36 34 29 17 151 124:
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Questions? Ask Jack Scoville today at 312-264-4322