Softs Report 07/09/2024

COTTON
General Comments: Cotton was near unchanged yesterday as Hurricane Beryl moved into the Mexican and Texan coast and brought beneficial rains to important growing areas of Texas. USDA showed a decrease in production conditions for the crops in its reports this week that were the result of some extreme weather seen recently in Texas and the Southeast. The Delta should have the best looking crops right now. 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 0 notices were posted for delivery against July futures and that total deliveries for the month are now 132 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 70.00, 68.80, and 67.60 December, with resistance of 75.80, 77.70 and 79.40 December.

This Week Last Qeek Last Year Average
Cotton Squaring 52 43 51 50
Cotton Setting Bolls 19 11 15 15
Very Poor Poor Fair Good Excellent
Cotton This Week 10 13 32 37 8
Cotton Last Week 8 9 13 44 6
Cotton Last Year 9 16 27 41 7

COT — Supplemental Report – Option and Futures Combined Positions as of July 02, 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 238,391
: Positions :
: 27,012 65,756 53,665 59,670 90,930 86,559 13,995 226,906 224,346: 11,485 14,045
: Changes from: June 25, 2024 (Change in open interest: -1,088) :
: -446 -8,294 1,473 -2,324 4,523 599 705 -697 -1,593: -391 505
: Percent of Open Interest Represented by Each Category of Trader :
: 11.3 27.6 22.5 25.0 38.1 36.3 5.9 95.2 94.1: 4.8 5.9
: Total Traders: 295 Number of Traders in Each Category :
: 72 102 83 54 53 47 23 225 212:
——————————————————————————————————————-

FCOJ
General Comments: FCOJ closed lower as Hurricane Beryl missed Florida and there are no other storms in sight for the state. 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: ICE said that 0 notices were posted for delivery against July futures and that total deliveries for the month are now 144 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 421.00, 410.00, and 403.00 September, with resistance at 441.00, 457.00, and 459.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 2, 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 12,753 :
: Positions :
: 2,025 7,955 864 0 103 2,730 478 90 1,771 464 2,721 :
: Changes from: June 25, 2024 :
: 240 21 -103 0 22 17 151 -18 -79 -47 201 :
: Percent of Open Interest Represented by Each Category of Trader :
: 15.9 62.4 6.8 0.0 0.8 21.4 3.7 0.7 13.9 3.6 21.3 :
: Number of Traders in Each Category Total Traders: 58 :
: 7 8 5 0 . 18 4 . 15 6 10 :
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COFFEE
General Comments: New York and London closed higher with London the leader as more reports of short supplies that could be made worse by ideas of reduced offers of Robusta are still in the market. The weather forecasters now say that conditions are good in Vietnam, but damage was done to crops earlier in the growing season. A little rain has been reported in Vietnam recently to help crops there. There were also reports of poor Robusta yields in Brazil during the harvest due to small bean sizes.
Overnight News: The ICO daily average price is now 237.05 ct/lb. ICE NY said that 0 contracts were posted for delivery against July contracts and that total deliveries for the month are now 661 contracts.
Chart Trends: Trends in New York are mixed. Support is at 217.00, 212.00, and 203.00 September, and resistance is at 236.00, 238.00 and 240.00 September. Trends in London are mixed to up with no objectives. Support is at 3960, 3820, and 3740 July, with resistance at 4390, 4450, and 4510 September.

COT — Supplemental Report – Option and Futures Combined Positions as of July 02, 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 251,292
: Positions :
: 59,482 14,661 68,785 52,643 149,311 62,103 13,091 243,013 245,849: 8,279 5,443
: Changes from: June 25, 2024 (Change in open interest: 1,630) :
: -1,135 1,757 -1,193 2,491 332 1,217 289 1,380 1,185: 250 445
: Percent of Open Interest Represented by Each Category of Trader :
: 23.7 5.8 27.4 20.9 59.4 24.7 5.2 96.7 97.8: 3.3 2.2
: Total Traders: 381 Number of Traders in Each Category :
: 120 67 96 99 130 49 19 306 279:
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SUGAR
General Comments: New York and London closed lower as harvest progress in Brazil was the important fundamental but as world supplies remain rather tight. Harvest yields of Sugarcane in Brazil have been disappointing so far. Trends are mixed to up on the daily and weekly charts. There are still ideas that the Brazil harvest can be strong for the next few weeks amid dry harvest weather. Harvest weather is called good in center-south Brazil.
Overnight News:
Chart Trends: Trends in New York are up with objectives of 2070 and 2170 October. Support is at 1970, 1920, and 1880 October and resistance is at 2090, 2140, and 2170 October. Trends in London are up with objectives of 575.00 and 600.00 October. Support is at 550.00, 550.00, and 528.00 October, with resistance at 581.00, 590.00, and 599.00 October.

COT — Supplemental Report – Option and Futures Combined Positions as of July 02, 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 928,716
: Positions :
: 84,879 91,420 203,909 339,862 517,452 225,366 56,682 854,016 869,463: 74,700 59,253
: Changes from: June 25, 2024 (Change in open interest: -16,100) :
: 7,126 -22,145 12,779 -25,970 5,686 -9,235 -2,823 -15,300 -6,504: -800 -9,596
: Percent of Open Interest Represented by Each Category of Trader :
: 9.1 9.8 22.0 36.6 55.7 24.3 6.1 92.0 93.6: 8.0 6.4
: Total Traders: 240 Number of Traders in Each Category :
: 69 50 78 67 66 40 20 210 182:
——————————————————————————————————————-

COCOA
General Comments: New York and London both closed lower with most of the weakness in nearby months due to speculative selling and chart trends are down. Production concerns in West Africa as well as demand from nontraditional sources along with traditional buyers keep supporting futures, but this support is running its course and the market is searching for a new bullish fundamental. 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.
Overnight News: ICE NY said that 14 notices were posted for delivery against July futures and that total deliveries for the month are now 1,571 contracts.
Chart Trends: Trends in New York are down with no objectives. Support is at 6960, 6420, and 6w000 September, with resistance at 8000, 8130, and 8670 September. Trends in London are mixed. Support is at 5790, 5350, and 4920 September, with resistance at 6810, 7420, and 7940 September.

COT — Supplemental Report – Option and Futures Combined Positions as of July 02, 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 226,827
: Positions :
: 22,048 13,351 99,619 62,136 94,140 31,596 14,649 215,399 221,759: 11,427 5,068
: Changes from: June 25, 2024 (Change in open interest: 6,174) :
: -836 -13 4,528 1,357 513 1,137 1,638 6,187 6,666: -13 -492
: Percent of Open Interest Represented by Each Category of Trader :
: 9.7 5.9 43.9 27.4 41.5 13.9 6.5 95.0 97.8: 5.0 2.2
: Total Traders: 171 Number of Traders in Each Category :
: 52 41 76 35 31 32 19 158 135:
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Questions? Ask Jack Scoville today at 312-264-4322