Softs Report 04/28/2025

COTTON
General Comments: Cotton was a little higher last week as demand ideas got help when Mr. Trump dialed back on his tariff threats and threats on the independence of the Fed. Macroeconomic markets turned higher with the news and the buying spilled into Cotton. There are still hopes for improved growing weather. Some rain was reported in west Texas last week, and farmers are in the fields. More showers are in the forecast for the Great Plains.
Overnight News: The USDA average price is now 70.19 ct/lb. ICE said that 9 notices were posted for May delivery and that total deliveries for the month are now 9 contracts.
Chart Trends: Trends in Cotton are mixed to up. Support is at 68.10, 67.40, and 66.20 July, with resistance of 70.00, 71.60 and 72.00 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 2025
: 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 259,955
: Positions :
: 27,175 79,794 62,247 83,199 89,123 75,025 15,100 247,646 246,264: 12,309 13,690
: Changes from: April 15, 2025 (Change in open interest: -2,308) :
: 1,411 -1,809 -135 -3,578 -520 633 445 -1,669 -2,018: -639 -290
: Percent of Open Interest Represented by Each Category of Trader :
: 10.5 30.7 23.9 32.0 34.3 28.9 5.8 95.3 94.7: 4.7 5.3
: Total Traders: 322 Number of Traders in Each Category :
: 77 110 95 76 65 44 22 255 236:
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FCOJ
General Comments: FCOJ closed lower last week and the trends are now down in the market. USDA has reduced Florida production mostly at the expense of the greening disease and some extreme weather seen in the last couple of years. There are no weather concerns to speak of for Brazil or Florida right now although Brazil could turn hot and dry.
Overnight News:
Chart Trends: Trends in FCOJ are down. Support is at 247.00, 233.00, and 212.00 May, with resistance at 301.00, 319.00, and 341.00 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 22, 2025
: 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 12,541 :
: Positions :
: 4,166 7,497 484 58 92 1,908 918 9 1,870 97 2,298 :
: Changes from: April 15, 2025 :
: -672 -789 0 -68 -272 -318 -222 0 -222 -218 -1,302 :
: Percent of Open Interest Represented by Each Category of Trader :
: 33.2 59.8 3.9 0.5 0.7 15.2 7.3 0.1 14.9 0.8 18.3 :
: Number of Traders in Each Category Total Traders: 47 :
: 9 8 . . . 7 8 . 10 6 5 :
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COFFEE
General Comments: New York and London were higher last week. There are still ideas of good demand against ideas of less supplies available to the market. The lack of offers from Brazil continues even with the Robusta harvest started. Vietnam is done with its harvest. Hot and dry weather is in the forecast for Brazil longer term. Trends are up on the daily charts.
Overnight News: The ICO average price is 351.69 ct/lb. ICE NY said that 1 contract was tendered for delivery against May futures and that total deliveries for the month are now 158 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 398.00, 388.00, and 381.00 July, and resistance is at 411.00, 416.00 and 422.00 July. Trends in London are mixed. Support is at 5270, 5140, and 4880 July, with resistance at 5490, 5550, and 5600 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 2025
: 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 177,900
: Positions :
: 33,376 7,711 47,263 48,731 108,439 40,172 8,336 169,541 171,749: 8,358 6,151
: Changes from: April 15, 2025 (Change in open interest: -3,581) :
: 1,376 20 313 -4,977 -4,496 154 236 -3,134 -3,926: -447 345
: Percent of Open Interest Represented by Each Category of Trader :
: 18.8 4.3 26.6 27.4 61.0 22.6 4.7 95.3 96.5: 4.7 3.5
: Total Traders: 319 Number of Traders in Each Category :
: 96 55 89 88 102 45 19 267 237:
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SUGAR
General Comments: Both markets were a little higher last week and trends started to turn up on the daily charts. Ideas of good supplies and less demand continue. China has been a buyer with cheaper prices to help provide some support. Thai Sugar has moved to China lately and in volume. There were reports of some scattered showers in center south Brazil and reports that India will have comfortable beginning stocks to help cushion the blow from reduced production for the coming year.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1790, 1860, and 1740 July and resistance is at 1830, 1860, and 1910 July. Trends in London are down. Support is at 488.00, 484.00, and 478.00 August, with resistance at 508.00, 513.00, and 521.00 August.

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 2025
: 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 942,943
: Positions :
: 102,134 146,868 180,155 377,739 512,146 223,060 43,890 883,088 883,059: 59,855 59,884
: Changes from: April 15, 2025 (Change in open interest: -19,647) :
: 4,263 -2,745 -3,998 -8,941 -13,006 -549 4,423 -9,224 -15,326: -10,423 -4,321
: Percent of Open Interest Represented by Each Category of Trader :
: 10.8 15.6 19.1 40.1 54.3 23.7 4.7 93.7 93.6: 6.3 6.4
: Total Traders: 238 Number of Traders in Each Category :
: 54 55 78 75 73 39 18 212 183:
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COCOA
General Comments: New York and London were higher in recovery trading after weakness on Wednesday. Trends are mixed in London and in New York, and demand ideas got hurt as the tariffs will increase costs to US buyers of chocolates. Demand ideas have been under pressure on the high prices currently seen for Cocoa due to bad production in West Africa. Cocoa imports are now subject to a 10% tariff at minimum.
Overnight News: ICE said that 42 contracts were posted for delivery against May futures and that total deliveries for the month are now 1,042 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 8620, 8530, and 8080 July, with resistance at 10080, 10450, and 10870 July. Trends in London are mixed. Support is at 6100, 5910, and 5690 July, with resistance at 6650, 6850, and 6890 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 2025
: 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 115,443
: Positions :
: 14,178 8,720 35,415 39,874 55,652 16,589 9,754 106,055 109,541: 9,388 5,902
: Changes from: April 15, 2025 (Change in open interest: -896) :
: 1,448 403 2,564 -5,668 -3,846 998 186 -658 -694: -239 -203
: Percent of Open Interest Represented by Each Category of Trader :
: 12.3 7.6 30.7 34.5 48.2 14.4 8.4 91.9 94.9: 8.1 5.1
: Total Traders: 152 Number of Traders in Each Category :
: 51 33 58 31 30 30 14 137 111:
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Questions? Ask Jack Scoville today at 312-264-4322