Softs Report 06/02/2025

COTTON
General Comments: Cotton was a little lower again last week and trends are turning down in the market again. There are still reports of better weather for planting in Texas and on demand concerns caused by the tariff wars and after USDA reported moderate to poor weekly export sales. Planting conditions remain good in Texas, but it is still too wet in the Delta and Southeast. Some rain was reported in west Texas last week, and farmers are in the fields. It has turned drier in the Delta and Southeast. Planting progress is now behind the five year average and conditions of the crops should be good.
Overnight News: The USDA average price is now 66.00 ct/lb.
Chart Trends: Trends in Cotton are mixed. Support is at 63.80, 62.10, and 60.80 July, with resistance of 66.80, 67.20 and 67.90 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 27, 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 280,937
: Positions :
: 25,923 85,150 72,197 87,339 90,048 81,761 18,778 267,220 266,172: 13,717 14,764
: Changes from: May 20, 2025 (Change in open interest: 22) :
: -1,101 990 -239 -1,722 -1,487 2,173 -85 -889 -822: 911 844
: Percent of Open Interest Represented by Each Category of Trader :
: 9.2 30.3 25.7 31.1 32.1 29.1 6.7 95.1 94.7: 4.9 5.3
: Total Traders: 317 Number of Traders in Each Category :
: 76 113 96 74 64 44 24 249 243:
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FCOJ
General Comments: Futures were higher last week and trends are mixed in the market. A low is trying to be completed. USDA adjusted US and Florida production slightly higher than in production estimates in its recent reports. Production estimates remain well below those from a year ago. The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida producers to lose trees. A tight market and higher prices should remain a feature for futures traders.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to up. Support is at 261.00, 248.00, and 236.00 July, with resistance at 304.00, 314.00, and 325.00 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 27, 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 12,152 :
: Positions :
: 3,273 6,141 429 0 223 1,981 1,446 36 2,170 52 2,465 :
: Changes from: May 20, 2025 :
: 28 147 -19 0 38 -10 -114 26 -151 -106 -45 :
: Percent of Open Interest Represented by Each Category of Trader :
: 26.9 50.5 3.5 0.0 1.8 16.3 11.9 0.3 17.9 0.4 20.3 :
: Number of Traders in Each Category Total Traders: 46 :
: 8 8 . . . 5 10 . 12 4 8 :
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COFFEE
General Comments: New York and London were lower last week, and London made new lows for the last few months. Trends are down on the charts. Prices have now been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up. The Brazil Robusta harvest continues and Indonesia continues to harvest. Vietnam is done with its harvest. The Brazil Arabica harvest is starting and is expected to be less this year.
Overnight News: The ICO average price is 305.96 ct/lb.
Chart Trends: Trends in New York are down. Support is at 337.00, 324.00, and 318.00 July, and resistance is at 368.00, 379.00 and 385.00 July. Trends in London are down. Support is at 4420, 4360, and 4300 July, with resistance at 4610, 4700, and 4800 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 27, 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 190,384
: Positions :
: 32,884 9,307 55,861 50,828 109,405 42,591 9,432 182,164 184,004: 8,220 6,380
: Changes from: May 20, 2025 (Change in open interest: 4,602) :
: -1,641 677 1,528 4,146 1,392 950 885 4,983 4,481: -380 122
: Percent of Open Interest Represented by Each Category of Trader :
: 17.3 4.9 29.3 26.7 57.5 22.4 5.0 95.7 96.6: 4.3 3.4
: Total Traders: 333 Number of Traders in Each Category :
: 93 73 107 82 105 46 19 273 260:
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SUGAR
General Comments: Both markets were lower last week on ideas of good supplies for the market. London White Sugar has been leading the New York Raw Sugar contracts lower, Ideas of good supplies and less demand continue. China has been a buyer with cheaper prices to help provide some support. There were reports of some scattered showers in center south Brazil and the harvest has been slower but is expected to be faster now amid drier conditions. Good growing conditions are reported in India.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 1680, 1650, and 1620 July and resistance is at 1780, 1850, and 1890 July. Trends in London are mixed to down. Support is at 468.00, 456.00, and 450.00 August, with resistance at 488.00, 490.00, and 499.00 August.

COT — Supplemental Report – Option and Futures Combined Positions as of May 27, 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 957,057
: Positions :
: 112,853 168,069 203,187 343,648 455,928 232,958 59,201 892,646 886,386: 64,411 70,671
: Changes from: May 20, 2025 (Change in open interest: 23,543) :
: 7,266 12,146 8,584 8,517 -3,529 -926 6,275 23,441 23,476: 102 67
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 17.6 21.2 35.9 47.6 24.3 6.2 93.3 92.6: 6.7 7.4
: Total Traders: 245 Number of Traders in Each Category :
: 56 61 79 76 71 36 18 214 187:
——————————————————————————————————————-

COCOA
General Comments: Both markets closed higher last week after making new lows early on the week on reports of increased availability of Cocoa to the market. There are still reports of increased flows of Cocoa from Nigeria and reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market anticipates good demand and less production from Ivory Coast and Ghana. Early pod counts for the 2025/26 main crop suggested there is unlikely to be a significant recovery in production next season. Mid crop counts have not been strong and here have been concerns that current dry conditions will hurt production potential. Trends are mixed to down in London and in New York.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 8940, 8800, and 8300 July, with resistance at 10040, 10410, and 11280 July. Trends in London are mixed to down. Support is at 6140, 6040, and 5910 July, with resistance at 6560, 6800, and 6980 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 27, 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 133,059
: Positions :
: 20,930 11,675 42,711 39,947 62,221 18,473 10,355 122,061 126,962: 10,998 6,096
: Changes from: May 20, 2025 (Change in open interest: -5,715) :
: -2,510 -810 -2,774 -556 -2,379 149 350 -5,692 -5,614: -24 -102
: Percent of Open Interest Represented by Each Category of Trader :
: 15.7 8.8 32.1 30.0 46.8 13.9 7.8 91.7 95.4: 8.3 4.6
: Total Traders: 162 Number of Traders in Each Category :
: 58 32 62 33 32 29 18 144 122:
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Questions? Ask Jack Scoville today at 312-264-4322