Softs Report 08/25/2025

COTTON
General Comments: Cotton was higher last week on a late week rally caused by the Powell speech in Jackson Hole. He noted incresing chances for interest rate cuts due to weaker jobs data that could retrain inflation. The stock market rallied and the US Dollar was lower. Better weather is expected for the Delta and Southeast for the coming week as crop condition reports were mostly unchanged. There are still reports of hotter and drier weather in West Texas. There are still ideas that growing conditions are generally good. There are still reports of better weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around. It is starting to turn dry in west Texas again, however. Condition is rated behind last year. The monsoon in India is good and a good production there is possible.
Overnight News:
Chart Trends: Trends in Cotton are mixed. Support is at 65.90, 64.30, and 63.00 December, with resistance of 68.50, 69.90 and 69.50 December.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of August 19, 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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COTTON NO. 2 – ICE FUTURES U.S. (CONTRACTS OF 50,000 POUNDS) :
CFTC Code #033661 Open Interest is 282,286 :
: Positions :
: 58,928 63,139 53,537 12,723 15,639 31,851 88,168 40,462 31,919 12,901 36,855 :
: Changes from: August 12, 2025 :
: -4,698 5,262 1,459 -3,870 -30 82 -685 -1,646 -955 -4,382 -1,331 :
: Percent of Open Interest Represented by Each Category of Trader :
: 20.9 22.4 19.0 4.5 5.5 11.3 31.2 14.3 11.3 4.6 13.1 :
: Number of Traders in Each Category Total Traders: 335 :
: 59 48 25 8 21 47 86 64 61 35 42 :
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FCOJ
General Comments: Futures were lower last week. Trends are mixed on the daily charts but could be turning down. Trends are mixed on the weekly charts. Selling was seen in response to news that President Trump had decided to remove OJ from the punishing tariffs on Brazil it announced earlier in the year. So, the actions by the president have created major highs and lows in the market. Development conditions are good in Florida now with daily rounds of showers. The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida and closed near the lows of the week producers to lose trees.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 223.00, 216.00, and 207.00 September, with resistance at 257.00, 272.00, and 283.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of August 19, 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 9,354 :
: Positions :
: 2,541 5,664 392 0 177 2,368 793 105 1,434 245 954 :
: Changes from: August 12, 2025 :
: -338 -462 43 0 -104 -159 197 90 -4 21 -505 :
: Percent of Open Interest Represented by Each Category of Trader :
: 27.2 60.6 4.2 0.0 1.9 25.3 8.5 1.1 15.3 2.6 10.2 :
: Number of Traders in Each Category Total Traders: 46 :
: 9 9 . 0 . 6 9 4 9 5 5 :
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COFFEE
General Comments: Both markets were sharply higher again yesterday on reduced deliverable supplies for the New York exchange. Robusta is still more available to the market and with Brazil holding back on offers to world destinations. The lack of deliverable stocks and the lack of deliveries has supported the futures market. Prices had been dropping for several weeks and are much more moderate than before as supplies available to the market have ticked up. The Brazil harvest is moving along, and Indonesia about over. Vietnam is done with its harvest. A cold snap earlier this month will reduce the size of the next coffee crop in Brazil’s Cerrado Mineiro growing region by around 412,000 60-kg bags, or 5.5%, Expocacer said.
Overnight News: The ICO average price is 325.07 ct/lb. ICE NY said that 126 contracts were delivered against September futures and that total deliveries for the month are now 441 contracts.
Chart Trends: Trends in New York are up. Support is at 367.00, 343.00, and 337.00 December, and resistance is at 399.00, 405.00 and 412.00 December. Trends in London are up. Support is at 4450, 4300, and 4210 November, with resistance at 4810, 4930, and 5050 November.

COT — Supplemental Report – Option and Futures Combined Positions as of August 19, 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 188,038
: Positions :
: 29,438 13,237 62,350 44,286 99,862 43,954 6,025 180,028 181,474: 8,011 6,564
: Changes from: August 12, 2025 (Change in open interest: 11,874) :
: 338 1,114 4,066 6,458 10,437 952 -3,052 11,814 12,565: 60 -691
: Percent of Open Interest Represented by Each Category of Trader :
: 15.7 7.0 33.2 23.6 53.1 23.4 3.2 95.7 96.5: 4.3 3.5
: Total Traders: 348 Number of Traders in Each Category :
: 100 71 108 90 104 45 18 286 263:
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SUGAR
General Comments: New York and London were a little higher last week. The Brazil production could be less, in part due to a recent freeze event and in part to reports of less sucrose in the cane. There were ideas of less European production this year that could rally prices later in the year but have drawn no interest so far from speculators. Ideas of good supplies for the market from good growing conditions for cane and beets around the world continue. The South Center Brazil harvest is faster now amid drier conditions. Production in Center-South Brazil has also been strong. Good growing conditions are reported in India and Thailand after a fast start to the Monsoon season.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1600, 1540, and 1500 October and resistance is at 1700, 1730, and 1750 October. Trends in London are mixed. Support is at 473.00, 466.00, and 460.00 October, with resistance at 500.00, 506.00, and 517.00 October.

COT — Supplemental Report – Option and Futures Combined Positions as of August 19, 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 1,038,222
: Positions :
: 106,279 236,867 224,718 383,927 436,551 250,212 66,601 965,135 964,737: 73,086 73,485
: Changes from: August 12, 2025 (Change in open interest: -2,292) :
: -8,160 555 -4,773 12,150 1,840 1,734 -3,586 951 -5,964: -3,243 3,672
: Percent of Open Interest Represented by Each Category of Trader :
: 10.2 22.8 21.6 37.0 42.0 24.1 6.4 93.0 92.9: 7.0 7.1
: Total Traders: 246 Number of Traders in Each Category :
: 57 68 89 68 62 36 21 212 194:
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COCOA
General Comments: Both markets were lower last week on reports of increased selling pressure from producers after the recent rally and on reports that temperatures were moderate in Cocoa areas of Brazil. There are ideas that some of the Cocoa was damaged. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America, but Africa has turned dry and producers there are concerned about potential losses now. The market anticipates less demand and less production from Ivory Coast and Ghana.
Overnight News: ICE NY said that there were 24 notices were posted for delivery against September futures and that total deliveries for the month are now 24 contracts.
Chart Trends: Trends in New York are down. Support is at 7210, 7090, and 6070 September, with resistance at 7910, 8440, and8720 September. Trends in London are mixed to down. Support is at 5280, 4940, and 4700 September, with resistance at 5740, 6010, and 6160 September.

COT — Supplemental Report – Option and Futures Combined Positions as of August 19, 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 109,516
: Positions :
: 14,001 13,587 29,212 31,629 54,014 23,165 5,466 98,008 102,280: 11,509 7,237
: Changes from: August 12, 2025 (Change in open interest: -5,669) :
: -1,437 557 -1,724 -3,442 -5,329 1,575 734 -5,028 -5,762: -641 93
: Percent of Open Interest Represented by Each Category of Trader :
: 12.8 12.4 26.7 28.9 49.3 21.2 5.0 89.5 93.4: 10.5 6.6
: Total Traders: 162 Number of Traders in Each Category :
: 38 46 56 33 35 30 13 139 116:
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Questions? Ask Jack Scoville today at 312-264-4322