Softs Report 09/02/2025

COTTON
General Comments: Cotton was a little higher last week after USDA reported stronger export sales. Sales of 179,000 bales were reported last week. 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. 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 68.90, 69.50 and 69.90 December.

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
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COTTON NO. 2 – ICE FUTURES U.S.
CFTC Code #033661 Open Interest is 287,393
: Positions :
: 33,347 93,840 70,974 84,309 84,539 85,341 25,499 273,971 274,852: 13,422 12,541
: Changes from: August 19, 2025 (Change in open interest: 5,107) :
: -337 1,968 -600 4,105 1,472 1,611 2,124 4,779 4,965: 328 141
: Percent of Open Interest Represented by Each Category of Trader :
: 11.6 32.7 24.7 29.3 29.4 29.7 8.9 95.3 95.6: 4.7 4.4
: Total Traders: 336 Number of Traders in Each Category :
: 81 120 95 73 61 44 25 257 248:
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FCOJ
General Comments: Futures were mostly a little higher Friday, but September was lower again. Futures were lower for the week. Trends are turning down on the daily charts. Development conditions are good in Florida now with daily rounds of showers. The poor production potential for the crops comes from early dry 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: ICE said that 0 notices were posted for delivery against September futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed to down. Support is at 236.00, 227.00, and 222.00 November, with resistance at 252.00, 254.00, and 260.00 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of August 26, 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 9,352 :
: Positions :
: 2,388 5,774 443 0 148 2,273 779 83 1,366 135 1,059 :
: Changes from: August 19, 2025 :
: -153 110 51 0 -28 -95 -14 -22 -68 -110 105 :
: Percent of Open Interest Represented by Each Category of Trader :
: 25.5 61.7 4.7 0.0 1.6 24.3 8.3 0.9 14.6 1.4 11.3 :
: Number of Traders in Each Category Total Traders: 42 :
: 9 9 . 0 . 6 7 4 9 . 6 :
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COFFEE
General Comments: New York and London were higher last week ad traders worried abouts the weather in growing areas, especially Brazil, and the effects of the Trump tariffs. There are still reduced deliverable supplies for both exchanges as commercials have taken the supplies instead of buying in cash markets. Robusta is still more available to the market and with Brazil holding back on offers to world destinations. The lack of deliverable stocks in both markets 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. Rains will be needed in September to improve the outlook for next year’s arabica crop in Brazil, which has been impacted by dry weather and cold snaps.
Overnight News: The ICO average price is 333.68 ct/lb. ICE NY said that 8 contracts were delivered against September futures and that total deliveries for the month are now 853 contracts.
Chart Trends: Trends in New York are up. Support is at 364.00, 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 4520, 4450, and 4300 November, with resistance at 4930, 5050, and 5170 November.

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 206,805
: Positions :
: 32,182 15,132 73,013 46,814 105,514 45,983 6,329 197,991 199,988: 8,814 6,817
: Changes from: August 19, 2025 (Change in open interest: 18,767) :
: 2,743 1,895 10,663 2,528 5,652 2,029 304 17,964 18,514: 803 252
: Percent of Open Interest Represented by Each Category of Trader :
: 15.6 7.3 35.3 22.6 51.0 22.2 3.1 95.7 96.7: 4.3 3.3
: Total Traders: 364 Number of Traders in Each Category :
: 98 94 112 86 106 45 19 287 280:
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SUGAR
General Comments: New York was a little lower last week and London was a little higher. 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. Conab on Tuesday cut its forecast for sugar production in the 2025/26 season to 44.5 million metric tons, citing bad weather conditions.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1690, 1660, and 1620 March and resistance is at 1720, 1740, and 1760 March. Trends in London are mixed. Support is at 470.00, 465.00, and 456.00 December, with resistance at 478.00, 482.00, and 486.00 December.

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 1,054,063
: Positions :
: 106,675 239,488 228,484 391,778 443,486 252,627 68,420 979,564 979,879: 74,499 74,185
: Changes from: August 19, 2025 (Change in open interest: 15,841) :
: 397 2,621 3,766 7,851 6,936 2,415 1,819 14,429 15,142: 1,412 700
: Percent of Open Interest Represented by Each Category of Trader :
: 10.1 22.7 21.7 37.2 42.1 24.0 6.5 92.9 93.0: 7.1 7.0
: Total Traders: 253 Number of Traders in Each Category :
: 63 69 89 69 63 36 21 216 197:
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COCOA
General Comments: New York was a little higher last week and London was a little lower in consolidation trading as reports of increased selling pressure from producers abated and weather concerns in West Africa took center stage. 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 feels that there is less demand and less production from Ivory Coast and Ghana. Dealers said there were signs the U.S. was moving to exempt some cocoa producers from tariffs, including potentially Ecuador and Indonesia. The U.S. has agreed in principle to exempt Indonesian exports of cocoa from the 19% tariff imposed by the US.
Overnight News: ICE NY said that there were 59 notices were posted for delivery against September futures and that total deliveries for the month are now 548 contracts.
Chart Trends: Trends in New York are mixed. Support is at 7480, 7320, and 7150 December, with resistance at 8140, 8500, and 8820
December. Trends in London are mixed to down. Support is at 5260, 5200, and 5150 December, with resistance at 5500, 5650, and 5700 September.

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 107,225
: Positions :
: 13,094 15,253 25,435 32,829 52,343 24,546 6,762 95,904 99,794: 11,321 7,431
: Changes from: August 19, 2025 (Change in open interest: -2,292) :
: -907 1,666 -3,777 1,200 -1,671 1,381 1,296 -2,104 -2,486: -188 195
: Percent of Open Interest Represented by Each Category of Trader :
: 12.2 14.2 23.7 30.6 48.8 22.9 6.3 89.4 93.1: 10.6 6.9
: Total Traders: 166 Number of Traders in Each Category :
: 41 48 56 36 33 31 15 143 119:
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Questions? Ask Jack Scoville today at 312-264-4322