Softs Report 09/22/2025

COTTON
General Comments: Cotton was higher last week even az the harvest is ready to start. USDA made few changes to the US production and supply and demand estimates, and the changes made were mostly very small. USDA showed improved conditions in its reports last week. There are still ideas that growing conditions are generally good. There are still reports of good weather in Texas and into the Southeast and demand concerns caused by the tariff wars are still around. The monsoon in India is good and a good production there is possible.
Overnight News:
Chart Trends: Trends in Cotton are mixed to up. Support is at 65.80, 64.30, and 63.00 December, with resistance of 67.80, 68.90 and 69.50 December.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 16, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
COTTON NO. 2 – ICE FUTURES U.S. (CONTRACTS OF 50,000 POUNDS) :
CFTC Code #033661 Open Interest is 309,972 :
: Positions :
: 73,849 70,345 53,358 14,156 21,764 36,106 95,167 39,697 31,428 15,993 39,442 :
: Changes from: September 9, 2025 :
: -276 6,688 -1,546 2,211 563 3,166 -6,677 1,238 -2,163 -1,543 2,134 :
: Percent of Open Interest Represented by Each Category of Trader :
: 23.8 22.7 17.2 4.6 7.0 11.6 30.7 12.8 10.1 5.2 12.7 :
: Number of Traders in Each Category Total Traders: 344 :
: 61 51 25 7 21 47 88 61 68 39 49 :
—————————————————————————————————————-

FCOJ
General Comments: Futures were lower after moving higher and testing recent highs on the weekly charts. The weather is considered good for production here and in Brazil and Mexico. Trends are mixed after the price action. Development conditions are good in Florida and in Brazil now with daily rounds of showers in Florida and dry weather in Brazil. 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. Brazil production potential got hurt by cold and dry weather seen earlier in the year.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 239.00, 230.00, and 227.00 November, with resistance at 255.00, 261.00, and 274.00 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 16, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
FRZN CONCENTRATED ORANGE JUICE – ICE FUTURES U.S. (CONTRACTS OF 15,000 POUNDS) :
CFTC Code #040701 Open Interest is 9,735 :
: Positions :
: 2,735 5,913 560 0 156 2,276 921 6 1,283 149 1,188 :
: Changes from: September 9, 2025 :
: -1 199 49 0 -6 -43 -117 1 -66 26 -55 :
: Percent of Open Interest Represented by Each Category of Trader :
: 28.1 60.7 5.8 0.0 1.6 23.4 9.5 0.1 13.2 1.5 12.2 :
: Number of Traders in Each Category Total Traders: 42 :
: 11 10 4 0 . 6 6 . 9 4 6 :
—————————————————————————————————————-

COFFEE
General Comments: Both markets were sharply lower last week as the weather in Brazil improved. Rains have been reported in Coffee production areas lately. There are still reduced deliverable supplies for both exchanges as commercials have taken the supplies instead of buying in cash markets. The lack of deliverable stocks in both markets and the lack of deliveries has supported the futures market. Reductions in deliverable stocks are starting to abate. But, the rains have pushed producers to sell the current inventory no matter the price. Prices in the world have been lower as US demand has waned under the Trump tariff regime.
Overnight News: The ICO average price is 330.63 ct/lb.
Chart Trends: Trends in New York are down. Support is at 349.00, 343.00, and 330.00 December, and resistance is at 374.00, 381.00 and 384.00 December. Trends in London are down. Support is at 4050, 3910, and 3830 November, with resistance at 4350, 4550, and 4690 November.

COT — Supplemental Report – Option and Futures Combined Positions as of September 16, 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 227,186
: Positions :
: 38,017 12,352 78,549 50,964 121,598 49,593 7,881 217,123 220,381: 10,063 6,805
: Changes from: September 9, 2025 (Change in open interest: 155) :
: 2,749 -377 -1,632 -3,817 2,054 2,375 830 -325 874: 480 -719
: Percent of Open Interest Represented by Each Category of Trader :
: 16.7 5.4 34.6 22.4 53.5 21.8 3.5 95.6 97.0: 4.4 3.0
: Total Traders: 375 Number of Traders in Each Category :
: 117 82 110 90 114 43 19 304 280:
——————————————————————————————————————-

SUGAR
General Comments: New York and London were lower last week and trends turned down. The markets moved to new lows for the move on Friday. 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. The outlook for cane crops in India and Thailand are in good condition with reports of good rains this year, while Brazilian cane continue to favor producing sugar over ethanol.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1530, 1500, and 1470 March and resistance is at 1640, 1660, and 1680 March. Trends in London are down. Support is at 450.00, 439.00, and 433.00 December, with resistance at 463.00, 470.00, and 477.00 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 16, 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 1,021,095
: Positions :
: 88,393 234,489 204,679 400,330 431,166 250,277 68,390 943,679 938,724: 77,416 82,371
: Changes from: September 9, 2025 (Change in open interest: -86,473) :
: 5,330 -32,101 -48,846 -38,363 2,080 -383 -9,269 -82,262 -88,136: -4,211 1,663
: Percent of Open Interest Represented by Each Category of Trader :
: 8.7 23.0 20.0 39.2 42.2 24.5 6.7 92.4 91.9: 7.6 8.1
: Total Traders: 263 Number of Traders in Each Category :
: 63 74 92 71 63 40 20 225 204:
——————————————————————————————————————-

COCOA
General Comments: New York was lower and London was slightly higher last week as demand concerns in West Africa continue and the US Dollar turned weaker. US demand has been weakening due to the increased prices inside the US from the Trump tariffs. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America, but African producers are concerned about potential losses now. The market feels that there is less demand and less production from Ivory Coast and Ghana and the lack of demand is expected to continue. Ecuador is expected to become the second largest producer of Cocoa, replacing Ghana on the list.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 7150, 7100, and 6540 December, with resistance at 7690, 8050, and 8140 December. Trends in London are mixed to down. Support is at 4930, 4700, and 4510 December, with resistance at 5290, 5350, and 5500 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 16, 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 114,583
: Positions :
: 13,536 13,479 28,384 35,662 56,369 25,851 8,236 103,433 106,468: 11,150 8,115
: Changes from: September 9, 2025 (Change in open interest: 2,806) :
: 297 -2,270 1,711 695 2,559 356 351 3,058 2,351: -253 455
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 11.8 24.8 31.1 49.2 22.6 7.2 90.3 92.9: 9.7 7.1
: Total Traders: 166 Number of Traders in Each Category :
: 44 46 53 36 33 28 13 139 117:
——————————————————————————————————————-

Questions? Ask Jack Scoville today at 312-264-4322