Softs Report 06/24/2025

COTTON
General Comments: Cotton was a little higher yesterday, but July was a little lower. 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. It has been hot in most areas. Planting progress is still a little behind the five year average and condition is rated behind last year. The monsoon in India is off to a good start and a good production there is possible.
Overnight News: The USDA average price is now 68.47 ct/lb. ICE said tht there were 0 deliveries posted against July cpontracts today and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 62.10, 60.80, and 60.00 July, with resistance of 66.80, 67.20 and 67.90 July.

This Week Last Week Last Year Average
Cotton Planted 92 85 93 95
Cotton Squaring 28 19 29 28
Cotton Setting Bolls 5 3 8 6
Very Poor Poor Fair Good Excellent
Cotton This Week 6 14 33 41 6
Cotton Last Week 6 13 33 43 6
Cotton Last Year 5 9 30 51 5

COT — Supplemental Report – Option and Futures Combined Positions as of June 17, 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 248,931
: Positions :
: 25,435 89,917 60,435 71,724 72,473 77,892 13,772 235,486 236,597: 13,445 12,334
: Changes from: June 10, 2025 (Change in open interest: -26,511) :
: 984 -2,469 -10,744 -12,421 -7,563 -3,245 -4,037 -25,426 -24,813: -1,085 -1,698
: Percent of Open Interest Represented by Each Category of Trader :
: 10.2 36.1 24.3 28.8 29.1 31.3 5.5 94.6 95.0: 5.4 5.0
: Total Traders: 319 Number of Traders in Each Category :
: 83 106 82 71 55 44 24 240 230:
——————————————————————————————————————-

FCOJ
General Comments: Futures were a little higher yesterday in consolidation trading. Trends are still down. Development conditions are good in Florida now with daily rounds of showers. Production estimates from USDA remain well below those from a year ago. USDA estimated Florida production up slightly from the previous estimate at 12.0 million boxes, but that is still down 34% from last year. All US production was also a little higher from the previous report, but still down 37% for the year. The poor production potential for the crops comes from weather but also the greening disease that has caused many Florida producers to lose trees.
Overnight News:
Chart Trends: Trends in FCOJ are down. Support is at 224.00, 212.00, and 200.00 July, with resistance at 246.00, 261.00, and 271.00 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 17, 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 12,980 :
: Positions :
: 3,666 6,843 526 0 216 1,816 1,189 14 2,252 73 2,711 :
: Changes from: June 10, 2025 :
: 288 15 -143 0 32 -103 224 -166 113 -22 247 :
: Percent of Open Interest Represented by Each Category of Trader :
: 28.2 52.7 4.1 0.0 1.7 14.0 9.2 0.1 17.4 0.6 20.9 :
: Number of Traders in Each Category Total Traders: 46 :
: 8 9 . 0 . 6 8 . 13 . 7 :
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COFFEE
General Comments: New York and London closed higher yesterday on forecasts for colder temperature in Brazil growing areas over the next several days. A little damage is possible to some crops there. 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 288.22 ct/lb. ICE NY said that 14 notices were posted for delivery against July futures and that tzotal deliveries for the month are now 18 contracts.
Chart Trends: Trends in New York are down. Support is at 312.00, 306.00, and 300.00 September, and resistance is at 334.00, 339.00 and 350.00 September. Trends in London are down. Support is at 3680, 3620, and 3560 September, with resistance at 3960, 4140, and 4390 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 17, 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 174,245
: Positions :
: 30,710 9,952 48,186 45,332 102,017 40,657 6,517 164,884 166,672: 9,362 7,574
: Changes from: June 10, 2025 (Change in open interest: -24,648) :
: -2,837 535 -13,485 -7,431 -11,207 -498 -790 -24,250 -24,947: -398 299
: Percent of Open Interest Represented by Each Category of Trader :
: 17.6 5.7 27.7 26.0 58.5 23.3 3.7 94.6 95.7: 5.4 4.3
: Total Traders: 324 Number of Traders in Each Category :
: 94 57 101 85 103 46 20 270 246:
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SUGAR
General Comments: Both markets were mixed, with nearby prices a little lower but deferred prices a little higher. Ideas of good supplies for the market continue. The South Center Brazil harvest is faster now amid drier conditions. Production in Centre-South Brazil has also been stronger than expected in recent weeks. Good growing conditions are reported in India and Thailand after a fast start to the Monsoon season. The Monsoon has featured above average rains. Sugar prices in Brazil are now cheap enough that at least some refiners could increase ethanol production and cut back on Sugar production. These ideas have helped support Sugar futures.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 1640, 1620, and 1560 October and resistance is at 1700, 1730, and 1750 October. Trends in London are mixed to down. Support is at 458.00, 454.00, and 448.00 October, with resistance at 473.00, 480.00, and 486.00 October.

COT — Supplemental Report – Option and Futures Combined Positions as of June 17, 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 987,411
: Positions :
: 112,339 214,047 188,202 366,799 448,432 247,537 60,745 914,877 911,426: 72,533 75,984
: Changes from: June 10, 2025 (Change in open interest: -69,795) :
: -7,530 8,711 -46,691 -14,637 -8,914 1,619 -17,907 -67,240 -64,802: -2,555 -4,993
: Percent of Open Interest Represented by Each Category of Trader :
: 11.4 21.7 19.1 37.1 45.4 25.1 6.2 92.7 92.3: 7.3 7.7
: Total Traders: 248 Number of Traders in Each Category :
: 58 71 84 70 63 33 17 210 189:
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COCOA
General Comments: Both markets were higher yesterday in recovery trading. There are still 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. Pod counts for the mid crop suggested there is unlikely to be a significant recovery in production this season, and current weather is dry for the crops for the coming crop.
Overnight News: ICE NY said that 89 notices were posted for delivery against July contracts and that total deliveries for the month are now 89 contracts.
Chart Trends: Trends in New York are down. Support is at 8300, 8090, and 7780 July, with resistance at 9600, 9930, and 10290 July. Trends in London are mixed to down. Support is at 5660, 5540, and 5420 July, with resistance at 6170, 6400, and 6670 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 17, 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 107,662
: Positions :
: 18,920 12,660 28,115 29,407 51,325 18,943 8,900 95,385 101,000: 12,277 6,662
: Changes from: June 10, 2025 (Change in open interest: -22,783) :
: 96 93 -11,702 -10,591 -11,564 -641 -266 -22,838 -23,439: 55 656
: Percent of Open Interest Represented by Each Category of Trader :
: 17.6 11.8 26.1 27.3 47.7 17.6 8.3 88.6 93.8: 11.4 6.2
: Total Traders: 154 Number of Traders in Each Category :
: 45 35 48 34 37 29 14 132 113:
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Questions? Ask Jack Scoville today at 312-264-4322