Softs Report 09/08/2025

COTTON
General Comments: Cotton was a little higher last week in narrow range trading. Futures remain in a trading range on the weekly charts. Crop condition reports were a little lower in quality. 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 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. Support is at 65.80, 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 September 02, 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 301,261
: Positions :
: 36,303 108,023 68,704 94,596 84,120 87,638 26,474 287,240 287,320: 14,021 13,940
: Changes from: August 26, 2025 (Change in open interest: 13,868) :
: 2,956 14,183 -2,270 10,287 -419 2,297 975 13,269 12,468: 598 1,399
: Percent of Open Interest Represented by Each Category of Trader :
: 12.1 35.9 22.8 31.4 27.9 29.1 8.8 95.3 95.4: 4.7 4.6
: Total Traders: 348 Number of Traders in Each Category :
: 87 128 98 74 60 43 25 264 255:
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FCOJ
General Comments: Futures were lower last week as the weather is considered good for production here and in Brazil and Mexico. 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.
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 227.00, 222.00, and 210.00 November, with resistance at 248.00, 252.00, and 254.00 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 2, 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 9,505 :
: Positions :
: 2,657 5,873 460 0 149 2,256 818 94 1,349 97 1,111 :
: Changes from: August 26, 2025 :
: 269 99 17 0 0 -17 39 11 -17 -38 52 :
: Percent of Open Interest Represented by Each Category of Trader :
: 28.0 61.8 4.8 0.0 1.6 23.7 8.6 1.0 14.2 1.0 11.7 :
: Number of Traders in Each Category Total Traders: 42 :
: 10 9 4 0 . 7 7 . 6 5 5 :
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COFFEE
General Comments: New York was higher and London was lower yesterday as traders liquidated long positions and sold new positions. 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. 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. Conab now estimate production in Brazil at 55.2 million bags, from 55.7 million in its previous estimate. 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. The ICO said that July world exports were 10.3 million bags, down 0.7% from July, 2024.
Overnight News: The ICO average price is 321.64 ct/lb. ICE NY said that 0 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 4300, 4100, and 3910 November, with resistance at 4800, 4980, and 5060 November.

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 218,829
: Positions :
: 32,971 13,524 77,690 51,966 113,637 46,682 6,660 209,309 211,510: 9,520 7,319
: Changes from: August 26, 2025 (Change in open interest: 12,023) :
: 790 -1,608 4,676 5,152 8,123 699 330 11,317 11,522: 706 502
: Percent of Open Interest Represented by Each Category of Trader :
: 15.1 6.2 35.5 23.7 51.9 21.3 3.0 95.6 96.7: 4.4 3.3
: Total Traders: 359 Number of Traders in Each Category :
: 100 91 105 86 108 44 21 286 275:
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SUGAR
General Comments: New York and London were lower once again last week on reported speculative selling. 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. 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. The outlook for cane crops in India and Thailand remains favorable after good rains this year, while Brazilian cane mills continue to favor producing sugar over ethanol. South Africa’s sugar farmers are having trouble from U.S. tariffs and from cheap imports from countries including neighboring Eswatini.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1590, 1560, and 1530 March and resistance is at 1660, 1700, and 1720 March. Trends in London are mixed. Support is at 459.00, 454.00, and 450.00 December, with resistance at 467.00, 473.00, and 476.00 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 1,082,736
: Positions :
: 97,171 245,556 249,033 407,743 444,978 255,253 68,259 1,009,200 1,007,826: 73,535 74,909
: Changes from: August 26, 2025 (Change in open interest: 28,673) :
: -9,505 6,068 20,549 15,965 1,491 2,626 -161 29,636 27,948: -963 725
: Percent of Open Interest Represented by Each Category of Trader :
: 9.0 22.7 23.0 37.7 41.1 23.6 6.3 93.2 93.1: 6.8 6.9
: Total Traders: 257 Number of Traders in Each Category :
: 62 71 88 72 66 38 23 220 203:
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COCOA
General Comments: New York and London were lower last week as demand concerns in West Africa were important. 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.
Overnight News: ICE NY said that there were 0 notices were posted for delivery against September futures and that total deliveries for the month are now 595 contracts.
Chart Trends: Trends in New York are mixed. Support is at 7150, 7100, and 6540 December, with resistance at 8050, 8140, and 8500
December. Trends in London are mixed to down. Support is at 4930, 4700, and 4510 December, with resistance at 5350, 5500, and 5650 September.

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 108,081
: Positions :
: 13,327 15,947 25,261 33,630 52,229 24,517 7,262 96,735 100,698: 11,346 7,382
: Changes from: August 26, 2025 (Change in open interest: 856) :
: 233 694 -174 801 -114 -29 499 831 905: 25 -49
: Percent of Open Interest Represented by Each Category of Trader :
: 12.3 14.8 23.4 31.1 48.3 22.7 6.7 89.5 93.2: 10.5 6.8
: Total Traders: 164 Number of Traders in Each Category :
: 36 52 57 36 34 30 16 142 120:
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Questions? Ask Jack Scoville today at 312-264-4322