COTTON
General Comments Cotton closed a little lower for the week. The weather has improved after a couple of hurricanes hit the Delta and Southeast. It remains dry in West Texas. Harvest is ongoing so increased rains now can only delay things and not improve conditions much. The weekly export sales report showed weaker demand last week. There was no major Chinese demand. Demand should stay generally weak as long as the Coronavirus is around. Shopping is hard to do and many people are still unemployed. India is almso harvesting under what appear to be good conditions. Good production is expected.
Overnight News: The Delta and Southeast will get mostly dry conditions. Temperatures should average near to above normal in the Delta and in the Southeast. Texas will have mostly dry conditions and above normal temperatures. The USDA average price is now 64.30 ct/lb. ICE said that certified stocks are now 69,573 bales, from 66,598 bales yesterday.
Chart Trends: Trends in Cotton are mixed to down with objectives of 6730, 6389, and 6190 December. Support is at 6810, 6780, and 6670 December, with resistance of 7000, 7110 and 7180 December.

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 2020
: 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 298,998
: Positions :
: 64,035 7,159 68,515 55,257 199,787 93,745 13,203 281,552 288,664: 17,447 10,334
: Changes from: October 27, 2020 (Change in open interest: -3,794) :
: -7,908 380 -1,016 3,708 -4,554 2,762 920 -2,453 -4,270: -1,341 476
: Percent of Open Interest Represented by Each Category of Trader :
: 21.4 2.4 22.9 18.5 66.8 31.4 4.4 94.2 96.5: 5.8 3.5
: Total Traders: 286 Number of Traders in Each Category :
: 106 47 84 53 69 46 21 243 193:
——————————————————————————————————————-

FCOJ
General Comments: : FCOJ was near unchanged once again last week. Florida has been spared any hurricanes or other serious storms this year in a year that has been very active for tropical storms. The Coronavirus is still promoting consumption of FCOJ at home. Restaurant and food service demand has been much less as no one is really dining out. Florida production prospects for the new crop were hurt by an extended flowering period, but the weather is good now with frequent showers to promote good tree health and fruit formation. Brazil has been too dry and irrigation is being used. Showers are falling in Brazil now and these need to continue to ensure good tree health. Mexican crop conditions are called good with rains.
Overnight News: Florida should get isolated showers. Temperatures will average near to above normal. Brazil should get scattered showers and near to above normal temperatures. ICE said that 0 notices were posted for delivery against November contracts and that total deliveries for the month are 0 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 112.00, 110.00, and 108.00 January, with resistance at 116.00, 118.00, and 121.00 January.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of November 3, 2020
: 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 12,655 :
: Positions :
: 6,505 6,871 879 99 0 1,019 2,508 0 665 774 1,352 :
: Changes from: October 27, 2020 :
: -105 -64 -18 0 0 66 -139 0 -24 83 47 :
: Percent of Open Interest Represented by Each Category of Trader :
: 51.4 54.3 6.9 0.8 0.0 8.1 19.8 0.0 5.3 6.1 10.7 :
: Number of Traders in Each Category Total Traders: 56 :
: 19 10 . . 0 5 9 0 14 5 8 :
—————————————————————————————————————-

COFFEE
General Comments: Futures were higher last week in New York and a little lower in London. Both markets are trying to complete bottom formations on the charts. London had been better supported due to stronger demand ideas and worries about the weather in Vietnam as the country is getting too much rain now and flooding is being reported in the Central Highlands. The rains should continue for another week. The demand from coffee shops and other food service operations is still at very low levels as consumers are still drinking Coffee at home. Reports indicate that consumers at home are consuming blends with more Robusta and less Arabica. The Brazil harvest is over and producers are selling due to the recent extreme weakness in the Real. Ideas are that production is very strong this year as it is the on year for the trees. Central America is also offering right now and offers are increasing. The weather is good in Colombia and Peru.
Overnight News: ICE certified stocks are higher today at 1.170 million bags. The ICO daily average price is now 106.75 ct/lb. Brazil will get scattered showers and rains with near to above normal temperatures. Vietnam will see some big rains.
Chart Trends: Trends in New York are mixed. Support is at 104.00, 102.00, and 99.00 December, and resistance is at 108.00, 111.00 and 112.00 December. Trends in London are mixed. Support is at 1330, 1310, and 1280 January, and resistance is at 1360, 1380, and 1400 January.

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 2020
: 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 342,440
: Positions :
: 34,208 31,606 87,794 127,719 191,482 74,702 20,697 324,423 331,579: 18,018 10,861
: Changes from: October 27, 2020 (Change in open interest: 11,251) :
: -3,434 3,612 4,045 7,183 652 2,570 2,728 10,364 11,036: 888 215
: Percent of Open Interest Represented by Each Category of Trader :
: 10.0 9.2 25.6 37.3 55.9 21.8 6.0 94.7 96.8: 5.3 3.2
: Total Traders: 422 Number of Traders in Each Category :
: 134 84 130 122 111 45 26 366 301:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Robusta Coffee Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 11/03/2020
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
123,969 62,204 60,869 16,525 12,824 1,503
Percent of Open Interest Represented by each Category of Trader
100% 50.2% 49.1% 13.3% 10.3% 1.2%
Number of Traders in Each Category
126 44 38 12 5 7
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
9,251 14,932 3,009 3,827 4,000 22,630
Percent of Open Interest Represented by Each Category of Trader
7.5% 12.0% 2.4% 3.1% 3.2% 18.3%
Number of Traders in Each Category
22 14 12 6 13 16
Nonreportable Positions
=======================
Long Short
=======================
5,020 4,202
Percent of Open Interest Represented by Each Category of Trader
4.0% 3.4%

SUGAR
General Comments: New York and London were higher. Coronavirus has returned to the US and Europe and has caused some demand concerns. Brazil mills have been producing more Sugar and less Ethanol due to weak world and domestic petroleum prices. About 45% of the crush this year will go to Sugar, from 35% last year. Rains are falling now to improve Sugarcane growing conditions. India has a very big crop of Sugarcane this year but the exports have been hard to make. The Indian government will not announce the subsidy for exporters of Sugar so prices will need to rally in the world market before exporters can become involved. Thailand might have less this year due to reduced planted area and erratic rains during the monsoon season. Rains are moving through the country now from Vietnam and the Pacific. The EU is having problems with its Sugarbeets crop due to weather and disease.
Overnight News: Brazil will get scattered showers. Temperatures should average above normal.
Chart Trends: Trends in New York are mixed. Support is at 1430, 1400, and 1370 March, and resistance is at 1500, 1530, and 1550 March. Trends in London are mixed. Support is at 399.00, 391.00, and 384.00 March, and resistance is at 406.00, 409.00, and 412.00 March.

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 2020
: 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 1,212,101
: Positions :
: 228,998 37,616 202,252 351,920 870,853 327,953 54,392 1,111,123 1,165,114: 100,978 46,987
: Changes from: October 27, 2020 (Change in open interest: 5,374) :
: -19,746 206 4,195 21,464 4,703 -1,463 -1,908 4,450 7,196: 924 -1,822
: Percent of Open Interest Represented by Each Category of Trader :
: 18.9 3.1 16.7 29.0 71.8 27.1 4.5 91.7 96.1: 8.3 3.9
: Total Traders: 261 Number of Traders in Each Category :
: 83 36 63 80 77 44 18 242 166:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe White Sugar Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 11/03/2020
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
==============================================================================
ICE Futures Europe
101,874 51,827 82,802 10,353 5,915 2,039
Percent of Open Interest Represented by each Category of Trader
100% 50.9% 81.3% 10.2% 5.8% 2.0%
Number of Traders in Each Category
115 40 41 9 6 8
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
24,389 1,695 3,896 2,184 959 2,430
Percent of Open Interest Represented by Each Category of Trader
23.9% 1.7% 3.8% 2.1% 0.9% 2.4%
Number of Traders in Each Category
28 5 11 8 3 9
Nonreportable Positions
=======================
Long Short
=======================
4,756 2,138
Percent of Open Interest Represented by Each Category of Trader
4.7% 2.1%

COCOA
General Comments: : New York and London were lower on demand concerns caused by the return of the Coronavirus to Europe and the US. The weekly charts show that down trends are established again. The harvest for the next main crop is almost done for much of West Africa and very strong production is expected. There are a lot of demand worries as the Coronavirus is making a comeback in the US. Europe is also seeing a return of the pandemic. The North American and European cocoa grinds were at least 4% lower than a year ago and the Asian cocoa grind was down 10% from last year.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get scattered showers and near to above normal temperatures. ICE certified stocks are lower today at 3.361 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2290, 2240, and 2170 December, with resistance at 2370, 2410, and 2500 December. Trends in London are mixed. Support is at 1570, 1540, and 1510 December, with resistance at 1630, 1650, and 1670 December.

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 2020
: 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 241,037
: Positions :
: 21,852 28,630 63,527 89,494 121,988 54,784 19,302 229,658 233,447: 11,379 7,590
: Changes from: October 27, 2020 (Change in open interest: 2,245) :
: -9,766 6,091 4,144 6,638 -8,622 1,566 -444 2,582 1,169: -337 1,076
: Percent of Open Interest Represented by Each Category of Trader :
: 9.1 11.9 26.4 37.1 50.6 22.7 8.0 95.3 96.9: 4.7 3.1
: Total Traders: 203 Number of Traders in Each Category :
: 55 57 58 48 41 33 19 168 148:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Cocoa Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 11/03/2020
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
270,899 154,134 179,406 40,674 17,085 10,057
Percent of Open Interest Represented by each Category of Trader
100% 56.9% 66.2% 15.0% 6.3% 3.7%
Number of Traders in Each Category
132 47 47 13 6 8
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
13,312 11,537 11,112 2,354 1,151 36,381
Percent of Open Interest Represented by Each Category of Trader
4.9% 4.3% 4.1% 0.9% 0.4% 13.4%
Number of Traders in Each Category
17 17 12 15 8 21
Nonreportable Positions
=======================
Long Short
=======================
2,875 4,170
Percent of Open Interest Represented by Each Category of Trader
1.1% 1.5%