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COTTON
General Comments: Futures were lower on Friday but higher for the week in reversal type trading. The chart trends are mixed on the daily charts. The passage of the Covid 19 stimulus package by Congress weakened the UDS Dollar and helped promote better demand ideas. The weekly export sales report showed solid Cotton demand. USDA cut ending stocks slightly by cutting production and also domestic demand. USDA said that the domestic industry was slow to rebound after the Coronavirus kept many at home. The demand for US Cotton in the export market has been strong even with the Coronavirus and the strong demand could continue as USDA also cut Brazil production due to reduced planted area this year. The US Dollar has started to firm recently and could be hurting demand. The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products.
Overnight News: The Delta will get scattered showers and above normal temperatures and Southeast will get mostly dry conditions and above normal temperatures. Texas will have scattered showers today and tomorrow, then mostly dry conditions and near to below temperatures. The USDA average price is now 82.74 ct/lb. ICE said that certified stocks are now 99,706 bales, from 99,706 bales yesterday. ICE said that 0 notices were posted for delivery against March contracts and that total deliveries for the month are now 91 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 8660, 8600, and 8400 May, with resistance of 8930, 9010 and 9130 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 09, 2021
: 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 288,051
: Positions :
: 67,958 7,008 57,916 56,566 204,750 86,597 9,397 269,038 279,071: 19,013 8,980
: Changes from: March 2, 2021 (Change in open interest: -6,925) :
: -8,830 452 -360 2,610 -8,300 808 -331 -5,772 -8,538: -1,153 1,613
: Percent of Open Interest Represented by Each Category of Trader :
: 23.6 2.4 20.1 19.6 71.1 30.1 3.3 93.4 96.9: 6.6 3.1
: Total Traders: 284 Number of Traders in Each Category :
: 124 36 78 52 66 44 19 249 176:
——————————————————————————————————————-

FCOJ
General Comments: FCOJ closed a little higher in range trading on Friday and were a little higher for the week. The tone of the market is mixed on the daily charts but the weekly charts are showing a completed bottom formation. USDA cut Florida production once again but raised US production due to increased production in California in its production estimates released on Tuesday. Texas estimates were higher than last year but unchanged last month. Some damage to leaves and open flowers was possible in Texas and northern Mexico in the wake of the recent hard freeze, but ideas are that the overall damage was minor. Moderate temperatures are expected for Florida this week. The weather in Florida is good with a few showers to promote good tree health and fruit formation. Showers are falling in Brazil now and crop conditions are called good even with drier than normal soils. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. It is dry in northern and western Mexican growing areas. The Florida Movement and Pack report last week showed that inventories are now about 17% below a year ago.
Overnight News: Florida should get mostly dry conditions. Temperatures will average near to above normal. Brazil should get isolated showers and near to above normal temperatures. ICE said that 0 notices were posted today for March delivery and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 111.00, 109.00, and 106.00 May, with resistance at 116.00, 117.00, and 118.00 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 9, 2021
: 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 14,128 :
: Positions :
: 5,516 7,370 1,717 53 0 1,237 2,494 81 1,236 758 1,213 :
: Changes from: March 2, 2021 :
: -65 -233 143 53 0 23 468 0 128 11 248 :
: Percent of Open Interest Represented by Each Category of Trader :
: 39.0 52.2 12.2 0.4 0.0 8.8 17.7 0.6 8.8 5.4 8.6 :
: Number of Traders in Each Category Total Traders: 73 :
: 19 10 6 . 0 4 20 . 15 5 5 :
—————————————————————————————————————-

COFFEE
General Comments: Futures were higher in New York once again on follow through buying from what seemed to be speculators. The US Dollar was lower to help the buyers but there was not a lot of news to support futures besides the US Dollar action. London closed a little lower. Cash market buyers are not buying that much Coffee these days. Vietnam producers have not sold since the Tet holiday but are expected to start selling soon. There are reports of good weather in Vietnam for the harvest. Indonesia has had good weather but has little coffee to sell now. Brazil was dry for flowering and initial fruit development. Rains have been falling that should be very beneficial but it is turning drier again now. Central America is also drier for harvesting but production might have been reduced due to very wet conditions during the growing season. Good growing conditions are reported in Colombia and Peru. Africa is also noting good growing conditions.
Overnight News: ICE certified stocks are a little lower today at 1.836 million bags. The ICO daily average price is now 122.03 ct/lb. Brazil will get scattered showers with near to above normal temperatures. Central America will get scattered showers or dry conditions. Vietnam will see mostly dry conditions. ICE said that 5 notices were posted for delivery against March contracts and that total deliveries for the month are now 508 contracts.
Chart Trends: Trends in New York are mixed. Support is at 130.00, 127.00, and 124.00 May, and resistance is at 134.00, 137.00 and 140.00 May. Trends in London are mixed. Support is at 1380, 1360, and 1330 May, and resistance is at 1420, 1450, and 1460 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 09, 2021
: 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 329,071
: Positions :
: 49,354 19,884 96,527 81,698 189,033 88,543 16,766 316,122 322,211: 12,949 6,860
: Changes from: March 2, 2021 (Change in open interest: 11,222) :
: -3,989 2,827 9,010 6,442 -1,622 -146 680 11,316 10,895: -95 327
: Percent of Open Interest Represented by Each Category of Trader :
: 15.0 6.0 29.3 24.8 57.4 26.9 5.1 96.1 97.9: 3.9 2.1
: Total Traders: 453 Number of Traders in Each Category :
: 169 79 140 120 124 46 22 405 306:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Robusta Coffee Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 03/09/2021
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
141,208 49,327 81,152 13,138 10,789 2,305
Percent of Open Interest Represented by each Category of Trader
100% 34.9% 57.5% 9.3% 7.6% 1.6%
Number of Traders in Each Category
144 47 41 10 5 10
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
29,210 8,812 8,468 10,298 3,106 22,009
Percent of Open Interest Represented by Each Category of Trader
20.7% 6.2% 6.0% 7.3% 2.2% 15.6%
Number of Traders in Each Category
26 17 16 9 18 21
Nonreportable Positions
=======================
Long Short
=======================
6,453 4,567
Percent of Open Interest Represented by Each Category of Trader
4.6% 3.2%

SUGAR
General Comments: New York and London closed lower on a weaker Brazilian Real. The chart trends are mostly sideways in both markets on the daily charts, but mostly down on the weekly charts. The market appears to be searching for a new source of demand to complement the traditional buying. Reports indicate that industrial users of Sugar have been the most active consumers. Rains were reported again in Brazil. It has been raining in south central Brazil and the production of cane is looking solid for the next harvest. Production has been hurt due to dry weather earlier in the year. India is producing less Sugar and more Ethanol and has reported less cane production than expected.
Overnight News: Brazil will get scattered showers. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed. Support is at 1600, 1580, and 1550 May, and resistance is at 1650, 1670, and 1700 May. Trends in London are mixed. Support is at 457.00, 451.00, and 446.00 May, and resistance is at 463.00, 468.00, and 477.00 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 09, 2021
: 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 1,205,721
: Positions :
: 176,106 41,797 230,781 372,188 818,016 313,376 68,220 1,092,451 1,158,814: 113,270 46,906
: Changes from: March 2, 2021 (Change in open interest: 18,226) :
: -8,206 6,708 8,335 20,624 -5,980 -2,402 5,155 18,351 14,218: -124 4,009
: Percent of Open Interest Represented by Each Category of Trader :
: 14.6 3.5 19.1 30.9 67.8 26.0 5.7 90.6 96.1: 9.4 3.9
: Total Traders: 254 Number of Traders in Each Category :
: 83 35 69 72 78 41 17 229 173:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe White Sugar Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 03/09/2021
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
85,122 35,764 73,765 11,602 3,579 875
Percent of Open Interest Represented by each Category of Trader
100% 42.0% 86.7% 13.6% 4.2% 1.0%
Number of Traders in Each Category
109 30 42 9 5 6
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
26,429 1,719 1,818 2,399 120 1,163
Percent of Open Interest Represented by Each Category of Trader
31.0% 2.0% 2.1% 2.8% 0.1% 1.4%
Number of Traders in Each Category
29 6 11 8 2 8
Nonreportable Positions
=======================
Long Short
=======================
5,072 2,083
Percent of Open Interest Represented by Each Category of Trader
6.0% 2.4%

COCOA
General Comments: New York and London both closed lower for the day on Friday and for the week. Futures seem to be factoring in the large supply against weaker demand at this time. Demand should improve as the Covid vaccinations get administered and as at least some governments around the world invest in fiscal stimulus on their economies. Production appears to be good this year and the supply surplus is growing. The ICCO said that the Cocoa surplus would be about 100,000 tons this year. Ivory Coast estimates its main crop production at 1.65 million tons. There were reports of demand for Cocoa in Ivory Coast, although the reports noted that there is a lot to sell there. The grind data has been weaker in recent months. There are ideas of big supplies at origin.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near to above normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to above normal temperatures. ICE certified stocks are lower today at 3.978 million bags. ICE said that 118 contracts were delivered against March futures and that total deliveries for the month are now 1,888 contracts.
Chart Trends: Trends in New York are mixed. Support is at 2560, 2530, and 2510 May, with resistance at 2830, 2670, and 2710 May. Trends in London are mixed. Support is at 1730, 1680, and 1660 May, with resistance at 1820, 1830, and 1860 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 09, 2021
: 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 220,455
: Positions :
: 40,618 22,451 46,525 61,232 132,331 59,982 13,388 208,357 214,695: 12,098 5,760
: Changes from: March 2, 2021 (Change in open interest: -11,769) :
: 514 -1,496 -6,475 -2,463 -3,438 -1,360 -53 -9,784 -11,462: -1,985 -307
: Percent of Open Interest Represented by Each Category of Trader :
: 18.4 10.2 21.1 27.8 60.0 27.2 6.1 94.5 97.4: 5.5 2.6
: Total Traders: 207 Number of Traders in Each Category :
: 71 43 59 47 37 37 19 184 132:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Cocoa Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 03/09/2021
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
254,401 135,156 179,754 19,794 17,789 11,215
Percent of Open Interest Represented by each Category of Trader
100% 53.1% 70.7% 7.8% 7.0% 4.4%
Number of Traders in Each Category
127 50 49 8 6 8
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
36,182 819 17,062 3,945 389 24,973
Percent of Open Interest Represented by Each Category of Trader
14.2% 0.3% 6.7% 1.6% 0.2% 9.8%
Number of Traders in Each Category
31 4 11 13 8 17
Nonreportable Positions
=======================
Long Short
=======================
6,074 2,400
Percent of Open Interest Represented by Each Category of Trader
2.4% 0.9%

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Past performance is not indicative of future results. Investing in futures can involve substantial risk & is not for everyone. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale purchase of any securities or futures.
The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author.
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