Markets

MORNING SOFTS COMMENTS

COTTON

General Comments: Futures closed higher in recovery trading. Futures had moved much lower in the week on the Euro crisis fears, but that selling was not seen as much on Friday. There did not seem to be much trading related to Cotton in the market as almost all commodities were lower. Ideas are that few deliveries can be made as the supplies are not available, but July is now seeing some significant speculative long liquidation before the deliveries get underway. Wire reports that Texas dryland farmers are on the verge of declaring crops as disasters added some support. Dry weather in Texas growing areas provided support for new crop Cotton futures. Western Texas, where almost half of all US Cotton is grown, has been very dry, and there are no forecasts for much relief, if any, into next week. Eastern areas have had some precipitation in the last week or so, but it remains too dry in many growing areas of the Southeast, especially in Georgia. Delta areas are warm and dry, although a few showers are possible during the second half of the week. Demand remains poor.

Overnight News: The Delta and Southeast will be dry or will see a few showers. Temperatures will average above normal. Texas will be mostly dry, but a few showers are possible over the second half of the week. Temperatures will average above to much above normal. The USDA average spot price is now 136.22 ct/lb. ICE said that certified Cotton stocks are now 0.063 million bales, from 0.060 million yesterday.

Chart Trends: Trends in Cotton are mixed to down with objectives of 139.00, 137.00, and 113.00 July. Support is at 143.00, 142.00, and 140.00 May, with resistance of 148.00, 150.00, and 155.00 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 14, 2011

: 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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COTTON NO. 2 - ICE FUTURES U.S. (CONTRACTS OF 50,000 POUNDS)

CFTC Code #033661 Open Interest is 230,594

: Positions

: 43,425 121,178 44,414 14,860 16,958 39,955 3,078 15,638 10,535 4,378 41,304

: Changes from: June 7, 2011

: -26,171 -21,031 -6 -2,838 -8,668 4,569 238 -5,709 544 346 -37,821

: Percent of Open Interest Represented by Each Category of Trader

: 18.8 52.6 19.3 6.4 7.4 17.3 1.3 6.8 4.6 1.9 17.9

: Number of Traders in Each Category Total Traders: 224

: 31 42 19 14 21 73 14 30 41 19 43

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FCOJ

General Comments: Futures closed mixed to higher on Friday. The selling last week seemed tied more to selling seen in all commodities due to European economic problems rather than anything that had to do with OJ, and this selling was not seen as much on Friday. There is not a lot of news to support any big rallies in OJ right now. No tropical storms are in the forecast. Florida remains mostly warm and dry, with no forecasts for significant rains in sight. Drought still affects a large portion of the citrus producing area, but crops are called in mostly good condition at this time due to irrigation. Fruit is developing and small fruit is visible on the trees. The fruit is called in good condition due to irrigation. Seasonal forecasts call for a more active than normal Atlantic hurricane season. Charts show that the market is trying to decide on the next move.

Overnight News: Florida weather forecasts call for mostly dry conditions, but afternoon showers are possible. Temperatures will average near to above normal.

Chart Trends: Trends in FCOJ are mixed to down with objectives of 176.50 and 170.00 July. Support is at 179.00, 177.00, and 175.00 July, with resistance at 183.00, 186.00, and 187.00 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 14, 2011

: 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 46,695

: Positions

: 7,673 33,655 4,354 2,313 120 19,456 195 508 2,024 790 7,197

: Changes from: June 7, 2011

: 960 98 13 310 54 -402 102 15 -255 0 240

: Percent of Open Interest Represented by Each Category of Trader

: 16.4 72.1 9.3 5.0 0.3 41.7 0.4 1.1 4.3 1.7 15.4

: Number of Traders in Each Category Total Traders: 123

: 14 22 7 6 . 45 . . 25 13 18

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COFFEE

General Comments: Futures were lower in New York and in London. The selling was in part due to the world economic problems and also to ideas of increasing availability of coffee due to the harvests underway in Asia and Brazil. Producers are still not selling much, but there seems to be an uptick in offers now as some producers feel they have missed the market. Roasters are said to be well covered for now. Fundamentals continue to suggest strong prices overall for the longer term. Lower Mitaca crop production in Colombia and the potential for a freeze in Brazil is offering reasons for speculators to buy. Traders generally expect tight supplies to continue through the next crop year due to lower production in Brazil and for high prices to continue as well. But, the ICO showed that supplies might not be so tight in the coming year. Chart show that trends are down.

Overnight News: Certified stocks are higher today and are about 1.664 million bags. The ICO composite price is now 210.40 ct/lb. Brazil should see scattered showers this week and dry weather this weekend. Temperatures will average near to below normal. Nicaragua exported 202,989 bags of Coffee in May, down 10% from last year. Year to date exports are now 1.19 million bags, from 1.14 million last year. Mexico exported 380,160 bags of Coffee in May, up 53% from last year. Year to date exports are now 1.75 million bags, down 6% from last year.

Chart Trends: Trends in New York are down with objectives of 241.00 July. Support is at 246.00, 241.00, and 236.00 July, and resistance is at 256.00, 257.00, and 259.00 July. Trends in London are down with objectives of 2220 and 2200 July. Support is at 2280, 2225, and 2170 July, and resistance is at 2410, 2440, and 2470 July. Trends in Sao Paulo are mixed to down with objectives of 270.00 September. Support is at 327.00, 326.00, and 321.00 September, and resistance is at 337.00, 340.00, and 346.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 14, 2011

: 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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COFFEE C - ICE FUTURES U.S. (CONTRACTS OF 37,500 POUNDS)

CFTC Code #083731 Open Interest is 151,164

: Positions

: 40,364 77,617 31,710 8,446 7,847 23,474 8,569 8,554 1,005 3,425 30,805

: Changes from: June 7, 2011

: -6,854 -4,815 -159 -180 -1,848 55 -1,917 -2,105 -629 94 -12,434

: Percent of Open Interest Represented by Each Category of Trader

: 26.7 51.3 21.0 5.6 5.2 15.5 5.7 5.7 0.7 2.3 20.4

: Number of Traders in Each Category Total Traders: 322

: 80 95 21 12 22 67 31 40 34 48 61

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SUGAR

General Comments: Futures closed higher in New York and in London. Ideas of slow processing and shipping delays in Brazil had supported prices. Yields were down sharply from last year, so total Sugar production might not be all that strong. Some buying was noted on ideas that the weather in Brazil is not getting better. Demand has been increasing as many Middle Eastern countries get ready for Ramadan. Bears keep pointing to increased supplies around the world and no demand this year from India as reasons to see futures move lower over time. The harvest conditions seem good at this time in Brazil and also in Thailand, and production ideas in both countries are big. However, both countries are said to be behind in shipping Sugar to overseas buyers. Trends remain up, but it is possible that this part of the up move is running out of steam.

Overnight News: Mostly dry conditions are expected in Brazil this weekend, but showers are likely the rest of the week. Temperatures should be near to above normal.

Chart Trends: Trends in New York are up with objectives of 2580 and 2710 October. Support is at 2490, 2460, and 2390 October, and resistance is at 2580, 2670, and 2755 October. Trends in London are up with objectives of 687.00 and 708.00 October. Support is at 656.00, 643.00, and 636.00 October, and resistance is at 678.00, 697.00, and 712.00 October.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 14, 2011

: 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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SUGAR NO. 11 - ICE FUTURES U.S. (CONTRACTS OF 112,000 POUNDS)

CFTC Code #080732 Open Interest is 838,076

: Positions

: 198,879 407,036 145,045 91,873 66,574 153,940 30,168 35,726 28,096 8,971 132,375

: Changes from: June 7, 2011

: -3,815 22,777 3,076 -4,658 3,568 19,520 -4,854 -2,240 -4,860 1,491 6,118

: Percent of Open Interest Represented by Each Category of Trader

: 23.7 48.6 17.3 11.0 7.9 18.4 3.6 4.3 3.4 1.1 15.8

: Number of Traders in Each Category Total Traders: 244

: 57 61 17 12 25 56 15 35 38 35 65

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COCOA

General Comments: Futures were higher in New York and in London Friday on increasing concerns about crop quality in Western Africa and some respite from the selling seen in response to renewed Euro fears. In addition, recent wire service reports have noted that many Ivory Coast farmers refuse to return home, so supplies from there might be smaller than originally thought at the beginning of the market year due to labor problems. Ideas are that the market might have made a temporary low, but for now there is no real reason to buy. Fundamentals have not really changed. Ivory Coast and western African selling pressure remains a feature of the market. Overall ideas are that production there and in the rest of West Africa are improved this year due to the good rains and generally favorable weather patterns. The mid crop is supposed to be big this year in all countries in West Africa and will probably get exported quickly now. Trends are mixed.

Overnight News: Scattered showers and storms are expected in West Africa. Temperatures will average above normal. ICE stocks are higher today and are now about 3.451 million bags. ICE said that deliveries today are 0 contracts and now total 40 contracts for the month.

Chart Trends: Trends in New York are mixed. Support is at 2880, 2870, and 2805 September, with resistance at 2920, 2970, and 3020 September. Trends in London are mixed to down with objectives of 1800 and 1760 September. Support is at 1790, 1760, and 1730 September, with resistance at 1830, 1860, and 1870 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 14, 2011

: 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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COCOA - ICE FUTURES U.S. (CONTRACTS OF 10 METRIC TONS)

CFTC Code #073732 Open Interest is 184,080

: Positions

: 77,019 95,824 20,462 8,533 4,074 33,712 29,639 19,578 4,615 2,886 15,406

: Changes from: June 7, 2011

: -2,625 -873 -597 7 -3,245 3,378 259 3,233 -68 473 964

: Percent of Open Interest Represented by Each Category of Trader

: 41.8 52.1 11.1 4.6 2.2 18.3 16.1 10.6 2.5 1.6 8.4

: Number of Traders in Each Category Total Traders: 184

: 37 38 18 7 13 41 36 23 18 21 24

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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