COTTON

General Comments:  Futures closed lower Friday on speculative selling tied to long liquidation and unease over the deficit talks in Washington and what a bad result could do to the economy.  Traders also remain concerned about demand, and there has been little or no export demand reported by USDA in recent weeks.  Countries like India are still offering Cotton at prices below those seen in the US.  But, supply should become an issue now.  Bad weather in the US is still around, with little rain in the forecast for major growing areas this week.  It is very hot in the Cotton areas of Texas.  No relief from the drought appears likely this week after the tropical storm from last week did little good.

Overnight News:  The Delta and Southeast will be mostly dry or will get a few showers, mostly in the Southeast.  Temperatures will average above to much above normal.  Texas will be mostly dry.  Temperatures will average above to much above normal.  The USDA average spot price is now 104.99 ct/lb.  ICE said that certified Cotton stocks are now 0.013 million bales, from 0.015 million yesterday. USDA said that its weekly world market price for Upland Cotton is now 93.51 ct/lb.  India says it could export another 1.5 million bales of Cotton this year.

Chart Trends:  Trends in Cotton are mixed to up with objectives of 109.00 and 117.00 October.  Support is at 99.00, 95.00, and 94.00 October, with resistance of 104.00, 105.00, and 110.00 October.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 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   236,114                
: Positions                                                                                                    
:   37,792   115,608    47,018    18,165    15,251    37,877     8,122    13,109    17,506     2,360    52,135                                                                                                               
: Changes from:     July 19, 2011                                                                              
:     -653     3,483       427      -237       600     2,040       -46      -329       897       -69     2,265                                                                                                               
: Percent of Open Interest Represented by Each Category of Trader                                              
:     16.0      49.0      19.9       7.7       6.5      16.0       3.4       5.6       7.4       1.0      22.1                                                                                                               
: Number of Traders in Each Category                                  Total Traders:   252                     
:       32        44        19        16        20        67        25        34        56        23        53 
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FCOJ

General Comments:  Futures closed mixed to a little higher again Friday in quiet trading.  Charts show that trends turned up again last week, then failed to hold the uptrend.  A new tropical system is forming in the Atlantic near Trinidad that could move close to Florida in several days.  It is too far away to give any accurate estimates of what could happen, if anything.  Florida for now remains mostly warm and is getting scattered showers.  Brazil is also seeing moderate temperatures and episodes of scattered showers for now. 

Overnight News:  Florida weather forecasts call for scattered showers and storms.  Temperatures will average near to above normal.   

Chart Trends:  Trends in FCOJ are mixed.  Support is at 194.00, 192.00, and 190.00 September, with resistance at 202.00, 205.00, and 208.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 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    46,311                
: Positions                                                                                                    
:    7,289    34,858     4,062     1,931        48    20,827         0       657     1,609       374     6,893                                                                                                               
: Changes from:     July 19, 2011                                                                              
:      238       777        10         0         0       355         0        52        58        34       346                                                                                                               
: Percent of Open Interest Represented by Each Category of Trader                                              
:     15.7      75.3       8.8       4.2       0.1      45.0       0.0       1.4       3.5       0.8      14.9                                                                                                               
: Number of Traders in Each Category                                  Total Traders:   117                     
:       18        22         7         5         .        47         0         .        18        14        18 
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COFFEE 

General Comments:  Futures were a little higher in all markets Friday, with many traders getting out of positions as the deficit talks in Washington drag on.  No one otherwise seems real interested in the coffee market right now.  Brazil is still shipping coffee, but there is not much coming from Central America.  Certified stocks keep dropping, but inventories overall in the US and Europe appear ample.  Europe and the US are now in vacation times and seeing less demand.  Weather remains good in Brazil, with moderate temperatures and mostly dry weather.  Roasters are said to be well covered for now, but will soon start looking for Fall shipments.  Many buyers will need to be back from vacations within the next couple of weeks.  Charts show that a low could be forming in New York.  The current weather forecasts for Brazil call for much cooler weather later this week, but not cold enough to hurt crops.

Overnight News:  Certified stocks are lower today and are about 1.534 million bags.  The ICO composite price is now 198.52 ct/lb.  Brazil should see mostly dry weather, but a few showers are possible in the south.  Temperatures will average near to below normal.

Chart Trends:  Trends in New York are mixed.  Support is at 238.00, 233.00, and 230.00 September, and resistance is at 242.00, 244.00, and 247.00 September.  Trends in London are mixed to down with no objectives.  Support is at 2060, 2020, and 1985 September, and resistance is at 2120, 2150, and 2200 September.  Trends in Sao Paulo are mixed.  Support is at 309.00, 307.00, and 294.00 September, and resistance is at 326.00, 327.00, and 328.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 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   168,512                
: Positions                                                                                                    
:   50,175    68,957    30,370     9,353     8,453    17,450    18,383    10,177     1,111     2,820    42,764                                                                                                               
: Changes from:     July 19, 2011                                                                              
:       45    -4,266      -364       258    -2,111      -888     1,486     2,314        -8       208     2,829                                                                                                               
: Percent of Open Interest Represented by Each Category of Trader                                              
:     29.8      40.9      18.0       5.6       5.0      10.4      10.9       6.0       0.7       1.7      25.4                                                                                                               
: Number of Traders in Each Category                                  Total Traders:   347                     
:       98       101        19        14        18        52        49        54        49        47        75 
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SUGAR                                                            

General Comments:  Futures closed a little lower in New York and in London Friday in follow through liquidation trading.  Traders are waiting for news from Washington before doing too much.  Both markets are seeing the fundamental emphasis change a little bit.  Brazil lost Sugar production potential this year due to poor weather, but this news has been known for quite a while now.  However, production in other parts of the world seems strong.  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.  In fact, India is being asked by its mills to allow more exports, and prices in Thailand have been moving lower.  Demand is said to be falling as buyers are not willing to pay current very high prices. 

Overnight News:  Mostly dry conditions are expected in Brazil.  Temperatures should be near to above normal.  India might allow exports of another 500,000 tons of Sugar this year.

Chart Trends:  Trends in New York are mixed to down with objectives of 2810 October.  Support is at 2930, 2910, and 2820 October, and resistance is at 3000, 3160, and 3190 October.  Trends in London are mixed to down with objectives of 772.00 and 740.00 October.  Support is at 770.00, 768.00, and 744.00 October, and resistance is at 791.00, 796.00, and 815.00 October.

 
Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 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   873,515                
: Positions                                                                                                    
:  133,871   421,226   149,271    82,785    65,418   184,260    17,462    54,975    33,928     6,194   154,957                                                                                                               
: Changes from:     July 19, 2011                                                                              
:   -2,061     8,496     2,771     4,178       634     2,155    -8,972     3,286     1,894      -832    13,629                                                                                                               
: Percent of Open Interest Represented by Each Category of Trader                                              
:     15.3      48.2      17.1       9.5       7.5      21.1       2.0       6.3       3.9       0.7      17.7                                                                                                               
: Number of Traders in Each Category                                  Total Traders:   242                     
:       51        62        17        13        26        63        16        31        30        38        57 
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COCOA                                                                 

General Comments:  Futures were a little lower in New York and in London on what appeared to be speculative selling.  Ideas of good supplies from Western Africa created some selling pressure, but the region is now between harvests so offers are less.  Speculators were the best buyers, and origin remains quiet.  Trends are still down overall on the charts.  For now there is still no real reason to buy except for a temporary shortage as farmers in many countries wait for prices to rally.  Fundamentals have not really changed.  Ivory Coast and western African selling pressure remains a feature of the market. 

Overnight News:  Scattered showers and storms are expected in West Africa.  Temperatures will average above normal.  ICE stocks are lower today and are now about 4.185 million bags. 

Chart Trends:  Trends in New York are mixed to down with objectives of 2950 September.  Support is at 2950, 2920, and 2880 September, with resistance at 3050, 3120, and 3155 September.  Trends in London are down with objectives of 1800and 1760 September.  Support is at 1830, 1825, and 1790 September, with resistance at 1900, 1920, and 1960 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 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   199,527                
: Positions                                                                                                    
:   76,579   110,378    23,803     9,731     5,739    35,434    22,972    23,426     4,561     1,364    18,521                                                                                                               
: Changes from:     July 19, 2011                                                                              
:    4,092        -2        -5      -559     1,528    -4,157      -149     1,642       295      -543      -124                                                                                                               
: Percent of Open Interest Represented by Each Category of Trader                                              
:     38.4      55.3      11.9       4.9       2.9      17.8      11.5      11.7       2.3       0.7       9.3                                                                                                               
: Number of Traders in Each Category                                  Total Traders:   174                     
:       33        40        20         5        11        42        32        28        19        11        25 
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