Softs Report 02/23/2026

COTTON
General Comments: Cotton was higher last week, with much of the rally coming on Friday due to the US Supreme Court rejecting the Trump tariffs. No tariffs give producers more space on inputs and on export sales. There are still demand concerns moving forward on weak world economy ideas led by the US weakened economy and demands in world forums. However, crude oil futures were stronger and kept polyester price higher than cotton. Overseas production in places like India and Brazil are expected to be high. The USDA Outlook Forum showed that planted area for Cotton is estimated at 9.4 million acres with total production estimated at 13.6 million bales. Trends turned up on the daily charts with the price action on Friday.
Chart Trends: Trends in Cotton are up. Support is at 61.90, 61.60, and 60.60 March, with resistance of 63.70, 64.40 and 64.90 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
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COTTON NO. 2 – ICE FUTURES U.S.
CFTC Code #033661 Open Interest is 391,403
: Positions :
: 65,403 140,833 92,425 128,179 115,767 88,030 27,323 374,038 376,348: 17,365 15,055
: Changes from: February 10, 2026 (Change in open interest: -21,141) :
: -58 3,594 -9,307 -14,626 -14,887 3,327 36 -20,664 -20,563: -476 -577
: Percent of Open Interest Represented by Each Category of Trader :
: 16.7 36.0 23.6 32.7 29.6 22.5 7.0 95.6 96.2: 4.4 3.8
: Total Traders: 397 Number of Traders in Each Category :
: 107 151 118 79 57 38 25 304 280:
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FCOJ
General Comments: Futures were lower last week after big selling seen on Thursday and Friday. The Florida harvest is active but starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry. March was lower in liquidation trading before First Notice Day at the beginning of next month. Weather for the next crop was very cold in January and into early February and some damage to trees and fruit was expected. The frozen fruit is often harvested and sent to processors for juice and this fact helped to turn trends down on the weekly charts last week. The weather now looks warmer and any danger of a freeze event is passing by. Chart trends are mixed or up on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are reported in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to down. Support is at 163.00, 153.00, and 151.00 March, with resistance at 201.00, 211.00, and 220.00 Marzo.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 17, 2026
: 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 9,982 :
: Positions :
: 2,572 3,923 367 73 168 1,739 2,231 281 1,783 461 1,249 :
: Changes from: February 10, 2026 :
: 60 -492 57 -55 43 -24 70 55 -74 102 -387 :
: Percent of Open Interest Represented by Each Category of Trader :
: 25.8 39.3 3.7 0.7 1.7 17.4 22.3 2.8 17.9 4.6 12.5 :
: Number of Traders in Each Category Total Traders: 48 :
: 12 9 . . . 6 12 5 7 5 6 :
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COFFEE
General Comments: Both markets closed lower last week as good weather for growing and harvesting continues to be seen in Brazil and Vietnam. Production ideas are high in both countries. The trends are mixed in New York and mixed in London on the daily charts. There are still reports of harvest sales from Vietnam as the new harvest is active. There are reports of very good conditions in Brazil and a large crop is forecast. Brazil producers have stopped selling due to the recent fall in prices. Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. Vietnam has scattered showers lately and conditions there are called good. Vietnamese producers are selling new crop Coffee.
Overnight News: The ICO average price is 263.92 ct/lb. ICE NY said that 6 notices were posted for delivery against March futures and that total deliveries for the month are now 581 contracts.
Chart Trends: Trends in New York are down. Support is at 281.00, 276.00, and 270.00 May, and resistance is at 291.00, 296.00 and 306.00 May. Trends in London are down. Support is at 3550, 3490, and 3430 May, with resistance at 3730, 3780, and 3890 May.

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: 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 192,439
: Positions :
: 30,934 28,671 62,703 52,376 83,077 38,507 9,692 184,520 184,142: 7,919 8,296
: Changes from: February 10, 2026 (Change in open interest: -33,676) :
: 640 1,243 -16,846 -14,927 -18,173 -1,525 307 -32,658 -33,469: -1,017 -206
: Percent of Open Interest Represented by Each Category of Trader :
: 16.1 14.9 32.6 27.2 43.2 20.0 5.0 95.9 95.7: 4.1 4.3
: Total Traders: 361 Number of Traders in Each Category :
: 77 118 120 90 103 43 18 287 289:
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SUGAR
General Comments: New York and London were higher last week and trends are now mixed on the daily charts. There are good supplies for the market from good growing conditions for cane and beets around the world. The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increase supplies especially for White Sugar while global consumption is expected to remain steady.
Overnight
Chart Trends: Trends in New York are mixed to up. Support is at 1340, 1310, and 1280 May and resistance is at 1450, 1470, and 1490 May. Trends in London are mixed. Support is at 394.00, 391.00, and 388.00 May, with resistance at 410.00, 416.00, and 422.00 May.

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: 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 1,247,362
: Positions :
: 93,797 348,911 292,188 458,699 401,965 317,345 108,256 1,162,029 1,151,319: 85,333 96,043
: Changes from: February 10, 2026 (Change in open interest: -40,686) :
: 3,376 28,928 -25,559 -11,205 -23,768 -3,543 -5,359 -36,930 -25,758: -3,756 -14,927
: Percent of Open Interest Represented by Each Category of Trader :
: 7.5 28.0 23.4 36.8 32.2 25.4 8.7 93.2 92.3: 6.8 7.7
: Total Traders: 274 Number of Traders in Each Category :
: 64 91 95 69 65 37 19 225 218:
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COCOA
General Comments: New York and London closed lower last week on speculative selling. Some producer selling in Ivory Coast was also noted. Short term trends are down in both markets and Ghana announced it was cutting the farmgate price paid to farmers in an effort to increase sales. A big main crop harvest has arrived in West Africa and rains have been positive for the next crop. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market feels that there is less demand due to the high prices seen last year and the lack of demand is expected to continue. Weak demand has led to a build-up on unsold supplies in both Ivory Coast and Ghana, while the prospect of another global surplus in 2026/27 are real. Cocoa demand has fallen sharply after prices nearly tripled in 2024, prompting chocolate makers to reformulate ingredients and shrink the size of their bars.
Overnight News: ICE NY said that 234 notices were posted for de3livery against March futures and that total deliveries for the month are now 234 contracts.
Chart Trends: Trends in New York are down. Support is at 2880, 2740, and 2620 March, with resistance at 3930, 4210, and 4400 March. Trends in London are down. Support is at 2120, 2060, and 2000 March, with resistance at 2730, 2970, and 3150 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: 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 215,270
: Positions :
: 13,698 38,241 82,041 60,989 73,032 46,751 10,692 203,478 204,005: 11,792 11,265
: Changes from: February 10, 2026 (Change in open interest: -24,302) :
: 1,365 -1,001 -13,756 -8,491 -8,220 -3,456 -2,401 -24,337 -25,379: 35 1,076
: Percent of Open Interest Represented by Each Category of Trader :
: 6.4 17.8 38.1 28.3 33.9 21.7 5.0 94.5 94.8: 5.5 5.2
: Total Traders: 204 Number of Traders in Each Category :
: 47 71 76 37 36 34 20 165 160:
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Questions? Ask Jack Scoville today at 312-264-4322