Softs Report 03/30/2026

COTTON
General Comments: Cotton was higher last week as the war with Iran continues but is not going well or getting better for the US and as the weather remains s problem for producers, Some buying came in ideas of reduced planted ae ideas as costs have gone op a lot foo producers, President Trump said this week that the US and Iran were talking and that the US would refrain from ramping up attacks this week. Iean has denied that talks are happening. The pause has been extended for two weeks by the US. The market is worried about the weather that remains hot and dry in US Cotton areas, mostly from Texas to the west. Much of the demand for Cotton comes from the Middle East and Southeast Asia and the costs of production have increased dramatically because of the war. The war is also increasing the costs for producing polyester products. Much of the rest of the demand comes from China and Southeast Asia. Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields. Trends are mixed on the daily charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed to down. Support is at 66.40, 65.-0, and 63.80 May, with resistance of 69.40, 70.00 and 70.60 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 2026
: 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 416,388
: Positions :
: 93,230 86,093 107,946 117,123 180,346 76,618 29,752 394,917 404,137: 21,471 12,250
: Changes from: March 17, 2026 (Change in open interest: -10,670) :
: -11,242 -14,817 7,382 -3,821 -2,257 -2,983 -1,629 -10,664 -11,321: -6 651
: Percent of Open Interest Represented by Each Category of Trader :
: 22.4 20.7 25.9 28.1 43.3 18.4 7.1 94.8 97.1: 5.2 2.9
: Total Traders: 395 Number of Traders in Each Category :
: 162 106 127 73 59 37 26 333 260:
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FCOJ
General Comments: Futures were lower last week on weather concerns Trends are mixed on the daily charts. The Florida harvest is about over and the conditions are mostly dry although isolated showers are now being reported. The weather for the next crop is dry but seasonal and some rains are starting to appear. Chart trends are mixed on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are still reported in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are down. Support is at 156.00, 150.00, and 14400 May, with resistance at 193,00 202.00, and 207.00 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 24, 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 9,529 :
: Positions :
: 2,170 4,349 444 216 60 2,505 1,927 221 1,324 195 1,105 :
: Changes from: March 17, 2026 :
: 287 -421 107 149 -23 -186 134 68 37 158 176 :
: Percent of Open Interest Represented by Each Category of Trader :
: 22.8 45.6 4.7 2.3 0.6 26.3 20.2 2.3 13.9 2.0 11.6 :
: Number of Traders in Each Category Total Traders: 44 :
: 9 8 . . . 5 9 5 9 . 7 :
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COFFEE
General Comments: New York and London were lower last week and both markets closed near the lows od the week. There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran. Brazil said exports might not improve that much in March due to shipping costs and concerns. 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. World production conditions are generally good. 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. Producers there hace stopped selling and exporters are now sourcing beans from Indonesia and Brazil
Overnight News: The ICO average price is 273.69 ct/lb.
Chart Trends: Trends in New York are mixed to up. Support is at 301.00, 295.00, and 288.00 May, and resistance is at 325.00, 347.00 and 354.00 May. Trends in London are mixed. Support is at 3500, 3400, and 3340 May, with resistance at 3690, 3740, and 3840 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 217,788
: Positions :
: 34,838 18,897 78,795 56,962 100,673 37,141 10,017 207,737 208,382: 10,051 9,406
: Changes from: March 17, 2026 (Change in open interest: 7,119) :
: 1,949 -3,391 5,699 -2,229 4,151 -72 -727 5,347 5,731: 1,771 1,387
: Percent of Open Interest Represented by Each Category of Trader :
: 16.0 8.7 36.2 26.2 46.2 17.1 4.6 95.4 95.7: 4.6 4.3
: Total Traders: 357 Number of Traders in Each Category :
: 82 111 132 91 107 40 18 297 290:

SUGAR
General Comments: New York was lower and London was higher in reaction to price action in petroleum futures caused in part to statements by President Trump indicating that the US and Iran are talking. Iran gas denied that there are talks and even if the war ends soon analysts expect a long time for recovery of infrastructure in the Middle East. The US is now pausing new strikes on Iean to help the talks along. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. Trends are mixed on the daily charts in both markets. 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 but a rise in production in India and Thailand being offset by the war *NICA saif on Friday that the sugarcane harvest for the first half of March was 1.31 million tons, down 30$ from last year. Sugar produced was just 6,000 tons, down 89% from last yesr. Ethanol produced was 460 million liters, up 4% from las year.
Overnight News:
Chart Trends: Trends in New York are up. Support is at 1410, 1360, and 1330 May and resistance is 1600, 1660, and 1720 May. Trends in London are mixed. Support is at 440.00, 433.00, and 425.00 May, with resistance at 464.00, 470.00, and 476.00 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 1,155,009
: Positions :
: 128,725 254,874 275,095 346,781 482,497 307,048 68,241 1,057,649 1,080,707: 97,360 74,302
: Changes from: March 17, 2026 (Change in open interest: -18,298) :
: 16,271 -74,015 -1,139 -40,590 93,532 -253 -31,663 -25,710 -13,285: 7,412 -5,013
: Percent of Open Interest Represented by Each Category of Trader :
: 11.1 22.1 23.8 30.0 41.8 26.6 5.9 91.6 93.6: 8.4 6.4
: Total Traders: 282 Number of Traders in Each Category :
: 81 75 88 72 71 37 21 241 206:
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COCOA
General Comments: New York and London closed a little lower last week. Short term trends are mixed in both markets. 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:
Chart Trends: Trends in New York are mixed. Support is at 2740, 2620, and 2500 May, with resistance at 3860, 4330, and 4400 May. Trends in London are down. Support is at 2000, 1940, and 1880 May, with resistance at 2670, 2970, and 3050 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 251,484
: Positions :
: 17,499 49,702 95,466 76,558 84,094 51,565 12,428 241,088 241,689: 10,396 9,795
: :
: Changes from: March 17, 2026 (Change in open interest: 5,295) :
: 1,504 2,300 477 2,975 866 1,158 2,341 6,114 5,984: -819 -689
: :
: Percent of Open Interest Represented by Each Category of Trader :
: 7.0 19.8 38.0 30.4 33.4 20.5 4.9 95.9 96.1: 4.1 3.9
: :
: Total Traders: 222 Number of Traders in Each Category :
: 60 76 88 40 35 34 22 180 178:
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Questions? Ask Jack Scoville today at 312-264-4322