Softs Report 06/01/2026

COTTON
General Comments: Cotton was lower last week along with most commodities markets on news that a potential MOU with Iran only was waiting on President Trump to approve it and on improving weather for Cotton growing areas of the US. USDA showed that planting progress and emergence were running ahead of normal last week and the weather has improved with increased precipitation for all areas, but mostly the Delta and Southeast. Forecasts and reports of scattered showers in Cotton areas continue for Texas. Temperatures will be variable. Trends are mixed to down on the daily and weekly charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed to down. Support is at 74.80, 74.00, and 73.40 July, with resistance of 80.00, 81.70 and 83.90 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 26, 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 501,880
: Positions :
: 103,018 34,847 168,926 126,129 261,540 83,097 25,783 481,171 491,096: 20,710 10,784
: Changes from: May 19, 2026 (Change in open interest: -1,277) :
: 519 1,662 1,324 -791 -5,224 -1,526 160 -474 -2,078: -802 801
: Percent of Open Interest Represented by Each Category of Trader :
: 20.5 6.9 33.7 25.1 52.1 16.6 5.1 95.9 97.9: 4.1 2.1
: Total Traders: 365 Number of Traders in Each Category :
: 176 61 130 69 70 42 22 323 247:
——————————————————————————————————————-

FCOJ
General Comments: Futures were lower last week and trends are still mixed on the weekly charts and on the daily charts. The market firmed along with most commodities markets on news that a potential MOU with Iran only was waiting on President Trump to approve it. It is still dry in Florida. The weather for the next crop is dry but seasonal and some rains are now being reported. The weather is considered good for production in Mexico but it is dry in Brazil. Scattered showers are still reported in eastern Brazil but many areas are drying out seasonally.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 161.00, 154.00, and 148.00 July, with resistance at 180,00 186.00, and 198.00 July

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 26, 2026
: 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 8,680 :
: Positions :
: 1,873 3,767 679 0 81 2,352 2,004 0 1,457 322 729 :
: Changes from: May 19, 2026 :
: -153 -194 70 -11 -63 -181 -29 -1 12 -102 -104 :
: Percent of Open Interest Represented by Each Category of Trader :
: 21.6 43.4 7.8 0.0 0.9 27.1 23.1 0.0 16.8 3.7 8.4 :
: Number of Traders in Each Category Total Traders: 47 :
: 9 8 4 0 . 6 10 0 10 . 6 :
—————————————————————————————————————-

COFFEE
General Comments: New York and London were lower last week along with most commodities markets on news that a potential MOU with Iran only was waiting on President Trump to approve it. The US disputes that an MOU exists but has said that both sides are very close to a deal. The next crop is developing well in South America and Asia amid good conditions. World production conditions are generally good. Mostly dry conditions are being reported now in Brazil. Mexico is in good condition, as Central America. Vietnam has had drier weather and conditions there are called good. Some showers are starting to appear there.
Overnight News: The ICO average price is 245.29 ct/lb.
Chart Trends: Trends in New York are mixed to down. Support is at 265.00, 260.00, and 254.00 July, and resistance is at 286.00, 397.00 and 306.00 July. Trends in London are mixed. Support is at 3250, 3180, and 3120 July, with resistance at 3610, 3650, and 3680 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 26, 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 235,416
: Positions :
: 37,241 28,825 86,729 64,868 99,439 38,287 12,093 227,126 227,087: 8,290 8,330
: Changes from: May 19, 2026 (Change in open interest: 582) :
: -821 -683 -470 1,331 1,913 736 701 777 1,461: -195 -879
: Percent of Open Interest Represented by Each Category of Trader :
: 15.8 12.2 36.8 27.6 42.2 16.3 5.1 96.5 96.5: 3.5 3.5
: Total Traders: 369 Number of Traders in Each Category :
: 70 138 126 93 100 39 24 289 306:
——————————————————————————————————————-

SUGAR
General Comments: New York and London were lower. The Iran war drags on and the strait of Hormuz remains closed but there was news that a potential MOU with Iran only was waiting on President Trump to approve it.. 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. Drier weather in parts of Brazil and India have been good for the harvest.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 1370, 1340, and 1310 July and resistance is 1550, 1570, and 1600 July. Trends in London are mixed. Support is at 404.00, 398.00, and 392.00 August, with resistance at 457.00, 468.00, and 474.00 August.

COT — Supplemental Report – Option and Futures Combined Positions as of May 26, 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 1,182,651
: Positions :
: 136,822 253,966 272,901 345,695 483,181 340,147 91,122 1,095,564 1,101,170: 87,087 81,481
: Changes from: May 19, 2026 (Change in open interest: -5,149) :
: -10,121 2,910 21 5,284 -5,404 6,746 -2,335 1,930 -4,808: -7,079 -342
: Percent of Open Interest Represented by Each Category of Trader :
: 11.6 21.5 23.1 29.2 40.9 28.8 7.7 92.6 93.1: 7.4 6.9
: Total Traders: 305 Number of Traders in Each Category :
: 94 79 95 78 71 42 22 273 211:
——————————————————————————————————————-

COCOA
General Comments: Both markets were a little higher last week despite news that a potential MOU with Iran only was waiting on President Trump to approve it. The US has said that no MOU is ready but is very close. Daily trends are mixed to up 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.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 3830, 3650, and 3490 July, with resistance at 4460, 4780, and 5130 July. Trends in London are mixed. Support is at 2750, 2710, and 2500 July, with resistance at 3350, 3550, and 3690 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 26, 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 258,176
: Positions :
: 24,852 51,391 86,725 78,228 93,812 57,409 16,421 247,213 248,349: 10,963 9,827
: Changes from: May 19, 2026 (Change in open interest: 11,365) :
: 296 1,670 6,127 3,083 2,908 2,052 1,065 11,558 11,770: -193 -405
: Percent of Open Interest Represented by Each Category of Trader :
: 9.6 19.9 33.6 30.3 36.3 22.2 6.4 95.8 96.2: 4.2 3.8
: Total Traders: 227 Number of Traders in Each Category :
: 56 78 88 46 38 32 20 193 174:
——————————————————————————————————————-

Questions? Ask Jack Scoville today at 312-264-4322