Softs Report 07/13/2026

COTTON
General Comments: Cotton was higher last week USDA showed stronger production and unchanged demand for an increase in ending stocks estimates to 45.1 million bales. World supplies were also higher. There are ideas of warm and dry weather keeping the condition low for the crops, but the weather could moderate next week. USDA showed that condition is still well behind year ago levels, with some areas showing improvement and other areas showing deterioration with the crop in thew squaring phase. Progress is about average, with bolls starting to be set and squaring proceeding at a normal pace. Forecasts and reports of scattered showers in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be variable to warm. Trends are mixed on the daily and are up on the weekly charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed. Support is at 75.10, 74.50, and 73.10 December, with resistance of 81.60, 82.20 and 82.80 December.

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 428,610
: Positions :
: 97,142 42,630 127,626 112,324 226,932 76,054 22,082 413,146 419,269: 15,464 9,341
: Changes from: June 23, 2026 (Change in open interest: 3,347) :
: -742 2,998 4,764 3,848 -4,151 -2,484 382 5,386 3,993: -2,039 -646
: Percent of Open Interest Represented by Each Category of Trader :
: 22.7 9.9 29.8 26.2 52.9 17.7 5.2 96.4 97.8: 3.6 2.2
: Total Traders: 355 Number of Traders in Each Category :
: 147 73 109 75 68 42 18 310 223:
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FCOJ
General Comments: Futures were lower last week on follow through selling and trends are still down on the daily and weekly charts. USDA increased us production to 63.a5 million boxes and Florida production to 12.9 million boxes. 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: ICE said that 0 notices were posted for delivery against July futures and that total deliveries for the moth are now 3 contracts.
Chart Trends: Trends in FCOJ are mixed to down. Support is at 140.00, 134.00, and 128.00 September, with resistance at 167,00 174.00, and 176.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 30, 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 9,355 :
: Positions :
: 2,071 3,080 610 163 170 2,686 2,758 80 1,459 429 760 :
: Changes from: June 23, 2026 :
: 121 -126 -41 36 38 334 504 64 -5 71 169 :
: Percent of Open Interest Represented by Each Category of Trader :
: 22.1 32.9 6.5 1.7 1.8 28.7 29.5 0.9 15.6 4.6 8.1 :
: Number of Traders in Each Category Total Traders: 49 :
: 10 7 . . . 8 11 . 12 . 6 :
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COFFEE
General Comments: New York was higher and London was lower last week. The harvest delays in both Brazil and Vietnam continue. The next crop is developing well in South America and Asia amid hot and dry conditions. Other world production conditions are generally good. Mostly dry conditions are being reported in Brazil. Mexico is in good condition, as Central America.
Overnight News: The ICO average price is 306.61 ct/lb. ICE NY said that 70 notices were posted for delivery against July contracts today and that total deliveries for the month are now 276 contracts.
Chart Trends: Trends in New York are mixed. Support is at 300.00, 285.00, and 279.00 September, and resistance is at 350.00, 372.00 and 384.00 September. Trends in London are mixed. Support is at 3680, 3620, and 3560 September, with resistance at 4120, 4180, and 4240 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 234,963
: Positions :
: 35,317 27,168 93,729 58,331 95,789 39,984 10,733 227,361 227,419: 7,602 7,544
: Changes from: June 23, 2026 (Change in open interest: 4,376) :
: 1,535 -3,908 4,827 -2,690 4,988 369 -1,601 4,040 4,307: 336 69
: Percent of Open Interest Represented by Each Category of Trader :
: 15.0 11.6 39.9 24.8 40.8 17.0 4.6 96.8 96.8: 3.2 3.2
: Total Traders: 376 Number of Traders in Each Category :
: 87 116 123 98 110 41 18 305 297:
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SUGAR
General Comments: New York and London were lower last week as drought in Europe and Brail becomes an increasing concern. The hot and dr weather is threatening Sugarbeets production. The Iran war has been paused as both sides signing a memorandum of understanding and continuing negotiations in Geneva. Trends are up 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 up. Support is at 1470, 1440, and 1400 October and resistance is 1540, 1560, and 1590 October. Trends in London are mixed. Support is at 457.00, 454.00, and 448.00 October, with resistance at 490.00, 496.00, and 502.00 October.

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 1,164,400
: Positions :
: 186,788 285,356 255,755 350,106 443,964 287,225 100,876 1,079,873 1,085,951: 84,526 78,448
: Changes from: June 23, 2026 (Change in open interest: 4,555) :
: 38,942 -12,241 -333 -28,792 23,216 -2,418 1,666 7,399 12,308: -2,844 -7,753
: Percent of Open Interest Represented by Each Category of Trader :
: 16.0 24.5 22.0 30.1 38.1 24.7 8.7 92.7 93.3: 7.3 6.7
: Total Traders: 291 Number of Traders in Each Category :
: 94 74 96 72 64 38 19 247 213:
——————————————————————————————————————-

COCOA
General Comments: Both markets closed higher last week. Daily and weekly trends are up. 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: ICE NY said that 0 notices were posted for delivery against July futures and that total deliveries for the month are now 3417 contracts.
Chart Trends: Trends in New York are up. Support is at 5240, 5180, and 4860 September, with resistance at 6240, 6300, and 6360 September. Trends in London are up. Support is at 3800, 3660, and 3540 September, with resistance at 4650, 4710, and 4770 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 243,087
: Positions :
: 23,098 47,893 83,413 74,286 88,042 51,300 14,108 232,096 233,456: 10,991 9,632
: Changes from: June 23, 2026 (Change in open interest: 11,806) :
: -717 -4,937 9,586 3,056 7,804 -642 -1,177 11,283 11,275: 523 531
: Percent of Open Interest Represented by Each Category of Trader :
: 9.5 19.7 34.3 30.6 36.2 21.1 5.8 95.5 96.0: 4.5 4.0
: Total Traders: 224 Number of Traders in Each Category :
: 59 73 89 42 40 32 18 191 169:
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Questions? Ask Jack Scoville today at 312-264-4322