Softs Report 09/28/2026

COTTON
General Comments: Cotton was lower yesterday after a rally this week based on stressful weather seen recently and disappointment for new demand from China due to the summit now completed. The weekly export sales report released on Thursday showed strong demand. The weather is expected to improve this week with somewhat cooler temperatures and rains, especially in West Texas. USDA last week showed that conditions are now 48% good to excellent. Progress is above average with the crop now 12% harvested and 58% opening bolls. Forecasts and reports of scattered to isolated showers in Cotton areas continue for the Delts, and the Southeast. Temperatures will be warm but not hot in all areas.
Overnight News ICE said that 0 notices were posted for delivery against October futures and that total deliveries for the month are now 14 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 80.40, 79.20, and 77.80 December, with resistance of 84.00, 85.30 and 85.60 December

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 536,741
: Positions :
: 91,732 27,280 172,564 149,700 302,769 103,179 25,161 517,175 527,774: 19,566 8,967
: Changes from: September 15, 2026 (Change in open interest: 8,206) :
: -17,479 -1,256 6,695 15,182 1,751 3,573 1,656 7,972 8,846: 233 -640
: Percent of Open Interest Represented by Each Category of Trader :
: 17.1 5.1 32.2 27.9 56.4 19.2 4.7 96.4 98.3: 3.6 1.7
: Total Traders: 377 Number of Traders in Each Category :
: 174 64 139 76 77 44 21 341 259:
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FCOJ
General Comments: Futures were a little lower yesterday. Prices are still in the middle to upper end of the recent trading range. Showers are showing up in Florida and trees are recovering. The weather for the next crop is seasonal. The weather is considered good for production in Mexico and showers are developing in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 140.00, 137.00, and 135.00 September, with resistance at 156,00 159.00, and 167.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 22, 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 10,774 :
: Positions :
: 1,913 3,133 939 109 245 2,335 3,696 64 1,769 183 1,455 :
: Changes from: September 15, 2026 :
: 45 -198 61 9 33 -219 9 -15 -23 -16 185 :
: Percent of Open Interest Represented by Each Category of Trader :
: 17.8 29.1 8.7 1.0 2.3 21.7 34.3 0.6 16.4 1.7 13.5 :
: Number of Traders in Each Category Total Traders: 57 :
: 10 7 . . . 7 15 4 15 4 8 :
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COFFEE
General Comments: New York and London were both higher yesterday as Brail crops are looking better with good weather. Trends are mixed in New York and in London. Brazil coffee is being offered now in increasing quantities as harvest is almost over despite increased rains. Conditions are called good for next crop development. The next crop is developing in the rest of South America amid scattered to isolated showers. Indonesia is now about done with its harvest. Asian conditions are called good. Other world production conditions are generally good. Mexico is in good condition, but Central America has been dry
Overnight News: The ICO average price is 253.05 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 270.00, 264.00, and 257.00 December, and resistance is at 292.00, 300.00 and 309.00 December. Trends in London are mixed. Support is at 3200, 3140, and 3080 November, with resistance at 3380, 3610, and 3890 November.

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 198,180
: Positions :
: 22,294 28,766 67,711 60,284 88,570 39,866 6,232 190,155 191,279: 8,024 6,901
: Changes from: September 15, 2026 (Change in open interest: 5,882) :
: -759 3,997 2,436 5,299 -1,177 -1,364 137 5,612 5,393: 270 489
: Percent of Open Interest Represented by Each Category of Trader :
: 11.2 14.5 34.2 30.4 44.7 20.1 3.1 96.0 96.5: 4.0 3.5
: Total Traders: 345 Number of Traders in Each Category :
: 65 108 115 102 110 37 19 281 285:
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SUGAR
General Comments: London and New York were lower on speculative selling. Trends are mixed on the daily charts in London and are mixed to up in New York. Drought in Brazil are a major concern. The hot and dry weather was causing losses in Sugar beets production. Refines in the region are producing ethanol at the expense of Sugar.. Indian production is less after hot and dry conditions and production in the rest of Asia could be hurt by El Nino weather. Higher world petroleum prices are supporting higher ethanol prices and could cause less Sugar to be produced.
Overnight News:
Chart Trends: Trends in New York are mixed to up. Support is at 1790, 1750, and 1720 March and resistance is 1930, 1960, and 2020 March. Trends in London are mixed to down. Support is at 476.00, 451.00, and 441.00 December, with resistance at 522.00, 531.00, and 534.00 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 1,394,262
: Positions :
: 249,795 157,180 341,662 330,789 791,724 362,648 48,502 1,284,894 1,339,069: 109,368 55,193
: Changes from: September 15, 2026 (Change in open interest: -71,393) :
: -13,494 -578 -25,351 -16,864 -41,080 -8,365 1,298 -64,074 -65,710: -7,319 -5,682
: Percent of Open Interest Represented by Each Category of Trader :
: 17.9 11.3 24.5 23.7 56.8 26.0 3.5 92.2 96.0: 7.8 4.0
: Total Traders: 306 Number of Traders in Each Category :
: 106 59 99 78 82 43 18 276 213:
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COCOA
General Comments: New York and London were higher yesterday om weather concerns. Daily and weekly trends are down. A big main crop harvest has arrived in West Africa but it has now turned dry for the next crop. Dry conditions in Ivory Coast have created concerns about the prospects for 2026/27 production, although a large global surplus in 2025/26 has ensured that short-term supplies remain ample. Ghana’s cocoa production for the 2025/26 season reached about 771,000 metric tons, above the COCOBOD initial estimate of 650,000 tons, according to a report reviewed by Reuters on Wednesday. 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 but demand has started to increase.
Overnight News:
Chart Trends: Trends in New York are mixed to up. Support is at 5110, 4990, and 4780 December, with resistance at 5880, 6200, and 6440 December. Trends in London are mixed to up. Support is at 4080, 3790, and 3770 December, with resistance at 4300, 4510, and 4620 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 233,275
: Positions :
: 7,763 34,090 80,421 83,284 86,243 50,175 22,708 221,643 223,462: 11,632 9,813
: Changes from: September 15, 2026 (Change in open interest: -9,638) :
: -6,997 -66 -4,876 3,157 -7,343 -566 1,197 -9,283 -11,088: -355 1,450
: Percent of Open Interest Represented by Each Category of Trader :
: 3.3 14.6 34.5 35.7 37.0 21.5 9.7 95.0 95.8: 5.0 4.2
: Total Traders: 205 Number of Traders in Each Category :
: 53 62 88 44 39 29 18 172 170:
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Questions? Ask Jack Scoville today at 312-264-4322