Softs Report 10/05/2026

COTTON
General Comments: Cotton was a little lower last week on harvest progress. The weather is expected to feature somewhat cooler temperatures and rains, especially in West Texas. The rains could create some quality issues with open bolls. The weekly export sales report showed strong demand. USDA last week showed that conditions are now 48% good to excellent. Progress is above average with the crop now 15% harvested and 67% opening bolls. Forecasts and reports of showers in Cotton areas continue for the Delts, and the Southeast. Temperatures will be warm 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 75.50, 74.20, and 73.00 December, with resistance of 82.40, 84.00 and 85.30 December

COT — Supplemental Report – Option and Futures Combined Positions as of September 29, 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 537,908
: Positions :
: 89,274 30,673 164,751 165,001 308,287 100,390 24,170 519,415 527,881: 18,493 10,027
: Changes from: September 22, 2026 (Change in open interest: 1,167) :
: -2,458 3,394 -7,813 15,301 5,518 -2,789 -991 2,241 107: -1,074 1,059
: Percent of Open Interest Represented by Each Category of Trader :
: 16.6 5.7 30.6 30.7 57.3 18.7 4.5 96.6 98.1: 3.4 1.9
: Total Traders: 379 Number of Traders in Each Category :
: 167 72 141 76 77 44 22 335 269:
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FCOJ
General Comments: Futures were lower last week. Price trends started to turn down on the weekly charts. 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 as the rainy season is starting on time.
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 29, 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 10,642 :
: Positions :
: 2,046 3,120 915 239 232 2,206 3,483 46 1,673 227 1,394 :
: Changes from: September 22, 2026 :
: 133 -13 -24 131 -13 -129 -213 -18 -96 44 -61 :
: Percent of Open Interest Represented by Each Category of Trader :
: 19.2 29.3 8.6 2.2 2.2 20.7 32.7 0.4 15.7 2.1 13.1 :
: Number of Traders in Each Category Total Traders: 56 :
: 10 7 . . . 6 15 . 14 5 7 :
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COFFEE
General Comments: New York and London were both higher last week as Brail crops are looking better with good weather and with improving rans but as producers held back on sales due to recent price weakness. Trends are up 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 and the wet season is starting on time. 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 258.31 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 300.00, 309.00 and 317.00 December. Trends in London are mixed to up. Support is at 3200, 3140, and 3080 November, with resistance at 3610, 3890, and 3920 November.

COT — Supplemental Report – Option and Futures Combined Positions as of September 29, 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 197,518
: Positions :
: 23,017 26,510 67,463 59,573 91,004 39,698 5,755 189,751 190,733: 7,768 6,785
: Changes from: September 22, 2026 (Change in open interest: -662) :
: 723 -2,255 -248 -711 2,434 -169 -477 -405 -545: -257 -116
: Percent of Open Interest Represented by Each Category of Trader :
: 11.7 13.4 34.2 30.2 46.1 20.1 2.9 96.1 96.6: 3.9 3.4
: Total Traders: 353 Number of Traders in Each Category :
: 69 109 117 102 112 38 19 288 289:
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SUGAR
General Comments: London was sharply higher on higher last week but New York closed slightly lower. Trends are up in botxh markets. Drought in Brazil was a major concern but rains have returned to center-south regions. Refineries 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 1910, 1840, and 1800 March and resistance is 2020, 2050, and 2080 March. Trends in London are mixed. 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 29, 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 1,354,420
: Positions :
: 251,221 154,844 332,149 302,759 768,150 363,353 50,078 1,249,482 1,305,222: 104,939 49,199
: Changes from: September 22, 2026 (Change in open interest: -39,842) :
: 1,426 -2,336 -9,513 -28,030 -23,574 705 1,576 -35,412 -33,847: -4,429 -5,994
: Percent of Open Interest Represented by Each Category of Trader :
: 18.5 11.4 24.5 22.4 56.7 26.8 3.7 92.3 96.4: 7.7 3.6
: Total Traders: 295 Number of Traders in Each Category :
: 103 60 96 73 76 41 17 263 204:
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COCOA
General Comments: New York and London were both higher last week. Weekly trends are turning up and the charts display a bottoming formation. 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. 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 5060, 4990, and 4780 December, with resistance at 5880, 6200, and 6440 December. Trends in London are mixed to up. Support is at 3790, 3770, and 3730 December, with resistance at 4300, 4510, and 4620 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 29, 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 238,851
: Positions :
: 9,681 35,818 85,205 83,680 86,046 49,448 22,357 228,014 229,426: 10,837 9,425
: Changes from: September 22, 2026 (Change in open interest: 5,576) :
: 1,918 1,728 4,784 395 -197 -727 -351 6,370 5,963: -795 -388
: Percent of Open Interest Represented by Each Category of Trader :
: 4.1 15.0 35.7 35.0 36.0 20.7 9.4 95.5 96.1: 4.5 3.9
: Total Traders: 211 Number of Traders in Each Category :
: 57 66 94 46 40 29 18 181 174:
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Questions? Ask Jack Scoville today at 312-264-4322