Softs Report 10/12/2026

COTTON
General Comments: Cotton was higher last week on the potential for damage to crops and crop losses in the Delta from the hurricane seen over the weekend. The rains could create some quality issues with open bolls. A hurricane could hit southern areas late today with some very heavy rains. USDA last week showed that conditions are now 33% good to excellent. Progress shows that the crop now 23% harvested and 74% opening bolls. Forecasts and reports of showers in Cotton areas continue for the Delts, and the Southeast. Temperatures will be warm in all areas. The USDA reports released on Friday showed production of 13.442 billion bales and a yield estimate of 790 pounds per acre. Ending stocks were estimated at 380 million bales, up from 260 million last moth. World data showed ending stocks of 70 68 million baled, up from 69.86 million last month.
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 October 06, 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 528,250
: Positions :
: 86,944 25,152 159,800 167,599 308,916 96,087 24,470 510,432 518,339: 17,818 9,911
: Changes from: September 29, 2026 (Change in open interest: -9,658) :
: -2,330 -5,521 -4,950 2,598 629 -4,302 300 -8,984 -9,543: -675 -116
: Percent of Open Interest Represented by Each Category of Trader :
: 16.5 4.8 30.3 31.7 58.5 18.2 4.6 96.6 98.1: 3.4 1.9
: Total Traders: 368 Number of Traders in Each Category :
: 166 67 137 75 77 41 17 334 252:
——————————————————————————————————————-

FCOJ
General Comments: Futures were a little higher last week. Price trends are mixed on the daily charts. USDA said that the US oranges production is now estimated at 61.7 million boxes down from 63.5 million last year. Florida production was estimated at 10.0 million boxes, from 13 million last year. 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 137.00, 135.00, and 132.00 September, with resistance at 156,00 159.00, and 167.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 6, 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 11,254 :
: Positions :
: 2,429 3,270 960 160 259 2,193 3,434 32 1,698 536 1,655 :
: Changes from: September 29, 2026 :
: 383 150 45 -79 27 -13 -49 -14 25 309 261 :
: Percent of Open Interest Represented by Each Category of Trader :
: 21.6 29.1 8.5 1.4 2.3 19.5 30.5 0.3 15.1 4.8 14.7 :
: Number of Traders in Each Category Total Traders: 58 :
: 9 8 . . . 7 14 . 15 7 7 :
—————————————————————————————————————-

COFFEE
General Comments: New York and London were both lower last week as Brazil is still selling and exporting. Brazil crops are looking better with rains but producers are holding back on sales due to recent price weakness. Trends are still up in New York and are mixed in London. The Brazil harvest is almost over despite increased rains. Conditions are called good for next crop development and the wet season is starting on time. Arabica has been boosted near term by quality concerns owing to excess El Nino-linked rains in Brazil, and worries the weather pattern might cause dryness ahead. 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. Premiums are now at or near record highs in Central America due t the drought. Vietnam exported 1.45 million metric tons of coffee in the first nine months of 2026, up 16.2%.
Overnight News: The ICO average price is 258.53 ct/lb.
Chart Trends: Trends in New York are mixed to up. Support is at 291.00, 284.00, and 278.00 December, and resistance is at 309.00, 317.00 and 329.00 December. Trends in London are mixed. Support is at 3340, 3260, and 3150 November, with resistance at 3670, 3890, and 3920 November.

COT — Supplemental Report – Option and Futures Combined Positions as of October 06, 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 208,283
: Positions :
: 25,008 26,168 73,920 61,030 95,551 40,332 5,816 200,290 201,454: 7,993 6,829
: Changes from: September 29, 2026 (Change in open interest: 10,765) :
: 1,991 -342 6,457 1,457 4,546 635 60 10,539 10,721: 226 44
: Percent of Open Interest Represented by Each Category of Trader :
: 12.0 12.6 35.5 29.3 45.9 19.4 2.8 96.2 96.7: 3.8 3.3
: Total Traders: 361 Number of Traders in Each Category :
: 80 105 122 101 112 37 17 296 293:
——————————————————————————————————————-

SUGAR
General Comments: New York and London were higher last week. Trends are mixed on the daily charts in both markets as both markets showed reversal action on Thursday. 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. Brazilian production dropped 41.6% in the first half of September due to excess rains.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1990, 1910, and 1840 March and resistance is 2130, 2140, and 2170 March. Trends in London are mixed. Support is at 532.00, 517.00, and 510.00 December, with resistance at 567.00, 573.00, and 580.00 December.

COT — Supplemental Report – Option and Futures Combined Positions as of October 06, 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 1,470,323
: Positions :
: 302,389 150,645 385,343 296,823 827,417 374,814 56,778 1,359,369 1,420,184: 110,954 50,139
: Changes from: September 29, 2026 (Change in open interest: 115,903) :
: 51,168 -4,198 53,194 -5,935 59,267 11,461 6,700 109,887 114,963: 6,016 940
: Percent of Open Interest Represented by Each Category of Trader :
: 20.6 10.2 26.2 20.2 56.3 25.5 3.9 92.5 96.6: 7.5 3.4
: Total Traders: 307 Number of Traders in Each Category :
: 114 57 101 73 79 43 17 274 212:
——————————————————————————————————————-

COCOA
General Comments: New York and London were both little changed last week. Weekly trends are mixed. 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. Ivory Coast’s main crop is seen falling around 17% this season, according to a Reuters survey, while Ivorian farmers said that poor rainfall risks bringing the September-to-February main crop to an early end. 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. Cocoa arrivals at Ivorian ports stood at 18,000 metric tons in the week to October 4, bringing the total since the 2025/26 season start to 54,500 tons.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 5060, 4990, and 4780 December, with resistance at 6030, 6440, and 6670 December. Trends in London are mixed. Support is at 4060, 3790, and 3770 December, with resistance at 4510, 4620, and 4690 December.

COT — Supplemental Report – Option and Futures Combined Positions as of October 06, 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 242,815
: Positions :
: 9,821 34,460 85,641 86,981 92,307 49,472 20,679 231,914 233,087: 10,900 9,728
: Changes from: September 29, 2026 (Change in open interest: 3,964) :
: 140 -1,358 436 3,301 6,261 24 -1,678 3,901 3,661: 63 303
: Percent of Open Interest Represented by Each Category of Trader :
: 4.0 14.2 35.3 35.8 38.0 20.4 8.5 95.5 96.0: 4.5 4.0
: Total Traders: 209 Number of Traders in Each Category :
: 56 68 92 44 38 29 18 180 169:
——————————————————————————————————————-

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