Softs Report 10/26/2026

COTTON
General Comments: Cotton was higher last week in part on strength in Crude Oil futures and despite increasing harvest progress. The harvest is active amid good conditions. USDA last week showed that conditions are now 35% good to excellent. Progress shows that the crop was 41% harvested and 85% opening bolls. Forecasts and reports of dry conditions in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be warm in all areas.
Overnight News
Chart Trends: Trends in Cotton are mixed to up. Support is at 79.30, 77.10, and 75.50 December, with resistance of 82.40, 84.00 and 85.30 December

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
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COTTON NO. 2 – ICE FUTURES U.S.
CFTC Code #033661 Open Interest is 532,521
: Positions :
: 88,737 26,835 162,560 168,098 307,857 96,535 25,614 515,931 522,865: 16,590 9,656
: Changes from: October 13, 2026 (Change in open interest: -9,930) :
: 5,458 2,867 -10,232 -2,846 -2,661 -974 534 -8,594 -9,492: -1,335 -438
: Percent of Open Interest Represented by Each Category of Trader :
: 16.7 5.0 30.5 31.6 57.8 18.1 4.8 96.9 98.2: 3.1 1.8
: Total Traders: 365 Number of Traders in Each Category :
: 157 72 144 79 80 41 17 335 261:
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FCOJ
General Comments: Futures were a little lower last week and remain in a range. Price trends are mixed to up 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 to up. Support is at 137.00, 135.00, and 132.00 September, with resistance at 152,00 156.00, and 159.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 20, 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 10,338 :
: Positions :
: 1,972 2,830 933 106 61 2,258 3,293 168 1,517 624 1,025 :
: Changes from: October 13, 2026 :
: -475 -331 3 -50 -91 140 2 122 -192 29 -677 :
: Percent of Open Interest Represented by Each Category of Trader :
: 19.1 27.4 9.0 1.0 0.6 21.8 31.9 1.6 14.7 6.0 9.9 :
: Number of Traders in Each Category Total Traders: 57 :
: 9 4 . . . 7 14 . 17 6 7 :
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COFFEE
General Comments: New York closed higher and London was lower last week as Brazil is selling and exporting, but less than before. Selling was also noted in Asia. Trends are down in London on the daily charts and are mixed to up in New York. Brazil crops are looking better with rains but producers are holding back on sales due to recent price weakness. 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 to the drought.
Overnight News: The ICO average price is 264.05 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 291.00, 284.00, and 278.00 December, and resistance is at 318.00, 322.00 and 329.00 December. Trends in London are mixed. Support is at 3230, 3150, and 3090 November, with resistance at 3670, 3890, and 3920 November.

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 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 211,540
: Positions :
: 26,848 24,104 76,898 58,426 97,650 41,263 6,308 203,434 204,960: 8,106 6,580
: Changes from: October 13, 2026 (Change in open interest: 10,456) :
: 2,842 -3,598 7,562 -1,253 6,480 861 424 10,011 10,868: 444 -412
: Percent of Open Interest Represented by Each Category of Trader :
: 12.7 11.4 36.4 27.6 46.2 19.5 3.0 96.2 96.9: 3.8 3.1
: Total Traders: 360 Number of Traders in Each Category :
: 91 94 129 101 115 37 18 305 292:
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SUGAR
General Comments: New York and London were lower last week although New York showed a rally on the weekly continuation charts for some reason. Trends are down in both 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. 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 to down. Support is at 1990, 1910, and 1840 March and resistance is 2130, 2140, and 2170 March. Trends in London are mixed to down. 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 20, 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 1,522,086
: Positions :
: 314,113 151,265 413,950 301,111 849,533 382,012 55,015 1,411,187 1,469,763: 110,899 52,323
: Changes from: October 13, 2026 (Change in open interest: 12,764) :
: -2,379 2,594 6,095 5,658 4,271 1,736 -4,194 11,110 8,765: 1,654 3,999
: Percent of Open Interest Represented by Each Category of Trader :
: 20.6 9.9 27.2 19.8 55.8 25.1 3.6 92.7 96.6: 7.3 3.4
: Total Traders: 312 Number of Traders in Each Category :
: 127 50 101 72 79 43 18 278 214:
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COCOA
General Comments: New York and London both closed a little lower last week. Daily trends are turning 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. 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 23,000 metric tons in the week, down 52% from last year.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 5430, 5050, and 4990 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 20, 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 237,151
: Positions :
: 9,513 30,898 80,453 85,832 96,880 49,830 19,200 225,628 227,430: 11,523 9,721
: Changes from: October 13, 2026 (Change in open interest: -2,811) :
: -344 -3,391 -1,135 -2,792 851 828 230 -3,442 -3,445: 631 634
: Percent of Open Interest Represented by Each Category of Trader :
: 4.0 13.0 33.9 36.2 40.9 21.0 8.1 95.1 95.9: 4.9 4.1
: Total Traders: 209 Number of Traders in Each Category :
: 58 64 90 45 39 31 19 181 169:
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Questions? Ask Jack Scoville today at 312-264-4322