Softs Report 11/02/2026

COTTON
General Comments: Cotton was lower last week on increasing harvest progress. The weekly charts shows a down move has begun. The harvest is active amid good conditions. USDA last week showed that conditions are now 33% good to excellent. Progress shows that the crop was 52% harvested and 89% 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. Support is at 77.10, 75.50, and 74.80 December, with resistance of 82.40, 84.00 and 85.30 December

COT — Supplemental Report – Option and Futures Combined Positions as of October 27, 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 525,208
: Positions :
: 83,851 32,821 161,506 175,325 294,439 89,374 25,271 510,056 514,038: 15,152 11,170
: Changes from: October 20, 2026 (Change in open interest: -7,314) :
: -4,885 5,987 -1,054 7,226 -13,418 -7,162 -342 -5,875 -8,828: -1,439 1,514
: Percent of Open Interest Represented by Each Category of Trader :
: 16.0 6.2 30.8 33.4 56.1 17.0 4.8 97.1 97.9: 2.9 2.1
: Total Traders: 366 Number of Traders in Each Category :
: 158 73 140 81 79 39 17 327 266:
——————————————————————————————————————-

FCOJ
General Comments: Futures were lower last week and trends are down on the daily and weekly 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. Isolated showers are showing up in Florida and trees are suffering from drought. The weather is considered good for production in Mexico and showers and rains are featured in Brazil as the rainy season is here.
Overnight News: ICE said that 0 notices were posted for delivery against November futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed to down. Support is at 128.00, 122.00, and 115.00 January, with resistance at 143,00 149.00, and 151.00 January.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 27, 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 10,174 :
: Positions :
: 2,059 2,738 997 80 60 2,295 3,594 46 1,367 806 1,017 :
: Changes from: October 20, 2026 :
: 87 -92 64 -26 -2 37 301 -122 -150 181 -8 :
: Percent of Open Interest Represented by Each Category of Trader :
: 20.2 26.9 9.8 0.8 0.6 22.6 35.3 0.5 13.4 7.9 10.0 :
: Number of Traders in Each Category Total Traders: 55 :
: 10 5 . . . 6 15 4 13 7 6 :
—————————————————————————————————————-

COFFEE
General Comments: New York and London were lower last week. Trends are down in London on the daily and weekly charts and are down on the daily charts and mixed on the weekly charts in New York. Brail conditions are called good for next crop development, and the wet season is here. 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 to poor, with Indonesia too dry and drier conditions developing in Vietnam. 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 254.54 ct/lb.
Chart Trends: Trends in New York are down. Support is at 281.00, 278.00, and 270.00 December, and resistance is at 310.00, 318.00 and 322.00 December. Trends in London are down. Support is at 3140, 3080, and 3020 January, with resistance at 3310, 3360, and 3430 January.

COT — Supplemental Report – Option and Futures Combined Positions as of October 27, 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 218,699
: Positions :
: 25,339 26,358 84,432 59,644 94,699 41,320 6,422 210,736 211,912: 7,964 6,787
: Changes from: October 20, 2026 (Change in open interest: 7,159) :
: -1,509 2,253 7,535 1,219 -2,950 57 114 7,301 6,951: -143 207
: Percent of Open Interest Represented by Each Category of Trader :
: 11.6 12.1 38.6 27.3 43.3 18.9 2.9 96.4 96.9: 3.6 3.1
: Total Traders: 364 Number of Traders in Each Category :
: 88 101 133 102 115 37 18 308 300:
——————————————————————————————————————-

SUGAR
General Comments: New York and London were higher again yesterday. Trends are down in both markets on the daily and weekly charts. 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. It is too dry in southern China. 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 1840, 1800, and 1750 March and resistance is 2000, 2050, and 2080 March. Trends in London are mixed. Support is at 534.00, 525.00, and 512.00 March, with resistance at 563.00, 568.00, and 577.00 March.

COT — Supplemental Report – Option and Futures Combined Positions as of October 27, 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 1,492,894
: Positions :
: 274,037 145,653 420,720 314,428 822,938 380,439 52,664 1,389,624 1,441,976: 103,270 50,918
: Changes from: October 20, 2026 (Change in open interest: -29,193) :
: -40,076 -5,612 6,770 13,316 -26,595 -1,573 -2,351 -21,563 -27,787: -7,630 -1,405
: Percent of Open Interest Represented by Each Category of Trader :
: 18.4 9.8 28.2 21.1 55.1 25.5 3.5 93.1 96.6: 6.9 3.4
: Total Traders: 303 Number of Traders in Each Category :
: 112 55 103 75 78 43 18 271 215:
——————————————————————————————————————-

COCOA
General Comments: New York and London were a little lower last week. Daily and weekly chart trends are still 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.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 5430, 5050, and 4990 December, with resistance at 5650, 5910, and 6020 December. Trends in London are mixed to down. Support is at 4060, 3790, and 3770 December, with resistance at 4390, 4510, and 4620 December.

COT — Supplemental Report – Option and Futures Combined Positions as of October 27, 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 235,612
: Positions :
: 10,606 32,504 79,912 82,891 93,512 50,523 19,981 223,932 225,909: 11,680 9,703
: Changes from: October 20, 2026 (Change in open interest: -1,539) :
: 1,093 1,607 -541 -2,940 -3,368 693 782 -1,696 -1,521: 157 -18
: Percent of Open Interest Represented by Each Category of Trader :
: 4.5 13.8 33.9 35.2 39.7 21.4 8.5 95.0 95.9: 5.0 4.1
: Total Traders: 214 Number of Traders in Each Category :
: 64 62 92 44 41 30 20 180 179:
——————————————————————————————————————-

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