Softs Report 02/09/2026

COTTON
General Comments: Cotton was lower last week as there does not appear to be any bullish news for the market coming soon. Trends are down on the daily and weekly charts. There are demand concerns moving forward on weak world economy ideas led by the US weakened economy and demands in world forums. Tariffs on other nations that change all the time were creating an atmosphere not conducive for new demand. The USDA reports released a couple of weeks ago showed less production and unchanged demand. Ending stocks were less.
Chart Trends: Trends in Cotton are mixed to down. Support is at 60.60, 60.00, and 59.40 March, with resistance of 62.20, 62.60 and 63.10 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 03, 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 444,633
: Positions :
: 66,198 129,781 108,879 166,916 156,065 86,683 35,064 428,676 429,789: 15,957 14,844
: Changes from: January 27, 2026 (Change in open interest: 22,967) :
: 5,006 6,822 6,641 12,615 8,742 -1,924 5 22,337 22,209: 630 758
: Percent of Open Interest Represented by Each Category of Trader :
: 14.9 29.2 24.5 37.5 35.1 19.5 7.9 96.4 96.7: 3.6 3.3
: Total Traders: 409 Number of Traders in Each Category :
: 113 151 129 83 59 39 26 321 287:
——————————————————————————————————————-

FCOJ
General Comments: Futures lower last week and closed on a weak note as the Florida harvest is active and the weather remains benign for harvest progress as conditions are mostly dry. Weather for the next crop was very cold in January and into early February and some damage to trees and fruit is possible. Chart trends are down. The cold and dry Winter weather has created more ideas of some crop losses. Traders are worried about demand even with overall low prices. The weather is considered good for production in Brazil and Mexico. Scattered showers are reported in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are mixed. Support is at 146.00, 136.00, and 124.00 March, with resistance at 184.00, 189.00, and 194.00 Marzo.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 3, 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 10,098 :
: Positions :
: 2,280 4,631 269 75 188 1,699 1,731 151 1,955 171 1,520 :
: Changes from: January 27, 2026 :
: -196 303 -94 75 8 -141 -897 27 -102 126 260 :
: Percent of Open Interest Represented by Each Category of Trader :
: 22.6 45.9 2.7 0.7 1.9 16.8 17.1 1.5 19.4 1.7 15.1 :
: Number of Traders in Each Category Total Traders: 47 :
: 10 9 . . . 5 12 5 10 4 7 :
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COFFEE
General Comments: Both markets closed lower last week on good weather for growing and harvesting seen in Brazil and Vietnam. The trends are down in New York and in London on the daily and weekly charts. There are still reports of increasing harvest sales from Vietnam as the new harvest is active. There are reports of very good conditions in Brazil and a large crop is forecast. Most farmers are holding for better prices but seem to have lost that battle for now . Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. Vietnam has scattered showers lately and conditions there are called good. Vietnamese producers are selling new crop Coffee.
Overnight News: The ICO average price is 262.13 ct/lb.
Chart Trends: Trends in New York are mixed to down. Support is at 294.00, 288.00, and 282.00 March, and resistance is at 331.00, 338.00 and 342.00 March. Trends in London are mixed to down. Support is at 3680, 3620, and 3560 March, with resistance at 3860, 3880, and 3930 .

COT — Supplemental Report – Option and Futures Combined Positions as of February 03, 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 226,490
: Positions :
: 31,440 24,109 76,131 66,877 107,767 42,718 9,610 217,166 217,617: 9,324 8,874
: Changes from: January 27, 2026 (Change in open interest: 19,500) :
: -6,802 5,379 13,265 12,764 -2,330 -1,086 1,055 18,141 17,369: 1,359 2,131
: Percent of Open Interest Represented by Each Category of Trader :
: 13.9 10.6 33.6 29.5 47.6 18.9 4.2 95.9 96.1: 4.1 3.9
: Total Traders: 368 Number of Traders in Each Category :
: 84 115 127 92 107 42 18 295 299:
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SUGAR
General Comments: New York and London were a little lower last week and trends are down on the daily and weekly charts. There are good supplies for the market from good growing conditions for cane and beets around the world continue. The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increase supplies especially for White Sugar while global consumption is expected to remain steady. Indian crops are seeing good finishing weather and production ideas have been increasing.
Overnight
Chart Trends: Trends in New York are down. Support is at 1410, 1380, and 1350 March and resistance is at 1510, 1540, and 1560 March. Trends in London are down. Support is at 398.00, 392.00, and 386.00 March, with resistance at 427.00, 432.00, and 437.00 March.

DJ Sugarcane Harvested in Brazil Doubles Last Year’s Pace — Market Talk
0931 ET – The center-south region of Brazil harvested more than twice the amount of sugarcane then at this time last year, according to data released by Unica. The firm says that through the first two weeks of January, 605,000 metric tons of sugarcane were harvested, versus 301,000 tons at this time last year. However, refined sugar production is down 32%, at only 7,000 tons. But Brazil is in its typical off-season period for sugar, says Unica. “The resumption of production by some units should only happen more significantly from the second half of March, following a historical pattern observed in the country,” says Luciano Rodrigues of Unica in a note. Total ethanol production was 427 million liters, up 16% from the same time last year. (kirk.maltais@wsj.com)

COT — Supplemental Report – Option and Futures Combined Positions as of February 03, 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 1,243,607
: Positions :
: 75,745 290,223 317,038 448,235 420,195 320,854 109,663 1,161,872 1,137,118: 81,735 106,489
: Changes from: January 27, 2026 (Change in open interest: 64,138) :
: -916 39,818 16,556 39,632 -18,141 6,726 7,397 61,997 45,629: 2,141 18,509
: Percent of Open Interest Represented by Each Category of Trader :
: 6.1 23.3 25.5 36.0 33.8 25.8 8.8 93.4 91.4: 6.6 8.6
: Total Traders: 267 Number of Traders in Each Category :
: 55 90 96 71 69 39 20 227 215:
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COCOA
General Comments: New York and London closed a little higher last week, with London the stronger market. Short term trends are still mixed to down. A big main crop harvest is anticipated in West Africa and rains have been positive for crops lately. Mostly dry conditions in Ivory Coast’s cocoa-growing regions are reported now. 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 and the lack of demand is expected to continue. Weak demand has led to a build-up on unsold supplies in both Ivory Coast and Ghana, while the prospect of another global surplus in 2026/27 are real. Cocoa demand has fallen sharply after prices nearly tripled in 2024, prompting chocolate makers to reformulate ingredients and shrink the size of their bars.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 3840, 3720, and 3600 March, with resistance at 4490, 4970, and 5180 March. Trends in London are mixed to down. Support is at 2720, 2660, and 2600 March, with resistance at 3660, 3780, and 4030 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 03, 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 229,531
: Positions :
: 13,339 38,736 89,540 63,713 77,183 52,317 14,264 218,910 219,723: 10,621 9,808
: Changes from: January 27, 2026 (Change in open interest: 15,107) :
: 88 2,400 7,342 3,700 6,156 3,908 436 15,037 16,334: 70 -1,227
: Percent of Open Interest Represented by Each Category of Trader :
: 5.8 16.9 39.0 27.8 33.6 22.8 6.2 95.4 95.7: 4.6 4.3
: Total Traders: 216 Number of Traders in Each Category :
: 57 72 92 39 35 35 22 186 172:
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Questions? Ask Jack Scoville today at 312-264-4322