Softs Report 02/17/2026

COTTON
General Comments: Cotton was higher last week in choppy trading and trends are mixed. The weekly export sales report was positive for prices. However, there are still 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 for US products. USDA showed no important changes in its WASDE reports released on Tuesday.
Chart Trends: Trends in Cotton are mixed. Support is at 60.60, 60.00, and 59.40 March, with resistance of 62.60, 63.10 and 63.70 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 10, 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 412,543
: Positions :
: 65,461 137,238 101,732 142,806 130,655 84,704 27,287 394,702 396,911: 17,842 15,632
: Changes from: February 3, 2026 (Change in open interest: -32,089) :
: -737 7,457 -7,147 -24,110 -25,410 -1,980 -7,777 -33,974 -32,878: 1,885 788
: Percent of Open Interest Represented by Each Category of Trader :
: 15.9 33.3 24.7 34.6 31.7 20.5 6.6 95.7 96.2: 4.3 3.8
: Total Traders: 388 Number of Traders in Each Category :
: 105 148 124 78 55 37 24 304 275:
——————————————————————————————————————-

FCOJ
General Comments: Futures were higher last week and futures recovered much of the losses of the previous week 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 was expected. The frozen fruit is often harvested and sent to processors for juice and this fact helped to turn trends down on the weekly charts last week. Chart trends are mixed on the daily charts. 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 to up. Support is at 163.00, 151.00, and 146.00 March, with resistance at 189.00, 195.00, and 211.00 Marzo.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 10, 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 10,762 :
: Positions :
: 2,512 4,415 310 128 124 1,763 2,161 226 1,858 360 1,636 :
: Changes from: February 3, 2026 :
: 232 -215 41 53 -64 64 430 75 -97 189 116 :
: Percent of Open Interest Represented by Each Category of Trader :
: 23.3 41.0 2.9 1.2 1.2 16.4 20.1 2.1 17.3 3.3 15.2 :
: Number of Traders in Each Category Total Traders: 46 :
: 10 9 . . . 5 13 . 7 4 6 :
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COFFEE
General Comments: Both markets closed higher last week in sideways trading as good weather for growing and harvesting continues to be seen in Brazil and Vietnam. Production ideas are high in both countries. The trends are mixed in New York and mixed in London on the daily charts. There are still reports of 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. 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 274.98 ct/lb.
Chart Trends: Trends in New York are mixed to down. Support is at 292.00, 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 4010, 4100, and 4160.

COT — Supplemental Report – Option and Futures Combined Positions as of February 10, 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 226,115
: Positions :
: 30,294 27,428 79,549 67,303 101,250 40,032 9,385 217,178 217,612: 8,936 8,503
: :
: Changes from: February 3, 2026 (Change in open interest: -376) :
: -1,146 3,319 3,418 426 -6,517 -2,686 -225 12 -5: -388 -371
: :
: Percent of Open Interest Represented by Each Category of Trader :
: 13.4 12.1 35.2 29.8 44.8 17.7 4.2 96.0 96.2: 4.0 3.8
: :
: Total Traders: 366 Number of Traders in Each Category :
: 76 123 132 92 106 41 19 300 297:
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SUGAR
General Comments: New York and London were 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. 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.
Overnight
Chart Trends: Trends in New York are down. Support is at 1340, 1310, and 1280 May and resistance is at 1370, 1400, and 1420 May. Trends in London are down. Support is at 394.00, 391.00, and 388.00 May, with resistance at 407.00, 409.00, and 413.00 May.

COT — Supplemental Report – Option and Futures Combined Positions as of February 10, 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 1,288,048
: Positions :
: 90,421 319,983 317,747 469,904 425,733 320,888 113,615 1,198,959 1,177,078: 89,089 110,970
: Changes from: February 3, 2026 (Change in open interest: 44,440) :
: 14,675 29,760 709 21,669 5,538 34 3,952 37,087 39,959: 7,353 4,481
: Percent of Open Interest Represented by Each Category of Trader :
: 7.0 24.8 24.7 36.5 33.1 24.9 8.8 93.1 91.4: 6.9 8.6
: Total Traders: 273 Number of Traders in Each Category :
: 63 90 99 71 68 36 17 231 217:
——————————————————————————————————————-

COCOA
General Comments: New York and London closed lower on speculative selling last weEk. Short term trends are turning down in both markets. A big main crop harvest has arrived in West Africa and rains have been positive for the next crop. 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 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 3480, 3360, and 3240 March, with resistance at 4490, 4970, and 5180 March. Trends in London are mixed to down. Support is at 2540, 2480, and 2420 March, with resistance at 3660, 3780, and 4030 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 10, 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 239,572
: Positions :
: 12,332 39,242 95,796 69,480 81,253 50,207 13,093 227,815 229,384: 11,757 10,189
: Changes from: February 3, 2026 (Change in open interest: 10,041) :
: -1,007 505 6,256 5,767 4,070 -2,110 -1,171 8,905 9,660: 1,136 381
: Percent of Open Interest Represented by Each Category of Trader :
: 5.1 16.4 40.0 29.0 33.9 21.0 5.5 95.1 95.7: 4.9 4.3
: Total Traders: 209 Number of Traders in Each Category :
: 47 78 87 36 34 34 22 173 171:
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Questions? Ask Jack Scoville today at 312-264-4322