Softs Report 03/09/2026

COTTON
General Comments: Cotton was lower in choppy trading last week in response the war with Iran that could curb export demand for US Cotton as much of the demand comes from the Middle East. Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields. Trends are turning mixed on the daily charts.
Overnight News: ICE said that 24 notices were posted for delivery against March futures and that total deliveries for the month are now 630 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 63.40, 62.00, and 60.80 May, with resistance of 64.80, 65.80 and 66.40 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 385,574
: Positions :
: 81,199 124,480 87,831 112,267 129,682 87,496 31,480 368,793 373,472: 16,781 12,102
: Changes from: February 24, 2026 (Change in open interest: 5,392) :
: 10,258 4,617 -5,229 1,038 2,303 -61 4,111 6,007 5,802: -614 -410
: Percent of Open Interest Represented by Each Category of Trader :
: 21.1 32.3 22.8 29.1 33.6 22.7 8.2 95.6 96.9: 4.4 3.1
: Total Traders: 393 Number of Traders in Each Category :
: 127 135 115 73 58 34 25 303 269:
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FCOJ
General Comments: Futures were higher last week as futures move higher in a stair step fashion. The Florida harvest is active but starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry. The weather for the next crop is dry but seasonal. Chart trends are mixed or up on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are still reported in Brazil.
Overnight News: ICE said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are down. Support is at 160.00, 153.00, and 1\46.00 May, with resistance at 193.00, 200.00, and 207.00 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 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 8,992 :
: Positions :
: 2,100 3,874 387 123 77 2,124 2,006 313 1,448 221 920 :
: Changes from: February 24, 2026 :
: -105 -38 -43 -56 8 229 -83 93 -107 46 131 :
: Percent of Open Interest Represented by Each Category of Trader :
: 23.3 43.1 4.3 1.4 0.9 23.6 22.3 3.5 16.1 2.5 10.2 :

: Number of Traders in Each Category Total Traders: 45 :
: 12 7 . . . 7 9 4 6 6 5 :
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COFFEE
General Comments: New York and London were higher last week and might have completed a short term bottom on the daily charts as good weather for growing and harvesting continues to be seen in Brazil and Vietnam and as production ideas are high in both countries. Vietnam producers have pulled back from selling as they have already sold quite a bit. There are reports of very good conditions in Brazil and a large crop is forecast. Brazil producers have stopped selling due to the recent fall in prices. 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.
Overnight News: The ICO average price is 275.35 ct/lb. ICE NY said that 13 notices were posted for delivery against March futures and that total deliveries for the month are now 889 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 276.00, 270.00, and 264.00 May, and resistance is at 297.00, 396.00 and 315.00 May. Trends in London are mixed to up. Support is at 3520, 3460, and 3400 May, with resistance at 3890, 3950, and 4130 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 208,591
: Positions :
: 30,249 26,753 73,244 58,606 89,424 39,037 11,603 201,136 201,024: 7,455 7,568
: Changes from: February 24, 2026 (Change in open interest: 6,356) :
: -1,265 -1,275 3,819 2,277 2,948 1,812 1,039 6,644 6,531: -288 -175
: Percent of Open Interest Represented by Each Category of Trader :
: 14.5 12.8 35.1 28.1 42.9 18.7 5.6 96.4 96.4: 3.6 3.6
: Total Traders: 371 Number of Traders in Each Category :
: 78 125 131 93 101 41 18 295 300:
——————————————————————————————————————-

SUGAR
General Comments: New York was a little lower and London was a little higher last week on ideas that the Iran war could raise prices for petroleum and increase demand for biofuels at the expense of Sugar production. Trends are turning up on the daily charts. Weekly London charts show the potential for a bottom formation. 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 but a rise in production in India and Thailand being offset by the war in 2irkd markets for White Sugar while global consumption is expected to remain steady.
Overnight News:
Chart Trends: Trends in New York are mixed to up. Support is at 1360, 1340, and 1310 May and resistance is at 1420, 1450, and 1470 May. Trends in London are mixed. Support is at 402.00, 395.00, and 388.00 May, with resistance at 420.00, 422.00, and 428.00 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 1,204,635
: Positions :
: 115,323 353,136 295,989 401,703 351,294 312,424 121,456 1,125,438 1,121,874: 79,197 82,761
: Changes from: February 24, 2026 (Change in open interest: 1,139) :
: 11,340 3,290 11,392 -16,573 -14,168 -5,407 8,674 753 9,189: 387 -8,050
: Percent of Open Interest Represented by Each Category of Trader :
: 9.6 29.3 24.6 33.3 29.2 25.9 10.1 93.4 93.1: 6.6 6.9
: Total Traders: 278 Number of Traders in Each Category :
: 69 89 84 69 67 36 19 222 212:
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COCOA
General Comments: New York was lower and London closed higher last week. Short term trends are still mostly 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: ICE NY said that 10 notices were posted for delivery against March futures and that total deliveries for the month are now 741 contracts.
Chart Trends: Trends in New York are down. Support is at 2740, 2620, and 2500 May, with resistance at 3290, 3860, and 4330 May. Trends in London are down. Support is at 2000, 1940, and 1880 May, with resistance at 2330, 2670, and 2970 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 255,382
: Positions :
: 19,831 47,764 100,806 72,888 84,270 50,564 12,831 244,090 245,671: 11,292 9,711
: Changes from: February 24, 2026 (Change in open interest: 13,448) :
: 1,542 8,351 2,338 7,278 2,512 2,651 897 13,809 14,098: -360 -649
: Percent of Open Interest Represented by Each Category of Trader :
: 7.8 18.7 39.5 28.5 33.0 19.8 5.0 95.6 96.2: 4.4 3.8
: Total Traders: 222 Number of Traders in Each Category :
: 57 79 89 41 34 33 19 183 173:
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Questions? Ask Jack Scoville today at 312-264-4322