Softs Report 04/20/2026

MORNING SOFTS COMMENTS
Jack Scoville

Monday, April 20, 2026

Price Futures Group, CBOT
Chicago, IL
(312) 264-4322
jscoville@pricegroup.com

JSL, SA de CV
San Salvador, El Salvador (503) 2260-7806

COTTON
General Comments: Cotton was higher again last week as rains remain hard to find in major growing areas but are are now forecast for the western Great Plains and desert southwest but not in a general way. The south looks to stay mostly dry for now with planting dates on the calendar now. The market is worried about the weather that remains hot and dry in US Cotton areas, mostly from Texas to the west, but increasingly on areas of the deep south and southeast. 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 up on the daily charts.
Overnight News:
Chart Trends: Trends in Cotton are up. Support is at 73.60, 72.70, and 72.00 May, with resistance of 76.70, 78.30 and 78.90 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 427,192
: Positions :
: 106,322 51,300 115,698 104,797 226,082 77,065 24,109 403,881 417,189: 23,311 10,003
: Changes from: April 7, 2026 (Change in open interest: -39,908) :
: 3,695 -12,422 -17,956 -25,322 -2,384 -1,022 -5,129 -40,605 -37,891: 697 -2,017
: Percent of Open Interest Represented by Each Category of Trader :
: 24.9 12.0 27.1 24.5 52.9 18.0 5.6 94.5 97.7: 5.5 2.3
: Total Traders: 374 Number of Traders in Each Category :
: 163 82 130 73 65 39 21 327 250:
——————————————————————————————————————-

FCOJ
General Comments: Futures were lower last week on what was reported to be speculative selling. The Florida harvest is about over and isolated showers are now being reported. The weather for the next crop is dry but seasonal and some rains are starting to appear. Chart trends are down on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are still reported in Brazil.
Overnight News:
Chart Trends: Trends in FCOJ are down. Support is at 174.00, 168.00, and 162.00 May, with resistance at 212,00 221.00, and 226.00 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 14, 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 8,869 :
: Positions :
: 1,502 5,367 424 83 132 2,632 974 14 1,757 14 847 :
: Changes from: April 7, 2026 :
: -527 342 3 67 -28 137 -355 -47 267 -146 -76 :
: Percent of Open Interest Represented by Each Category of Trader :
: 16.9 60.5 4.8 0.9 1.5 29.7 11.0 0.2 19.8 0.2 9.6 :
: Number of Traders in Each Category Total Traders: 44 :
: 8 9 . . . 6 9 . 10 . 6 :
—————————————————————————————————————-

COFFEE
General Comments: New York and London were both lower last week. The next crop is developing in South America and Asia. There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran. Brazil said exports might not improve that much in March due to shipping costs and concerns. There are reports of very good conditions in Brazil and a large crop is forecast. World production conditions are generally good. Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. Vietnam has had scattered showers and conditions there are called good.
Overnight News: The ICO average price is 258.89 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 282.00, 276.00, and 270.00 May, and resistance is at 312.00, 319.00 and 325.00 May. Trends in London are up. Support is at 3440, 3200, and 3140 May, with resistance at 3550, 3610, and 3700 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 199,432
: Positions :
: 37,301 19,303 67,041 49,453 93,055 37,632 10,970 191,428 190,369: 8,004 9,062
: Changes from: April 7, 2026 (Change in open interest: -19,968) :
: 2,407 -225 -13,701 -8,168 -5,764 1,012 240 -18,450 -19,451: -1,518 -517
: Percent of Open Interest Represented by Each Category of Trader :
: 18.7 9.7 33.6 24.8 46.7 18.9 5.5 96.0 95.5: 4.0 4.5
: Total Traders: 353 Number of Traders in Each Category :
: 81 110 123 90 103 39 18 290 281:
——————————————————————————————————————-

SUGAR
General Comments: New York and London were both higher yesterday. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. But some in the market expect less war in the near future. India, the world’s second-largest producer, had no plans to curb sugar exports to provide downward pressure on prices. Trends are mixed on the daily charts in both markets. 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
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1310, 1260, and 1200 July and resistance is 1540, 1570, and 1630 July. Trends in London are down. Support is at 404.00, 398.00, and 392.00 August, with resistance at 438.00, 463.00, and 468.00 August.

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 1,146,235
: Positions :
: 109,272 260,628 248,237 415,094 482,896 277,613 62,597 1,050,215 1,054,358: 96,020 91,878
: Changes from: April 7, 2026 (Change in open interest: 25,642) :
: -2,891 41,973 -19,027 61,739 -8,507 -18,026 6,010 21,796 20,450: 3,846 5,192
: Percent of Open Interest Represented by Each Category of Trader :
: 9.5 22.7 21.7 36.2 42.1 24.2 5.5 91.6 92.0: 8.4 8.0
: Total Traders: 285 Number of Traders in Each Category :
: 89 69 90 74 70 38 19 244 208:
——————————————————————————————————————-

COCOA
General Comments: New York and London closed lower last week. Short term trends are mixed 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. Support is at 2950, 2880, and 2820 May, with resistance at 3380, 3480, and 3390 May. Trends in London are down. Support is at 2320, 2130, and 2020 May, with resistance at 2640, 2770, and 3150 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 234,377
: Positions :
: 19,779 55,259 72,720 76,524 83,896 53,622 12,045 222,645 223,921: 11,732 10,456
: Changes from: April 7, 2026 (Change in open interest: -29,378) :
: -339 1,168 -23,259 -5,408 -3,220 -723 -3,294 -29,729 -28,605: 351 -773
: Percent of Open Interest Represented by Each Category of Trader :
: 8.4 23.6 31.0 32.6 35.8 22.9 5.1 95.0 95.5: 5.0 4.5
: Total Traders: 227 Number of Traders in Each Category :
: 61 75 89 45 36 33 20 194 174:
——————————————————————————————————————-

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Past performance is not indicative of future results. Investing in futures can involve substantial risk & is not for everyone. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be offer or solicitation on our part with respect to the sale purchase of any securities or futures.
The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author.
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