Softs Report 04/27/2026

COTTON
General Comments: Cotton was lower last week as conditions remain dry in major Texas growing areas but scattered showers are now forecast for most Delta and Southeast Cotton growing areas. Some improvement in conditions are likely in the center east parts of the Cotton Belt. Temperatures will be variable. 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. It has been dry in Brazil. Trends are mixed on the daily charts.
Overnight News: ICE said that 38 notice were posted for delivery against May futures and that total deliveries for the month are now 249 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 76.90, 76.00, and 74.80 July, with resistance of 81.80, 82.40 and 83.00 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 465,720
: Positions :
: 113,952 46,373 141,232 110,187 243,997 77,030 24,397 442,400 455,999: 23,320 9,720
: Changes from: April 14, 2026 (Change in open interest: 38,527) :
: 7,630 -4,927 25,533 5,390 17,915 -35 289 38,519 38,810: 9 -283
: Percent of Open Interest Represented by Each Category of Trader :
: 24.5 10.0 30.3 23.7 52.4 16.5 5.2 95.0 97.9: 5.0 2.1
: Total Traders: 386 Number of Traders in Each Category :
: 176 83 126 71 65 42 20 340 245:
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FCOJ
General Comments: Futures were lower last week. 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 144.00, 138.00, and 132.00 May, with resistance at 160,00 173.00, and 176.00 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 21, 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 8,091 :
: Positions :
: 1,616 4,595 477 142 48 2,354 1,186 1 1,717 28 410 :
: Changes from: April 14, 2026 :
: 114 -772 53 59 -84 -278 212 -13 -40 14 -438 :
: Percent of Open Interest Represented by Each Category of Trader :
: 20.0 56.8 5.9 1.8 0.6 29.1 14.7 0.0 21.2 0.3 5.1 :
: Number of Traders in Each Category Total Traders: 41 :
: 8 8 . . . 6 9 . 8 . . :
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COFFEE
General Comments: New York was lower and London was higher 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 in Brazil. Mexico is in good condition, as Central America. Vietnam has had drier weather and conditions there are called good.
Overnight News: The ICO average price is 271.93 ct/lb. ICE NY said that 101 notices were posted for delivery against May futures and that total deliveries for the month are now 706 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 283.00, 280.00, and 278.00 July, and resistance is at 306.00, 312.00 and 318.00 July. Trends in London are mixed to up. Support is at 3380, 3250, and 3180 July, with resistance at 3570, 3610, and 3650 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 196,764
: Positions :
: 36,575 22,551 67,080 48,731 88,028 37,332 11,180 189,718 188,838: 7,047 7,927
: Changes from: April 14, 2026 (Change in open interest: -2,667) :
: -726 3,248 38 -722 -5,027 -300 209 -1,710 -1,532: -957 -1,135
: Percent of Open Interest Represented by Each Category of Trader :
: 18.6 11.5 34.1 24.8 44.7 19.0 5.7 96.4 96.0: 3.6 4.0
: Total Traders: 355 Number of Traders in Each Category :
: 71 120 118 89 105 40 19 280 289:
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SUGAR
General Comments: New York and London were both higher last week as the Iran war drags on. 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 mixed. 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 21, 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 1,158,960
: Positions :
: 119,759 282,450 254,631 410,406 445,477 279,584 88,376 1,064,381 1,070,934: 94,579 88,026
: Changes from: April 14, 2026 (Change in open interest: 12,725) :
: 10,487 21,822 6,394 -4,688 -37,418 1,972 25,779 14,165 16,577: -1,441 -3,852
: Percent of Open Interest Represented by Each Category of Trader :
: 10.3 24.4 22.0 35.4 38.4 24.1 7.6 91.8 92.4: 8.2 7.6
: Total Traders: 300 Number of Traders in Each Category :
: 93 84 94 70 63 41 20 251 216:
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COCOA
General Comments: New York and London closed higher 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: ICE NY said that 26 notices were posted for delivery against May futures and that total deliveries for the month are now 551 contracts
Chart Trends: Trends in New York are mixed. Support is at 4360, 3200, and 3060 July, with resistance at 3700, 4060, and 4220 July. Trends in London are mixed. Support is at 2410, 2330, and 2170 July, with resistance at 2670, 2810, and 3000 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 234,039
: Positions :
: 21,388 54,545 70,188 77,448 84,889 53,457 14,756 222,480 224,378: 11,560 9,662
: Changes from: April 14, 2026 (Change in open interest: -338) :
: 1,608 -714 -2,532 924 992 -165 2,711 -165 457: -173 -795
: Percent of Open Interest Represented by Each Category of Trader :
: 9.1 23.3 30.0 33.1 36.3 22.8 6.3 95.1 95.9: 4.9 4.1
: Total Traders: 223 Number of Traders in Each Category :
: 69 69 83 44 36 31 19 186 169:
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Questions? Ask Jack Scoville today at 312-264-4322