Softs Report 05/11/2026

COTTON
General Comments: Cotton was higher again last week on varying news about the Iran war. President Trump has paused Operation Freedom to allow negotiations on a peace deal to be concluded, but then some hostilities were reported on Friday and included some of the Gulf states. The two sides are supposed to be close to signing a memorandum of understanding on a deal but no deal is being heard. Forecasts and reports of just scattered showers in western Cotton areas continue. Conditions remain dry in major Texas growing areas but scattered to isolated showers are still forecast and also forecast for most Delta and Southeast Cotton growing areas. Some improvement in conditions are likely in most parts of the Cotton Belt. Temperatures will be variable. The strait of Hormuz remans closed and input costs are higher. 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 and weekly charts.
Overnight News: ICE said that 0 notices were posted for delivery against May futures and that total deliveries for the month are now 522 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 81.80, 80.50, and 78.70 July, with resistance of 85.40, 86.00 and 86.60 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 05, 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 496,723
: Positions :
: 117,321 37,645 161,881 113,503 265,740 78,745 21,184 471,450 486,449: 25,273 10,274
: Changes from: April 28, 2026 (Change in open interest: 37,073) :
: 8,196 -4,781 18,836 7,162 23,708 949 -519 35,143 37,244: 1,930 -171
: Percent of Open Interest Represented by Each Category of Trader :
: 23.6 7.6 32.6 22.9 53.5 15.9 4.3 94.9 97.9: 5.1 2.1
: Total Traders: 394 Number of Traders in Each Category :
: 189 73 127 69 69 42 21 346 246:
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FCOJ
General Comments: Futures were higher in range trading last week. The weather for the next crop is dry but seasonal and some rains are starting to appear. Chart trends are mixed 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 mixed. Support is at 173.00, 161.00, and 157.00 July, with resistance at 193,00 200.00, and 206.00 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 5, 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 8,322 :
: Positions :
: 1,720 4,207 549 4 55 2,246 1,643 84 1,421 348 568 :
: Changes from: April 28, 2026 :
: -238 -7 -7 -113 5 -59 -49 77 -154 -27 -11 :
: Percent of Open Interest Represented by Each Category of Trader :
: 20.7 50.6 6.6 0.0 0.7 27.0 19.7 1.0 17.1 4.2 6.8 :
: Number of Traders in Each Category Total Traders: 48 :
: 12 8 . . . 6 10 . 8 5 5 :
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COFFEE
General Comments: New York and London were higher last week. New York was lower on selling seen in most commodities due to the Iran war news. 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. 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 257.69 ct/lb. ICE NY said that 5 notices were posted for delivery against May futures and that total deliveries for the month are now 872 contracts.
Chart Trends: Trends in New York are gown. Support is at 271.00, 265.00, and 260.00 July, and resistance is at 286.00, 397.00 and 306.00 July. Trends in London are mixed. Support is at 3250, 3180, and 3120 July, with resistance at 3570, 3610, and 3650 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 05, 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 213,086
: Positions :
: 41,018 22,747 75,516 50,350 98,055 37,957 8,714 204,841 205,032: 8,246 8,054
: Changes from: April 28, 2026 (Change in open interest: 7,201) :
: 2,062 418 4,106 682 3,262 -186 -688 6,665 7,098: 535 103
: Percent of Open Interest Represented by Each Category of Trader :
: 19.2 10.7 35.4 23.6 46.0 17.8 4.1 96.1 96.2: 3.9 3.8
: Total Traders: 354 Number of Traders in Each Category :
: 74 117 122 85 102 40 20 282 287:
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SUGAR
General Comments: Both markets were lower last week as the Iran war drags on and the strait of Hormuz remains closed. President Trump has paused Operation Freedom to allow negotiations on a peace deal to be concluded. The two sides are supposed to be close to signing a memorandum of understanding on a deal buts th4ere ere reports on Friday that Iran had fired on US warships and on Gulf states. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. Trends are up 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 up. Support is at 1310, 1260, and 1200 July and resistance is 1570, 1600, and 1630 July. Trends in London are mixed to up. Support is at 404.00, 398.00, and 392.00 August, with resistance at 463.00, 468.00, and 474.00 August.

COT — Supplemental Report – Option and Futures Combined Positions as of May 05, 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 1,191,826
: Positions :
: 162,914 265,362 275,315 340,516 473,793 319,756 99,190 1,098,501 1,113,660: 93,325 78,166
: Changes from: April 28, 2026 (Change in open interest: 38,397) :
: 11,134 -28,051 22,537 -32,846 44,584 41,376 5,159 42,200 44,230: -3,804 -5,833
: Percent of Open Interest Represented by Each Category of Trader :
: 13.7 22.3 23.1 28.6 39.8 26.8 8.3 92.2 93.4: 7.8 6.6
: Total Traders: 299 Number of Traders in Each Category :
: 93 79 89 71 66 41 21 255 208:
——————————————————————————————————————-

COCOA
General Comments: Both markets were higher last week. Daily and weekly trends are up 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 0 notices were posted for delivery against May futures and that total deliveries for the month are now 575 contracts
Chart Trends: Trends in New York are up. Support is at 3700, 3490, and 3380 July, with resistance at 4610, 4720, and 5000 July. Trends in London are up. Support is at 3110, 2860, and 2710 July, with resistance at 3610, 3300, and 4070 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 05, 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 253,222
: Positions :
: 22,655 55,323 83,973 79,356 87,235 55,272 16,913 241,257 243,444: 11,965 9,778
: Changes from: April 28, 2026 (Change in open interest: 15,560) :
: 2,378 -1,307 10,389 959 4,869 1,311 1,581 15,038 15,533: 523 28
: Percent of Open Interest Represented by Each Category of Trader :
: 8.9 21.8 33.2 31.3 34.5 21.8 6.7 95.3 96.1: 4.7 3.9
: Total Traders: 227 Number of Traders in Each Category :
: 73 69 86 42 32 32 20 192 167:
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Questions? Ask Jack Scoville today at 312-264-4322