Softs Report 05/26/2026

COTTON
General Comments: Cotton was sharply lower last week and could have left a spike high on the weekly charts. USDA showed that planting progress was running ahead of normal last week and the weather has improved with increased precipitation. Forecasts and reports of just isolated to scattered showers in Cotton areas continue. Temperatures will be variable. Trends are mixed to down on the daily and weekly charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed to down. Support is at 76.90, 74.80, and 74.00 July, with resistance of 80.00, 81.70 and 83.90 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 503,157
: Positions :
: 102,499 33,185 167,602 126,920 266,765 84,623 25,622 481,645 493,174: 21,512 9,983
: Changes from: May 12, 2026 (Change in open interest: -11,884) :
: -13,454 -3,443 -1,193 2,570 -6,352 5,266 165 -6,811 -10,824: -5,072 -1,060
: Percent of Open Interest Represented by Each Category of Trader :
: 20.4 6.6 33.3 25.2 53.0 16.8 5.1 95.7 98.0: 4.3 2.0
: Total Traders: 368 Number of Traders in Each Category :
: 176 61 116 71 72 42 22 317 243:
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FCOJ
General Comments: Futures were lower last week and trends are still mixed on the weekly charts but could be turning up on the daily charts. It is still dry in Florida. The weather for the next crop is dry but seasonal and some rains are now being reported. The weather is considered good for production Mexico but it is dry in Brazil. Scattered showers are still reported in eastern Brazil.
Overnight News: ICE said that 28 notices were posted for delivery against May futures and that total deliveries for the month are now 28 contracts.
Chart Trends: Trends in FCOJ are mixed to up. Support is at 161.00, 154.00, and 148.00 July, with resistance at 180,00 186.00, and 198.00 July

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 19, 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 9,050 :
: Positions :
: 2,026 3,961 609 11 144 2,533 2,033 1 1,445 424 833 :
: Changes from: May 12, 2026 :
: 1,111 -274 36 11 80 -254 385 -41 12 217 206 :
: Percent of Open Interest Represented by Each Category of Trader :
: 22.4 43.8 6.7 0.1 1.6 28.0 22.5 0.0 16.0 4.7 9.2 :
: Number of Traders in Each Category Total Traders: 50 :
: 10 8 . . . 6 11 . 9 6 7 :
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COFFEE
General Comments: New York and London were lower last week and New York gapped lower on the weekly charts. The next crop is developing in South America and Asia amid good conditions. There are still ideas of good supplies available. World production conditions are generally good. Mostly dry conditions 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. Some showers are starting to appear there. CONAB said last week that Brazil production is now estimated at 66.7 million bags, up 18% from the previous crop. Arabica production could be 34.8 million bags and Robusta production is estimated at 20.9 million bags.
Overnight News: The ICO average price is 253.33 ct/lb.
Chart Trends: Trends in New York are down. Support is at 265.00, 260.00, and 254.00 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 3610, 3650, and 3680 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 234,834
: Positions :
: 38,062 29,508 87,199 63,537 97,526 37,551 11,393 226,349 225,626: 8,485 9,208
: Changes from: May 12, 2026 (Change in open interest: 14,821) :
: -1,190 2,814 9,672 6,910 808 -421 1,549 14,971 14,844: -150 -23
: Percent of Open Interest Represented by Each Category of Trader :
: 16.2 12.6 37.1 27.1 41.5 16.0 4.9 96.4 96.1: 3.6 3.9
: Total Traders: 371 Number of Traders in Each Category :
: 76 134 126 90 100 38 23 287 306:
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SUGAR
General Comments: New York was higher again last week, but London was lower. The Iran war drags on and the strait of Hormuz remains closed. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. 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. Drier weather in parts of Brazil and India have been good for the harvest.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1440, 1400, and 1370 July and resistance is 1550, 1570, and 1600 July. Trends in London are mixed. Support is at 433.00, 404.00, and 398.00 August, with resistance at 457.00, 468.00, and 474.00 August.

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 1,187,801
: Positions :
: 146,943 251,056 272,880 340,411 488,585 333,401 93,457 1,093,634 1,105,978: 94,166 81,823
: Changes from: May 12, 2026 (Change in open interest: 3,820) :
: 6,499 1,526 -6,644 -416 13,400 10,070 -2,524 9,510 5,758: -5,690 -1,938
: Percent of Open Interest Represented by Each Category of Trader :
: 12.4 21.1 23.0 28.7 41.1 28.1 7.9 92.1 93.1: 7.9 6.9
: Total Traders: 302 Number of Traders in Each Category :
: 96 79 100 74 70 41 20 270 213:
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COCOA
General Comments: Both markets were lower last week. Daily trends are mixed to 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.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 3490, 3280, and 3200 July, with resistance at 3960, 4160, and 4460 July. Trends in London are mixed to up. Support is at 2710, 2500, and 2420 July, with resistance at 3000, 3100, and 3350 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 246,811
: Positions :
: 24,556 49,721 80,598 75,144 90,904 55,357 15,356 235,655 236,579: 11,156 10,232
: Changes from: May 12, 2026 (Change in open interest: -4,611) :
: -1,884 -1,271 -1,647 -2,924 -2,299 2,061 479 -4,394 -4,738: -217 128
: Percent of Open Interest Represented by Each Category of Trader :
: 9.9 20.1 32.7 30.4 36.8 22.4 6.2 95.5 95.9: 4.5 4.1
: Total Traders: 222 Number of Traders in Each Category :
: 55 79 89 45 35 30 18 188 170:
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Questions? Ask Jack Scoville today at 312-264-4322