Softs Report 06/24/2026

MORNING SOFTS COMMENTS
Jack Scoville

Wednesday, June 24, 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 lower yesterday on long liquidation. USDA showed that squaring and emergence were running at near or above normal last week and the condition showed moves from poor and good to fair. USDA showed that condition is still well behind year ago levels, with some areas showing improvement and other areas showing deterioration. The WASDE report showed reduced beginning and ending stocks with the rest of the supply and demand data left unchanged. Ending stocks are now estimated at 3.70 million bales. Forecasts and reports of scattered showers in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be variable. Trends are mixed on the daily and weekly charts.
Overnight News: ICE said that 527 contracts were posted for delivery against July futures and that total deliveries for the month are now 527 contracts.
Chart Trends: Trends in Cotton are mixed to up. Support is at 75.10, 72.10, and 71.00 July, with resistance of 78.30, 79.10 and 80.00 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 16, 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 427,110
: Positions :
: 92,247 41,242 126,220 115,795 228,389 76,501 21,272 410,763 417,122: 16,347 9,987
: Changes from: June 9, 2026 (Change in open interest: -55,142) :
: 1,139 2,472 -35,201 -20,125 -16,803 -219 -4,814 -54,406 -54,345: -736 -797
: Percent of Open Interest Represented by Each Category of Trader :
: 21.6 9.7 29.6 27.1 53.5 17.9 5.0 96.2 97.7: 3.8 2.3
: Total Traders: 350 Number of Traders in Each Category :
: 158 61 113 76 64 43 18 314 219:
——————————————————————————————————————-

FCOJ
General Comments: Futures were lower and trends are turning down on the daily and weekly 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 in Mexico but it is dry in Brazil. Scattered showers are still reported in eastern Brazil but many areas are drying out seasonally.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to down. Support is at 142.00, 136.00, and 130.00 July, with resistance at 178,00 184.00, and 190.00 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 16, 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 8,857 :
: Positions :
: 1,979 3,275 620 221 169 2,089 1,909 16 1,573 388 803 :
: Changes from: June 9, 2026 :
: 55 -245 9 172 -11 -319 -59 -15 95 -3 -207 :
: Percent of Open Interest Represented by Each Category of Trader :
: 22.3 37.0 7.0 2.5 1.9 23.6 21.6 0.2 17.8 4.4 9.1 :
: Number of Traders in Each Category Total Traders: 45 :
: 10 7 . . . 6 8 . 9 5 7 :
—————————————————————————————————————-

COFFEE
General Comments: New York and London were higher yesterday after seeing the First Notice Day deliveries and harvest delays in both Brazil and Vietnam. The next crop is developing well in South America and Asia amid good conditions, but the rain seen lately have pushed the harvest progress behind year ago levels. 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 some showers but producers are not selling and are waiting for a move higher in prices.
Overnight News: The ICO average price is 258.73 ct/lb. ICE NY said that 0 notices were posted for delivery against July contracts today and that total deliveries for the month are now 3 contracts.
Chart Trends: Trends in New York are up. Support is at 268.00, 260.00, and 256.00 September, and resistance is at 285.00, 294.00 and 298.00 September. Trends in London are mixed. Support is at 3470, 3430, and 3330 September, with resistance at 3610, 3680, and 3730 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 16, 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 233,201
: Positions :
: 31,047 33,345 88,998 67,742 91,163 38,058 11,456 225,845 224,963: 7,356 8,238
: Changes from: June 9, 2026 (Change in open interest: -39,313) :
: -2,335 -3,593 -18,248 -17,090 -13,684 299 -2,429 -37,373 -37,954: -1,939 -1,359
: Percent of Open Interest Represented by Each Category of Trader :
: 13.3 14.3 38.2 29.0 39.1 16.3 4.9 96.8 96.5: 3.2 3.5
: Total Traders: 369 Number of Traders in Each Category :
: 76 129 123 97 105 40 17 296 297:
——————————————————————————————————————-

SUGAR
General Comments: Both markets were higher again yesterday. The Iran war has been paused as both sides signing a memorandum of understanding and continuing negotiations in Geneva. Trends are mixed or down 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 to down. Support is at 1370, 1340, and 1310 October and resistance is 1410, 1450, and 1480 October. Trends in London are mixed. Support is at 430.00, 424.00, and 417.00 October, with resistance at 445.00, 448.00, and 454.00 October.

COT — Supplemental Report – Option and Futures Combined Positions as of June 16, 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 1,153,487
: Positions :
: 144,091 285,974 246,087 377,719 443,643 300,281 92,183 1,068,178 1,067,887: 85,309 85,600
: Changes from: June 9, 2026 (Change in open interest: -49,075) :
: 2,045 9,726 -32,674 -3,462 -26,760 -12,139 1,080 -46,230 -48,627: -2,845 -448
: Percent of Open Interest Represented by Each Category of Trader :
: 12.5 24.8 21.3 32.7 38.5 26.0 8.0 92.6 92.6: 7.4 7.4
: Total Traders: 304 Number of Traders in Each Category :
: 94 81 93 76 68 41 22 260 217:
——————————————————————————————————————-

COCOA
General Comments: New York was higher while London also closed higher as the Markets build to new recent highs. Daily trends are turning up now. 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: ICE NY said that 235 notices were posted for delivery against July futures and that total deliveries for the month are now 2235 contracts.
Chart Trends: Trends in New York are up. Support is at 4400, 4190, and 3960 September, with resistance at 4850, 5190, and 5360 September. Trends in London are up. Support is at 3260, 3140, and 3090 September, with resistance at 3710, 3810, and 4080 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 16, 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 235,318
: Positions :
: 25,235 54,679 72,396 74,770 82,529 51,930 15,834 224,331 225,438: 10,987 9,880
: Changes from: June 9, 2026 (Change in open interest: -23,986) :
: 1,426 -272 -13,873 -8,887 -7,557 -2,402 -208 -23,736 -21,910: -250 -2,076
: Percent of Open Interest Represented by Each Category of Trader :
: 10.7 23.2 30.8 31.8 35.1 22.1 6.7 95.3 95.8: 4.7 4.2
: Total Traders: 227 Number of Traders in Each Category :
: 56 81 87 44 36 32 17 189 171:
——————————————————————————————————————-

Questions? Ask Jack Scoville today at 312-264-4322