Softs Report 06/29/2026

COTTON
General Comments: Cotton was lower and made new lows for the move last week before rebounding a bit. USDA showed that condition is still well behind year ago levels, with some areas showing improvement and other areas showing deterioration with the crop in thew squaring phase. Forecasts and reports of scattered showers in Cotton areas continue for Texas, the Delts, and the Southeast. Temperatures will be variable to warm. Trends are down on the daily and weekly charts.
Overnight News: ICE said that 12 contracts were posted for delivery against July futures and that total deliveries for the month are now 542 contracts.
Chart Trends: Trends in Cotton are mixed to dpwn. Support is at 75.10, 74.50, and 73.10 December, with resistance of 79.20, 80.40 and 81.60 December.

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 425,263
: Positions :
: 97,884 39,632 122,862 108,476 231,083 78,538 21,700 407,761 415,277: 17,502 9,986
: Changes from: June 16, 2026 (Change in open interest: -1,847) :
: 5,637 -1,610 -3,358 -7,319 2,694 2,037 428 -3,002 -1,846: 1,155 -1
: Percent of Open Interest Represented by Each Category of Trader :
: 23.0 9.3 28.9 25.5 54.3 18.5 5.1 95.9 97.7: 4.1 2.3
: Total Traders: 355 Number of Traders in Each Category :
: 149 72 113 73 67 43 17 312 223:
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FCOJ5
General Comments: Futures were lower again on follow through selling and trends are 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 130.00, 124.00, and 118.00 July, with resistance at 178,00 184.00, and 190.00 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 23, 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 8,707 :
: Positions :
: 1,950 3,206 651 127 132 2,352 2,254 16 1,464 358 592 :
: Changes from: June 16, 2026 :
: -29 -69 31 -94 -37 263 345 0 -108 -30 -211 :
: Percent of Open Interest Represented by Each Category of Trader :
: 22.4 36.8 7.5 1.5 1.5 27.0 25.9 0.2 16.8 4.1 6.8 :
: Number of Traders in Each Category Total Traders: 45 :
: 10 7 . . . 6 11 . 9 4 6 :
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COFFEE
General Comments: New York and London were higher last week in recovery trading. The harvest delays in both Brazil and Vietnam continue. 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 257.28 ct/lb. ICE NY said that 15 notices were posted for delivery against July contracts today and that total deliveries for the month are now 18 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 to up. Support is at 3470, 3430, and 3330 September, with resistance at 369 a little0, 3730, and 3920 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 230,587
: Positions :
: 33,782 31,076 88,902 61,021 90,801 39,615 12,333 223,321 223,112: 7,267 7,475
: Changes from: June 16, 2026 (Change in open interest: -2,614) :
: 2,735 -2,269 -96 -6,721 -362 1,557 877 -2,524 -1,850: -90 -763
: Percent of Open Interest Represented by Each Category of Trader :
: 14.7 13.5 38.6 26.5 39.4 17.2 5.3 96.8 96.8: 3.2 3.2
: Total Traders: 371 Number of Traders in Each Category :
: 78 125 118 97 105 42 18 298 292:
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SUGAR
General Comments: Both markets were higher last week. The Iran war has been paused as both sides signing a memorandum of understanding and continuing negotiations in Geneva. 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. Drier weather in parts of Brazil and India have been good for the harvest.
Overnight News:
Chart Trends: Trends in New York are up. Support is at 1370, 1340, and 1310 October and resistance is 1480, 1510, and 1560 October. Trends in London are mixed. Support is at 430.00, 424.00, and 417.00 October, with resistance at 460.00, 471.00, and 478.00 October.

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 1,159,845
: Positions :
: 147,845 297,597 256,088 378,898 420,748 289,642 99,210 1,072,474 1,073,644: 87,370 86,201
: Changes from: June 16, 2026 (Change in open interest: 6,357) :
: 3,754 11,623 10,002 1,179 -22,895 -10,639 7,027 4,296 5,756: 2,061 601
: Percent of Open Interest Represented by Each Category of Trader :
: 12.7 25.7 22.1 32.7 36.3 25.0 8.6 92.5 92.6: 7.5 7.4
: Total Traders: 310 Number of Traders in Each Category :
: 96 86 96 74 67 40 22 258 226:
——————————————————————————————————————-

COCOA
General Comments: Both markets closed higher last week as New York made new highs. Daily trends are up. 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 17 notices were posted for delivery against July futures and that total deliveries for the month are now 267 contracts.
Chart Trends: Trends in New York are up. Support is at 4400, 4190, and 3960 September, with resistance at 5360, 5420, and 5660 September. Trends in London are up. Support is at 3260, 3140, and 3090 September, with resistance at 4080, 4200, and 4350 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 231,281
: Positions :
: 23,815 52,830 73,827 71,230 80,238 51,941 15,285 220,813 222,180: 10,468 9,101
: Changes from: June 16, 2026 (Change in open interest: -4,037) :
: -1,420 -1,848 1,431 -3,541 -2,292 12 -549 -3,518 -3,258: -519 -779
: Percent of Open Interest Represented by Each Category of Trader :
: 10.3 22.8 31.9 30.8 34.7 22.5 6.6 95.5 96.1: 4.5 3.9
: Total Traders: 230 Number of Traders in Each Category :
: 63 78 88 43 38 32 18 190 175:
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Questions? Ask Jack Scoville today at 312-264-4322