Softs Report 09/21/2026

COTTON
General Comments: Cotton was lower last week on chart based selling and on the FED raising interest rates to fight inflation. Some selling came in front of the Chinese summit this week. The weekly export sales report was bad. Trends in the Dollar Indes are starting to turn up and trends in Cotton are starting to turn down. USDA cut yield and harvested area for production of 13.2 billion bales. Domestic demand was trimmed but exports were unchanged and ending stocks were estimated at 369 million bales from 400 million last month. Stressful weather conditions continue. USDA this week showed that conditions are now 36% good to excellent. Progress is above average with the crop now 8% harvested. Forecasts and reports of scattered to isolated showers in Cotton areas continue for the Delts, and the Southeast. Temperatures will be warm to hot in all areas.
Overnight News
Chart Trends: Trends in Cotton are mixed. Support is at 80.40, 79.20, and 77.80 December, with resistance of 84.00, 85.30 and 85.60 December

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 528,536
: Positions :
: 109,211 28,535 165,869 134,517 301,018 99,606 23,506 509,202 518,928: 19,333 9,608
: Changes from: September 8, 2026 (Change in open interest: -3,409) :
: -7,084 147 -2,181 9,445 64 -2,206 -1,547 -2,026 -3,518: -1,383 109
: Percent of Open Interest Represented by Each Category of Trader :
: 20.7 5.4 31.4 25.5 57.0 18.8 4.4 96.3 98.2: 3.7 1.8
: Total Traders: 384 Number of Traders in Each Category :
: 185 52 129 74 83 45 20 336 259:
——————————————————————————————————————-

FCOJ
General Comments: Futures were lower last week in range based trading. Prices are now in the lower end of the recent trading range. USDA on Friday showed US oranges production at 58.250 million boxes and Florida production at 12.200 million boxes. Showers are showing up in Florida and trees are recovering. The weather for the next crop is seasonal. The weather is considered good for production in Mexico and showers are developing in Brazil.
Overnight News: ICE said that 0 notices were posted for delivery against September contracts and that total deliveries fort the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 128.00, 125.00, and 122.00 September, with resistance at 159,00 167.00, and 174.00 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 15, 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 10,590 :
: Positions :
: 1,868 3,331 878 100 212 2,554 3,687 79 1,792 199 1,270 :
: Changes from: September 8, 2026 :
: -33 155 15 27 19 -35 -111 6 -137 -141 92 :
: Percent of Open Interest Represented by Each Category of Trader :
: 17.6 31.5 8.3 0.9 2.0 24.1 34.8 0.7 16.9 1.9 12.0 :
: Number of Traders in Each Category Total Traders: 55 :
: 10 7 . . . 7 14 . 13 5 7 :
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COFFEE
General Comments: New York and London were both lower again last week as the FED raised interest rates to fight inflation and as Brail crops are looking better with good weather. Trends are down in New York and are mixed to down in London. Brazil coffee is being offered now in increasing quantities as harvest is almost over despite increased rains. The next crop is developing in the rest of South America amid scattered to isolated showers. Indonesia is now about done with its harvest. Asian conditions are called good. Other world production conditions are generally good. Mexico is in good condition, but Central America has been dry
Overnight News: The ICO average price is 258.77 ct/lb. ICE NY said that 3 notices was posted for delivery against September futures and that total deliveries for the month are now 266 contracts.
Chart Trends: Trends in New York are mixed. Support is at 270.00, 264.00, and 257.00 December, and resistance is at 292.00, 300.00 and 309.00 December. Trends in London are mixed. Support is at 3200, 3140, and 3080 November, with resistance at 3610, 3690, and 3770 November.

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 192,298
: Positions :
: 23,053 24,769 65,275 54,985 89,747 41,231 6,094 184,543 185,886: 7,755 6,412
: Changes from: September 8, 2026 (Change in open interest: -8,280) :
: -1,490 989 -6,122 -231 -3,418 -344 15 -8,188 -8,537: -92 258
: Percent of Open Interest Represented by Each Category of Trader :
: 12.0 12.9 33.9 28.6 46.7 21.4 3.2 96.0 96.7: 4.0 3.3
: Total Traders: 347 Number of Traders in Each Category :
: 68 105 109 102 108 39 20 284 275:
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SUGAR
General Comments: Both markets were lower last week. Trends are turning down on the daily charts and the weeky charts in both markets. Drought in Europe and Brail are a major concern but seems to be easing now with the crop mostly made in Europe. The hot and dry weather was causing losses in Sugar beets production. There have been some rains in center-south Brazil causing some harvest delays. Indian production is less after hot and dry conditions and production in the rest of Asia could be hurt by El Nino weather. Higher world petroleum prices are supporting higher ethanol prices and could cause less Sugar to be produced.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1750, 1720, and 1700 March and resistance is 1930, 1960, and 2020 March. Trends in London are mixed to down. Support is at 506.00, 499.00, and 476.00 December, with resistance at 531.00, 544.00, and 554.00 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 1,465,655
: Positions :
: 263,289 157,758 367,013 347,652 832,804 371,013 47,204 1,348,968 1,404,779: 116,687 60,876
: Changes from: September 8, 2026 (Change in open interest: -192,842) :
: -7,616 -7,032 -133,195 -24,878 -22,048 -27,041 -29,078 -192,729 -191,353: -113 -1,489
: Percent of Open Interest Represented by Each Category of Trader :
: 18.0 10.8 25.0 23.7 56.8 25.3 3.2 92.0 95.8: 8.0 4.2
: Total Traders: 304 Number of Traders in Each Category :
: 114 51 105 77 82 40 18 278 214:
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COCOA
General Comments: New York and London were lower last week. Daily and weekly trends are turning down. 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 but demand has started to increase.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 5260, 4990, and 4960 December, with resistance at 6200, 6320, and 655S0 December. Trends in London are mixed to down. Support is at 3960, 3630, and 3030 December, with resistance at 4300, 4510, and 4620 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 242,913
: Positions :
: 14,760 34,156 85,297 80,128 93,586 50,741 21,511 230,927 234,550: 11,987 8,363
: Changes from: September 8, 2026 (Change in open interest: 2,977) :
: -1,499 -472 2,684 1,386 706 212 14 2,783 2,931: 194 46
: Percent of Open Interest Represented by Each Category of Trader :
: 6.1 14.1 35.1 33.0 38.5 20.9 8.9 95.1 96.6: 4.9 3.4
: Total Traders: 213 Number of Traders in Each Category :
: 69 56 87 44 40 29 17 183 166:
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Questions? Ask Jack Scoville today at 312-264-4322