The Positioning Report — Softs
SoftSignal Research — https://www.getsoftsignal.com
Report date: May 22, 2026
Data as of: CFTC COT as of 05/24/2026

HTML Report: https://reports.getsoftsignal.com/2026/positioning_softs_bf1812d5.html

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MANAGED MONEY POSITIONING

| Market       | MM Net      | Percentile | Positioning   |
| ------------ | ----------- | ---------- | ------------- |
| Sugar No. 11 | -84,037 cts | 15th pct   | Heavily Short |
| Cocoa        | -16,166 cts | 12th pct   | Heavily Short |
| Frozen OJ    | +500 cts    | 37th pct   | Neutral       |

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COT MARKET ANALYSIS

=== Sugar No. 11 ===
Managed money is Heavily Short (15th percentile) relative to the full history of this market. Managed money added 16,419 net contracts week-over-week. Commercial hedgers hold a net long position of 38,947 contracts . Open interest is at an elevated level historically (89th percentile).

=== Cocoa ===
Managed money is Heavily Short (12th percentile) relative to the full history of this market. Managed money reduced 2,197 net contracts week-over-week. Commercial hedgers hold a net long position of 19,954 contracts . Open interest is near historical average levels (46th percentile).

=== Frozen OJ ===
Managed money is Moderately Short (37th percentile) relative to the full history of this market. Managed money reduced 639 net contracts week-over-week. Commercial hedgers hold a net short position of 1,337 contracts . Open interest is at a depressed level historically (1th percentile).

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DATA SOURCES

• CFTC Disaggregated COT (Sugar No. 11, Cocoa, Frozen OJ)
• GFW GLAD + Trase (EUDR deforestation risk — cocoa origins)

This report is for informational purposes only and does not constitute investment advice.
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