CTA · Core
Softs CTA
Coffee, cocoa, sugar, cotton, orange juice — tropical and fiber markets with weather, disease, and thinner books than grains.
Definition
ICE softs plus sometimes pulp or similar. Seasonality and crop reports are loud. Dollar and freight still leak in. Liquidity and speculative caps make these a specialist or a small sleeve, not a 15% vol engine.
Why it matters
Softs can trend violently on a crop failure and do nothing for three years. They are diversifiers at small weight.
Case
A cocoa disease year: trend longs pay and capacity vanishes at the same time. The specialist is the market.
How to read it
Weight versus open interest, and whether a diversified CTA even allows orange juice. If softs are 1% of risk, they are decoration.
No query has been run yet. Which is tragically normal for most knowledge systems, but we are trying to evolve past decorative databases.