futuresspecs

ICE US · Softs · Futures

Cocoa Futures (CC)

ICE Cocoa (CC) is the New York cocoa benchmark: 10 metric tons, quoted in U.S. dollars per ton, physically delivered.

Tick size / value
1 $/t = $10.00
Point value
$1,000 / $100
Active contract
CCZ26 Dec 2026
Next roll
Nov 11 in 43 days
ICE right now
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01

Contract specifications

Exchange
ICE Futures U.S.
Underlying
Cocoa beans
Contract unit
10 metric tons
Minimum tick
$1 per metric ton = $10.00 per contract
Point value
$1,000.00 per $100 per metric ton · 100 ticks per $100
Price quotation
U.S. dollars per metric ton
Contract months
March, May, July, September, December (H, K, N, U, Z)
Settlement
Physical delivery
Final settlement
Delivery from exchange-licensed warehouses
Termination of trading
One business day prior to the last notice day of the delivery month
Globex code
CC

Source: ICE Futures U.S. contract specifications · reviewed Sep 30, 2026

02

Roll dates, first notice & expiration

ContractRoll dateFirst noticeLast trading dayDays left
CCZ26 Dec 2026 Active Wed, Nov 11, 2026 Mon, Nov 16, 2026 Tue, Dec 15, 2026 77
CCH27 Mar 2027 Tue, Feb 9, 2027 Fri, Feb 12, 2027 Mon, Mar 15, 2027 167
CCK27 May 2027 Wed, Apr 14, 2027 Mon, Apr 19, 2027 Thu, May 13, 2027 226
CCN27 Jul 2027 Fri, Jun 11, 2027 Wed, Jun 16, 2027 Thu, Jul 15, 2027 289
CCU27 Sep 2027 Fri, Aug 13, 2027 Wed, Aug 18, 2027 Wed, Sep 15, 2027 351
CCZ27 Dec 2027 Thu, Nov 11, 2027 Tue, Nov 16, 2027 Wed, Dec 15, 2027 442

Roll. The date shown is three business days before first notice, when speculators roll to the next active month.

First notice day. Ten business days before the first business day of the delivery month. Longs must exit before this date to avoid delivery.

Last trading day. One business day before the last notice day (11 business days before the last business day of the delivery month).

US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18

Calculated from exchange rules and the US exchange holiday calendar. Confirm with the ICE Futures U.S. expiration calendar.

03

Trading hours (ET / CT)

SessionEastern (ET)Central (CT)Your time
ICE trading hoursMon–Fri 4:45 a.m. – 1:30 p.m.Mon–Fri 3:45 a.m. – 12:30 p.m. –

Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).

04

Margins

ICE Futures U.S. maintenance margin per contract, outright position · as of Sep 30, 2026
ContractMaintenance
CCZ26 Dec 2026 Active $8,440
CCH27 Mar 2027 $8,460
CCK27 May 2027 $8,470
CCN27 Jul 2027 $7,990

Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.

05

COT positioning

CFTC Disaggregated Report, futures only · positions as of Tue, Sep 22, 2026 · released Sep 25, 2026

Producers / Merchants

−14,481 net contracts

+9,259 vs. prior week · −8.1% of OI

COT Index 26 wk 100
COT Index 3 yr 83

Movement (6 wk): +4

Producers, merchants, processors and users hedging physical business – the classic commercials. They tend to buy weakness and sell strength.

Swap Dealers

+27,756 net contracts

+619 vs. prior week · +15.5% of OI

COT Index 26 wk 23
COT Index 3 yr 69

Movement (6 wk): +9

Swap dealers – banks hedging OTC swaps, including commodity index money. Often structurally positioned; read against their own range, not the sign.

Managed Money

−16,406 net contracts

−6,867 vs. prior week · −9.2% of OI

COT Index 26 wk 36
COT Index 3 yr 6

Movement (6 wk): −9

Managed money – CTAs, commodity pools and hedge funds. Trend followers; their positioning tends to peak near turning points.

Net positions, last 3 years contracts, long minus short
Producers / MerchantsSwap DealersManaged Money
COT Index, 3-year window 0 = most net short in 3 years, 100 = most net long · shaded: extreme zones
Producers / MerchantsManaged Money
Disaggregated Report · open interest 178,964 (−3,727 w/w)
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Producers / Merchants 51,53366,014−14,481 +9,259+8,957 10083+4
Swap Dealers 36,7178,961+27,756 +619+739 2369+9
Managed Money 17,51533,921−16,406 −6,867−5,948 366−9
Other Reportables 11,0099,653+1,356 −1,245−1,429 8353−3
Nonreportables 11,2759,500+1,775 −1,766−2,319 5044−3
Legacy Report · open interest 178,964 (−3,727 w/w) · WILLCO (26 wk, commercials vs. OI): 67
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Commercials 100,02186,746+13,275 +9,878+9,696 6089+8
Non-Commercials 28,52443,574−15,050 −8,112−7,377 379−9
Nonreportables (small) 11,2759,500+1,775 −1,766−2,319 5044−3
Weekly net positions, last 12 reports (Disaggregated Report)
Report dateProducers / MerchantsSwap DealersManaged MoneyOther ReportablesNonreportablesOpen interest
Sep 22, 2026−14,481+27,756−16,406+1,356+1,775178,964
Sep 15, 2026−23,740+27,137−9,539+2,601+3,541182,691
Sep 8, 2026−24,558+27,764−8,757+2,240+3,311178,092
Sep 1, 2026−30,625+26,911−4,750+4,036+4,428178,298
Aug 25, 2026−23,438+27,017−10,458+2,785+4,094172,846
Aug 18, 2026−23,371+25,831−9,371+3,646+3,265175,361
Aug 11, 2026−20,476+22,810−6,667+2,194+2,139190,891
Aug 4, 2026−20,908+22,497−4,670+1,762+1,319203,398
Jul 28, 2026−18,433+22,894−8,773+3,217+1,095201,223
Jul 21, 2026−21,175+23,332−6,976+3,069+1,750201,552
Jul 14, 2026−21,487+30,657−7,114−3,470+1,414203,748
Jul 7, 2026−23,525+34,897−5,864−6,865+1,357197,971
How to read these numbers
  • Net position = long minus short contracts (spread positions excluded).
  • COT Index = where today's net position sits within its range over the window: 100 × (net − min) / (max − min). It is a stochastic, not a percentile. Readings above 80 or below 20 are commonly treated as positioning extremes (after Stephen Briese and Larry Williams).
  • Movement Index = change of the 3-year COT Index over 6 weeks. Moves of ±40 points mark unusually fast repositioning.
  • WILLCO (Legacy report) = COT Index of commercials' net position as a share of open interest, 26-week window.
  • Positions are as of Tuesday and released Friday at 3:30 p.m. ET. COT data shows positioning, not timing – it is context, not a trading signal. Open-interest-based indicators are left out for stock index futures because quarterly expirations distort open interest.

Source: CFTC Public Reporting Environment · contract market code 073732 (COCOA - ICE FUTURES U.S.)

06

CC profit & loss calculator

Price change– Ticks– Profit / loss–

Before commissions and exchange fees. Prices round to the nearest tick of 1.

07

FAQ

What is the tick value of cocoa futures (CC)?

One tick is $1 per metric ton, worth $10.00 per contract. A $100 move is worth $1,000.

What does the COT Index show?

The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.