futuresspecs

ICE US · Softs · Futures

FCOJ-A (Orange Juice) Futures (OJ)

ICE FCOJ-A (OJ) is the frozen concentrated orange juice benchmark: 15,000 pounds of orange solids, physically delivered.

Tick size / value
0.05 ¢/lb = $7.50
Point value
$150 / 1¢
Active contract
OJX26 Nov 2026
Next roll
Nov 2 in 34 days
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01

Contract specifications

Exchange
ICE Futures U.S.
Underlying
Frozen concentrated orange juice (orange solids)
Contract unit
15,000 pounds of orange solids
Minimum tick
0.05 cent per pound = $7.50 per contract
Point value
$150.00 per 1 cent per pound · 20 ticks per 1¢
Price quotation
U.S. cents per pound
Contract months
January, March, May, July, September, November (F, H, K, N, U, X)
Settlement
Physical delivery
Final settlement
Delivery from exchange-licensed warehouses
Termination of trading
14th business day prior to the last business day of the month
Globex code
OJ

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

02

Roll dates, first notice & expiration

ContractRoll dateFirst noticeLast trading dayDays left
OJX26 Nov 2026 Active Mon, Nov 2, 2026 n/a Mon, Nov 9, 2026 41
OJF27 Jan 2027 Thu, Dec 31, 2026 n/a Fri, Jan 8, 2027 101
OJH27 Mar 2027 Wed, Mar 3, 2027 n/a Wed, Mar 10, 2027 162
OJK27 May 2027 Mon, May 3, 2027 n/a Mon, May 10, 2027 223
OJN27 Jul 2027 Fri, Jul 2, 2027 n/a Mon, Jul 12, 2027 286
OJU27 Sep 2027 Thu, Sep 2, 2027 n/a Fri, Sep 10, 2027 346

Roll. The date shown is five business days before the last trading day; volume usually moves to the next month around then.

First notice day. First notice is the business day after the last trading day – longs must close or roll before expiry.

Last trading day. 14th business day before the last business day of the contract 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 8:00 a.m. – 2:00 p.m.Mon–Fri 7:00 a.m. – 1:00 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
OJX26 Nov 2026 Active $2,562
OJF27 Jan 2027 $2,481
OJH27 Mar 2027 $2,380
OJK27 May 2027 $2,354

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

−1,575 net contracts

+272 vs. prior week · −16.5% of OI

COT Index 26 wk 80
COT Index 3 yr 65

Movement (6 wk): +1

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

Swap Dealers

+705 net contracts

+44 vs. prior week · +7.4% of OI

COT Index 26 wk 76
COT Index 3 yr 68

Movement (6 wk): +2

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

Managed Money

−1,361 net contracts

−228 vs. prior week · −14.2% of OI

COT Index 26 wk 9
COT Index 3 yr 29

Movement (6 wk): +1

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 9,571 (+96 w/w)
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Producers / Merchants 1,4082,983−1,575 +272+288 8065+1
Swap Dealers 939234+705 +44−15 7668+2
Managed Money 2,3353,696−1,361 −228−54 929+1
Other Reportables 2,235174+2,061 −20+23 8082−5
Nonreportables 2,0011,831+170 −68−242 7336+5
Legacy Report · open interest 9,571 (+96 w/w) · WILLCO (26 wk, commercials vs. OI): 87
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Commercials 2,4353,305−870 +316+273 8471+0
Non-Commercials 4,5703,870+700 −248−31 1435−2
Nonreportables (small) 2,0011,831+170 −68−242 7336+5
Weekly net positions, last 12 reports (Disaggregated Report)
Report dateProducers / MerchantsSwap DealersManaged MoneyOther ReportablesNonreportablesOpen interest
Sep 22, 2026−1,575+705−1,361+2,061+1709,571
Sep 15, 2026−1,847+661−1,133+2,081+2389,475
Sep 8, 2026−1,757+667−1,209+2,181+1189,558
Sep 1, 2026−1,646+666−1,485+2,105+36010,204
Aug 25, 2026−1,863+720−1,307+2,038+4129,586
Aug 18, 2026−1,583+841−1,670+2,015+3979,834
Aug 11, 2026−1,657+760−1,426+2,281+4210,095
Aug 4, 2026−1,611+755−1,136+2,221−2299,794
Jul 28, 2026−1,036+663−1,580+1,854+999,921
Jul 21, 2026−1,059+649−1,315+1,681+449,680
Jul 14, 2026−1,395+606−507+1,437−1419,264
Jul 7, 2026−1,997+600+141+1,500−2448,725
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 040701 (FRZN CONCENTRATED ORANGE JUICE - ICE FUTURES U.S.)

06

OJ profit & loss calculator

Price change– Ticks– Profit / loss–

Before commissions and exchange fees. Prices round to the nearest tick of 0.05.

07

FAQ

What is the tick value of orange juice futures (OJ)?

One tick is 0.05 cent per pound, worth $7.50 per contract. A 1-cent move is worth $150.

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.