COT Soft Commodities Speculators boosted Soybean bullish bets to 18-week high

December 27, 2021

By InvestMacro | COT | Data Tables | COT Leaders | Downloads | COT Newsletter

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC). The latest release was delayed by the CFTC due to the Christmas holiday.

The latest COT data is updated through Tuesday December 21st 2021 and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Highlighting the COT soft commodities data is the sharp rise in Soybean bullish bets to an 18-week high-point. Soybeans speculator positions rose for a third consecutive week as bullish bets went back over the +100,000 net contract level for the first time since August. Last week’s rise was the largest one-week gain of the past sixty-eight weeks, dating back to September 1st of 2020.

The soft commodities that saw higher bets on the week were Corn (18,699 contracts), Soybeans (39,656 contracts), Soybean Meal (8,705 contracts), Lean Hogs (1,094 contracts), Cotton (-951 contracts) and Cocoa (1,804 contracts).

The markets that had lower bets were Sugar (-27,265 contracts), Coffee (-4,174 contracts), Soybean Oil (-2,755 contracts), Live Cattle (-13,158 contracts) and Wheat (-2,833 contracts).


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Data Snapshot of Commodity Market Traders | Columns Legend
Dec-21-2021 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,892,701 0 340,255 20 -375,816 70 35,561 65
Gold 500,846 19 205,811 53 -236,029 46 30,218 50
Silver 141,119 8 20,926 43 -36,399 63 15,473 30
Copper 170,353 5 4,437 46 -9,777 53 5,340 56
Palladium 9,518 14 -3,639 1 3,985 99 -346 24
Platinum 64,732 30 1,268 4 -7,717 98 6,449 52
Natural Gas 1,142,729 4 -141,212 36 109,551 65 31,661 59
Brent 224,110 58 -25,001 76 22,225 26 2,776 47
Heating Oil 302,721 3 4,897 50 -21,060 49 16,163 54
Soybeans 654,460 11 102,877 56 -72,352 49 -30,525 21
Corn 1,485,412 19 445,320 87 -401,280 15 -44,040 18
Coffee 258,871 28 56,134 89 -57,984 14 1,850 1
Sugar 864,082 9 189,198 75 -210,783 28 21,585 35
Wheat 357,381 11 9,132 55 -1,601 39 -7,531 66

 


CORN Futures:

The CORN large speculator standing this week recorded a net position of 445,320 contracts in the data reported through Tuesday. This was a weekly lift of 18,699 contracts from the previous week which had a total of 426,621 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 86.9 percent. The commercials are Bearish-Extreme with a score of 14.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.7 percent.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 34.9 44.4 8.8
– Percent of Open Interest Shorts: 4.9 71.4 11.8
– Net Position: 445,320 -401,280 -44,040
– Gross Longs: 517,718 659,593 131,137
– Gross Shorts: 72,398 1,060,873 175,177
– Long to Short Ratio: 7.2 to 1 0.6 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 86.9 14.8 17.7
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 8.9 -11.4 6.0

 


SUGAR Futures:

The SUGAR large speculator standing this week recorded a net position of 189,198 contracts in the data reported through Tuesday. This was a weekly reduction of -27,265 contracts from the previous week which had a total of 216,463 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 75.5 percent. The commercials are Bearish with a score of 28.2 percent and the small traders (not shown in chart) are Bearish with a score of 34.5 percent.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.9 49.4 8.7
– Percent of Open Interest Shorts: 6.0 73.8 6.3
– Net Position: 189,198 -210,783 21,585
– Gross Longs: 240,751 426,557 75,597
– Gross Shorts: 51,553 637,340 54,012
– Long to Short Ratio: 4.7 to 1 0.7 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 75.5 28.2 34.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -4.7 9.5 -33.6

 


COFFEE Futures:

The COFFEE large speculator standing this week recorded a net position of 56,134 contracts in the data reported through Tuesday. This was a weekly decrease of -4,174 contracts from the previous week which had a total of 60,308 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 89.4 percent. The commercials are Bearish-Extreme with a score of 14.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 1.1 percent.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.0 48.1 3.5
– Percent of Open Interest Shorts: 5.3 70.5 2.8
– Net Position: 56,134 -57,984 1,850
– Gross Longs: 69,794 124,465 9,132
– Gross Shorts: 13,660 182,449 7,282
– Long to Short Ratio: 5.1 to 1 0.7 to 1 1.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 89.4 14.4 1.1
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -3.4 5.8 -18.7

 


SOYBEANS Futures:

The SOYBEANS large speculator standing this week recorded a net position of 102,877 contracts in the data reported through Tuesday. This was a weekly lift of 39,656 contracts from the previous week which had a total of 63,221 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 55.8 percent. The commercials are Bearish with a score of 48.8 percent and the small traders (not shown in chart) are Bearish with a score of 21.0 percent.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 23.2 53.2 7.7
– Percent of Open Interest Shorts: 7.5 64.3 12.4
– Net Position: 102,877 -72,352 -30,525
– Gross Longs: 152,008 348,397 50,683
– Gross Shorts: 49,131 420,749 81,208
– Long to Short Ratio: 3.1 to 1 0.8 to 1 0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 55.8 48.8 21.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 18.6 -19.2 10.2

 


SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week recorded a net position of 80,134 contracts in the data reported through Tuesday. This was a weekly rise of 8,705 contracts from the previous week which had a total of 71,429 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 75.7 percent. The commercials are Bearish with a score of 24.5 percent and the small traders (not shown in chart) are Bullish with a score of 56.2 percent.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.4 46.6 11.8
– Percent of Open Interest Shorts: 5.4 72.0 6.5
– Net Position: 80,134 -101,479 21,345
– Gross Longs: 101,957 186,874 47,345
– Gross Shorts: 21,823 288,353 26,000
– Long to Short Ratio: 4.7 to 1 0.6 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 75.7 24.5 56.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.2 -17.4 -14.7

 


LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week recorded a net position of 66,356 contracts in the data reported through Tuesday. This was a weekly reduction of -13,158 contracts from the previous week which had a total of 79,514 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 33.6 percent. The commercials are Bullish with a score of 60.4 percent and the small traders (not shown in chart) are Bullish with a score of 66.1 percent.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 37.4 37.3 10.3
– Percent of Open Interest Shorts: 15.5 56.3 13.1
– Net Position: 66,356 -57,712 -8,644
– Gross Longs: 113,339 112,965 31,159
– Gross Shorts: 46,983 170,677 39,803
– Long to Short Ratio: 2.4 to 1 0.7 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 33.6 60.4 66.1
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 11.5 -13.6 -1.7

 


LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week recorded a net position of 55,296 contracts in the data reported through Tuesday. This was a weekly gain of 1,094 contracts from the previous week which had a total of 54,202 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 68.2 percent. The commercials are Bearish with a score of 42.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 11.0 percent.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.5 36.3 7.4
– Percent of Open Interest Shorts: 14.3 54.9 15.0
– Net Position: 55,296 -39,273 -16,023
– Gross Longs: 85,559 76,686 15,634
– Gross Shorts: 30,263 115,959 31,657
– Long to Short Ratio: 2.8 to 1 0.7 to 1 0.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 68.2 42.1 11.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 10.9 -11.1 0.6

 


COTTON Futures:

The COTTON large speculator standing this week recorded a net position of 87,737 contracts in the data reported through Tuesday. This was a weekly reduction of -951 contracts from the previous week which had a total of 88,688 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 78.6 percent. The commercials are Bearish with a score of 20.6 percent and the small traders (not shown in chart) are Bullish with a score of 78.2 percent.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.4 35.9 7.5
– Percent of Open Interest Shorts: 5.3 78.6 3.0
– Net Position: 87,737 -98,098 10,361
– Gross Longs: 99,892 82,576 17,286
– Gross Shorts: 12,155 180,674 6,925
– Long to Short Ratio: 8.2 to 1 0.5 to 1 2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 78.6 20.6 78.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -10.1 11.3 -21.6

 


COCOA Futures:

The COCOA large speculator standing this week recorded a net position of 703 contracts in the data reported through Tuesday. This was a weekly gain of 1,804 contracts from the previous week which had a total of -1,101 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 24.0 percent. The commercials are Bullish with a score of 76.6 percent and the small traders (not shown in chart) are Bearish with a score of 29.3 percent.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 26.0 52.6 5.1
– Percent of Open Interest Shorts: 25.7 53.7 4.3
– Net Position: 703 -2,534 1,831
– Gross Longs: 60,704 122,521 11,806
– Gross Shorts: 60,001 125,055 9,975
– Long to Short Ratio: 1.0 to 1 1.0 to 1 1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 24.0 76.6 29.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.9 -3.5 -15.4

 


WHEAT Futures:

The WHEAT large speculator standing this week recorded a net position of 9,132 contracts in the data reported through Tuesday. This was a weekly lowering of -2,833 contracts from the previous week which had a total of 11,965 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 54.8 percent. The commercials are Bearish with a score of 39.3 percent and the small traders (not shown in chart) are Bullish with a score of 65.6 percent.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.0 37.6 8.3
– Percent of Open Interest Shorts: 26.5 38.0 10.5
– Net Position: 9,132 -1,601 -7,531
– Gross Longs: 103,696 134,206 29,825
– Gross Shorts: 94,564 135,807 37,356
– Long to Short Ratio: 1.1 to 1 1.0 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 54.8 39.3 65.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -8.6 11.5 -8.3

 


Article By InvestMacroReceive our weekly COT Reports by Email

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting).See CFTC criteria here.

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