15 Jan

COT Soft Commodities cut their Sugar bullish bets sharply to 82-week low

January 15, 2022

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 COT data is updated through Tuesday January 11th 2022 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 recent sharp declines in the Sugar futures positions. The speculative net position in Sugar futures has dropped for two consecutive weeks and also for six out of the past seven weeks. Bullish bets have now decreased by a total of -126,701 contracts over the past seven weeks and has brought the current bullish position down to its lowest level since June 16th of 2020, a span of 82 weeks. Despite the selloff, Sugar bets remain in bullish territory with a total of 122,925 contracts.

The soft commodities that saw higher bets this week were Coffee (5,603 contracts), Soybeans (7,716 contracts), Soybean Oil (203 contracts) and Cocoa (8,464 contracts) while markets with lower speculator positions were Sugar (-50,062 contracts), Corn (-37,989 contracts), Soybean Meal (-1,855 contracts), Live Cattle (-10,059 contracts), Lean Hogs (-5,735 contracts), Cotton (-3,669 contracts) and Wheat (-5,546 contracts).

Data Snapshot of Commodity Market Traders | Columns Legend
Jan-11-2022OIOI-IndexSpec-NetSpec-IndexCom-NetCOM-IndexSmalls-NetSmalls-Index
WTI Crude1,966,61515360,50524-396,9406836,43566
Gold546,51632199,73751-225,0734925,33636
Silver144,4421127,54850-37,360629,8120
Copper189,6781916,70654-22,541445,83559
Palladium9,11012-2,97843,29296-31426
Platinum59,061205,28910-10,952935,66341
Natural Gas1,136,7146-122,5644295,1366127,42848
Brent215,26651-16,6919013,101113,59058
Heating Oil356,7283515,87566-39,4842923,60980
Soybeans678,61317138,27265-104,89641-33,37616
Corn1,504,23422407,49282-366,83320-40,65920
Coffee265,5143360,16892-63,594103,42612
Sugar883,00914122,92562-134,4914311,56622
Wheat369,21818-1,4664612,11153-10,64551

 

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CORN Futures:

CORN Futures COT ChartThe CORN large speculator standing this week came in at a net position of 407,492 contracts in the data reported through Tuesday. This was a weekly lowering of -37,989 contracts from the previous week which had a total of 445,481 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 82.1 percent. The commercials are Bearish-Extreme with a score of 19.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.6 percent.

CORN Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:32.745.69.2
– Percent of Open Interest Shorts:5.670.011.9
– Net Position:407,492-366,833-40,659
– Gross Longs:491,328686,116138,699
– Gross Shorts:83,8361,052,949179,358
– Long to Short Ratio:5.9 to 10.7 to 10.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):82.119.719.6
– Strength Index Reading (3 Year Range):Bullish-ExtremeBearish-ExtremeBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:1.6-3.77.6

 

SUGAR Futures:

SUGAR Futures COT ChartThe SUGAR large speculator standing this week came in at a net position of 122,925 contracts in the data reported through Tuesday. This was a weekly reduction of -50,062 contracts from the previous week which had a total of 172,987 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 61.9 percent. The commercials are Bearish with a score of 42.7 percent and the small traders (not shown in chart) are Bearish with a score of 22.2 percent.

SUGAR Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:23.952.98.6
– Percent of Open Interest Shorts:10.068.27.3
– Net Position:122,925-134,49111,566
– Gross Longs:211,346467,33675,986
– Gross Shorts:88,421601,82764,420
– Long to Short Ratio:2.4 to 10.8 to 11.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):61.942.722.2
– Strength Index Reading (3 Year Range):BullishBearishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-18.920.6-20.2

 

COFFEE Futures:

COFFEE Futures COT ChartThe COFFEE large speculator standing this week came in at a net position of 60,168 contracts in the data reported through Tuesday. This was a weekly boost of 5,603 contracts from the previous week which had a total of 54,565 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 92.3 percent. The commercials are Bearish-Extreme with a score of 10.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 12.0 percent.

COFFEE Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:27.145.23.8
– Percent of Open Interest Shorts:4.469.22.5
– Net Position:60,168-63,5943,426
– Gross Longs:71,875120,07710,072
– Gross Shorts:11,707183,6716,646
– Long to Short Ratio:6.1 to 10.7 to 11.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):92.310.012.0
– Strength Index Reading (3 Year Range):Bullish-ExtremeBearish-ExtremeBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-4.34.42.1

 

SOYBEANS Futures:

SOYBEANS Futures COT ChartThe SOYBEANS large speculator standing this week came in at a net position of 138,272 contracts in the data reported through Tuesday. This was a weekly increase of 7,716 contracts from the previous week which had a total of 130,556 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 64.5 percent. The commercials are Bearish with a score of 41.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 16.3 percent.

SOYBEANS Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:26.851.77.2
– Percent of Open Interest Shorts:6.467.212.2
– Net Position:138,272-104,896-33,376
– Gross Longs:181,722350,99949,108
– Gross Shorts:43,450455,89582,484
– Long to Short Ratio:4.2 to 10.8 to 10.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):64.541.116.3
– Strength Index Reading (3 Year Range):BullishBearishBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:20.5-20.78.2

 

SOYBEAN MEAL Futures:

SOYBEAN MEAL Futures COT ChartThe SOYBEAN MEAL large speculator standing this week came in at a net position of 97,174 contracts in the data reported through Tuesday. This was a weekly decrease of -1,855 contracts from the previous week which had a total of 99,029 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 85.7 percent. The commercials are Bearish-Extreme with a score of 12.5 percent and the small traders (not shown in chart) are Bullish with a score of 73.5 percent.

SOYBEAN MEAL Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:29.145.611.8
– Percent of Open Interest Shorts:5.176.05.4
– Net Position:97,174-122,83425,660
– Gross Longs:117,747184,19447,671
– Gross Shorts:20,573307,02822,011
– Long to Short Ratio:5.7 to 10.6 to 12.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):85.712.573.5
– Strength Index Reading (3 Year Range):Bullish-ExtremeBearish-ExtremeBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:21.1-21.79.6

 

LIVE CATTLE Futures:

LIVE CATTLE Futures COT ChartThe LIVE CATTLE large speculator standing this week came in at a net position of 61,820 contracts in the data reported through Tuesday. This was a weekly reduction of -10,059 contracts from the previous week which had a total of 71,879 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 30.5 percent. The commercials are Bullish with a score of 60.7 percent and the small traders (not shown in chart) are Bullish with a score of 76.2 percent.

LIVE CATTLE Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:33.937.711.3
– Percent of Open Interest Shorts:14.855.512.7
– Net Position:61,820-57,315-4,505
– Gross Longs:109,427121,79236,522
– Gross Shorts:47,607179,10741,027
– Long to Short Ratio:2.3 to 10.7 to 10.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):30.560.776.2
– Strength Index Reading (3 Year Range):BearishBullishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-8.63.720.3

 

LEAN HOGS Futures:

LEAN HOGS Futures COT ChartThe LEAN HOGS large speculator standing this week came in at a net position of 50,654 contracts in the data reported through Tuesday. This was a weekly fall of -5,735 contracts from the previous week which had a total of 56,389 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 63.4 percent. The commercials are Bearish with a score of 46.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 12.3 percent.

LEAN HOGS Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:38.737.18.1
– Percent of Open Interest Shorts:15.153.415.5
– Net Position:50,654-34,939-15,715
– Gross Longs:83,19979,83617,516
– Gross Shorts:32,545114,77533,231
– Long to Short Ratio:2.6 to 10.7 to 10.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):63.446.712.3
– Strength Index Reading (3 Year Range):BullishBearishBearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-9.76.812.3

 

COTTON Futures:

COTTON Futures COT ChartThe COTTON large speculator standing this week came in at a net position of 93,822 contracts in the data reported through Tuesday. This was a weekly lowering of -3,669 contracts from the previous week which had a total of 97,491 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 82.5 percent. The commercials are Bearish-Extreme with a score of 15.7 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 92.5 percent.

COTTON Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:43.233.78.3
– Percent of Open Interest Shorts:4.877.23.1
– Net Position:93,822-106,46912,647
– Gross Longs:105,64082,31720,226
– Gross Shorts:11,818188,7867,579
– Long to Short Ratio:8.9 to 10.4 to 12.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):82.515.792.5
– Strength Index Reading (3 Year Range):Bullish-ExtremeBearish-ExtremeBullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-2.0-0.929.7

 

COCOA Futures:

COCOA Futures COT ChartThe COCOA large speculator standing this week came in at a net position of 14,933 contracts in the data reported through Tuesday. This was a weekly lift of 8,464 contracts from the previous week which had a total of 6,469 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 36.9 percent. The commercials are Bullish with a score of 62.4 percent and the small traders (not shown in chart) are Bearish with a score of 48.3 percent.

COCOA Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:25.851.55.3
– Percent of Open Interest Shorts:19.459.43.8
– Net Position:14,933-18,4363,503
– Gross Longs:60,198120,08012,262
– Gross Shorts:45,265138,5168,759
– Long to Short Ratio:1.3 to 10.9 to 11.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):36.962.448.3
– Strength Index Reading (3 Year Range):BearishBullishBearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:20.5-22.935.8

 

WHEAT Futures:

WHEAT Futures COT ChartThe WHEAT large speculator standing this week came in at a net position of -1,466 contracts in the data reported through Tuesday. This was a weekly decline of -5,546 contracts from the previous week which had a total of 4,080 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 45.8 percent. The commercials are Bullish with a score of 52.6 percent and the small traders (not shown in chart) are Bullish with a score of 50.7 percent.

WHEAT Futures StatisticsSPECULATORSCOMMERCIALSSMALL TRADERS
– Percent of Open Interest Longs:27.241.47.9
– Percent of Open Interest Shorts:27.638.210.8
– Net Position:-1,46612,111-10,645
– Gross Longs:100,415152,99829,242
– Gross Shorts:101,881140,88739,887
– Long to Short Ratio:1.0 to 11.1 to 10.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):45.852.650.7
– Strength Index Reading (3 Year Range):BearishBullishBullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:-16.821.9-13.3

 

Article By InvestMacro – Receive 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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