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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-11-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,966,615 15 360,505 24 -396,940 68 36,435 66
Gold 546,516 32 199,737 51 -225,073 49 25,336 36
Silver 144,442 11 27,548 50 -37,360 62 9,812 0
Copper 189,678 19 16,706 54 -22,541 44 5,835 59
Palladium 9,110 12 -2,978 4 3,292 96 -314 26
Platinum 59,061 20 5,289 10 -10,952 93 5,663 41
Natural Gas 1,136,714 6 -122,564 42 95,136 61 27,428 48
Brent 215,266 51 -16,691 90 13,101 11 3,590 58
Heating Oil 356,728 35 15,875 66 -39,484 29 23,609 80
Soybeans 678,613 17 138,272 65 -104,896 41 -33,376 16
Corn 1,504,234 22 407,492 82 -366,833 20 -40,659 20
Coffee 265,514 33 60,168 92 -63,594 10 3,426 12
Sugar 883,009 14 122,925 62 -134,491 43 11,566 22
Wheat 369,218 18 -1,466 46 12,111 53 -10,645 51

 

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CORN Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 32.7 45.6 9.2
– Percent of Open Interest Shorts: 5.6 70.0 11.9
– Net Position: 407,492 -366,833 -40,659
– Gross Longs: 491,328 686,116 138,699
– Gross Shorts: 83,836 1,052,949 179,358
– Long to Short Ratio: 5.9 to 1 0.7 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 82.1 19.7 19.6
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.6 -3.7 7.6

 

SUGAR Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 23.9 52.9 8.6
– Percent of Open Interest Shorts: 10.0 68.2 7.3
– Net Position: 122,925 -134,491 11,566
– Gross Longs: 211,346 467,336 75,986
– Gross Shorts: 88,421 601,827 64,420
– Long to Short Ratio: 2.4 to 1 0.8 to 1 1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 61.9 42.7 22.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -18.9 20.6 -20.2

 

COFFEE Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.1 45.2 3.8
– Percent of Open Interest Shorts: 4.4 69.2 2.5
– Net Position: 60,168 -63,594 3,426
– Gross Longs: 71,875 120,077 10,072
– Gross Shorts: 11,707 183,671 6,646
– Long to Short Ratio: 6.1 to 1 0.7 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 92.3 10.0 12.0
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -4.3 4.4 2.1

 

SOYBEANS Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 26.8 51.7 7.2
– Percent of Open Interest Shorts: 6.4 67.2 12.2
– Net Position: 138,272 -104,896 -33,376
– Gross Longs: 181,722 350,999 49,108
– Gross Shorts: 43,450 455,895 82,484
– Long to Short Ratio: 4.2 to 1 0.8 to 1 0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 64.5 41.1 16.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.5 -20.7 8.2

 

SOYBEAN MEAL Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.1 45.6 11.8
– Percent of Open Interest Shorts: 5.1 76.0 5.4
– Net Position: 97,174 -122,834 25,660
– Gross Longs: 117,747 184,194 47,671
– Gross Shorts: 20,573 307,028 22,011
– Long to Short Ratio: 5.7 to 1 0.6 to 1 2.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 85.7 12.5 73.5
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 21.1 -21.7 9.6

 

LIVE CATTLE Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 33.9 37.7 11.3
– Percent of Open Interest Shorts: 14.8 55.5 12.7
– Net Position: 61,820 -57,315 -4,505
– Gross Longs: 109,427 121,792 36,522
– Gross Shorts: 47,607 179,107 41,027
– Long to Short Ratio: 2.3 to 1 0.7 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 30.5 60.7 76.2
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -8.6 3.7 20.3

 

LEAN HOGS Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 38.7 37.1 8.1
– Percent of Open Interest Shorts: 15.1 53.4 15.5
– Net Position: 50,654 -34,939 -15,715
– Gross Longs: 83,199 79,836 17,516
– Gross Shorts: 32,545 114,775 33,231
– Long to Short Ratio: 2.6 to 1 0.7 to 1 0.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 63.4 46.7 12.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -9.7 6.8 12.3

 

COTTON Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.2 33.7 8.3
– Percent of Open Interest Shorts: 4.8 77.2 3.1
– Net Position: 93,822 -106,469 12,647
– Gross Longs: 105,640 82,317 20,226
– Gross Shorts: 11,818 188,786 7,579
– Long to Short Ratio: 8.9 to 1 0.4 to 1 2.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 82.5 15.7 92.5
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -2.0 -0.9 29.7

 

COCOA Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.8 51.5 5.3
– Percent of Open Interest Shorts: 19.4 59.4 3.8
– Net Position: 14,933 -18,436 3,503
– Gross Longs: 60,198 120,080 12,262
– Gross Shorts: 45,265 138,516 8,759
– Long to Short Ratio: 1.3 to 1 0.9 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 36.9 62.4 48.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.5 -22.9 35.8

 

WHEAT Futures:

The 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 Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.2 41.4 7.9
– Percent of Open Interest Shorts: 27.6 38.2 10.8
– Net Position: -1,466 12,111 -10,645
– Gross Longs: 100,415 152,998 29,242
– Gross Shorts: 101,881 140,887 39,887
– Long to Short Ratio: 1.0 to 1 1.1 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 45.8 52.6 50.7
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -16.8 21.9 -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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