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COT Soft Commodities Speculators boost Soybean Meal bullish bets to 34-week high

January 8, 2022

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 4th 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 strong gains in the Soybean Meal futures bets. Speculative positions have risen for four consecutive weeks and by a total of 46,386 contracts over that time-frame. This bullishness has pushed the speculator positions to the highest level of the past thirty-four weeks, dating back to May 11th of 2021. The current strength level (spec level compared to its past 3-year range) is at 86.8 percent, which is a bullish-extreme reading and means that speculators are at the top of their range in terms of bullish sentiment.

The soft commodities that saw higher bets this week were Soybeans (5,271 contracts), Soybean Oil (9,115 contracts), Soybean Meal (7,285 contracts), Live Cattle (6,276 contracts), Cotton (6,602 contracts) and Cocoa (3,219 contracts).

Markets with lower bets this week were Corn (-12,695 contracts), Sugar (-11,699 contracts), Coffee (-700 contracts), Lean Hogs (-1,350 contracts) and Wheat (-1,855 contracts).

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Data Snapshot of Commodity Market Traders | Columns Legend

Jan-04-2022	OI	OI-Index	Spec-Net	Spec-Index	Com-Net	COM-Index	Smalls-Net	Smalls-Index
WTI Crude	1,887,131	3	332,825	15	-369,956	77	37,131	67
Gold	502,717	20	211,355	55	-237,458	45	26,103	38
Silver	139,521	6	30,919	53	-43,973	56	13,054	16
Copper	185,905	16	19,759	57	-24,845	42	5,086	55
Palladium	9,480	13	-3,192	3	3,344	96	-152	36
Platinum	58,275	19	6,762	12	-12,185	92	5,423	38
Natural Gas	1,117,606	2	-141,907	36	110,122	66	31,785	59
Brent	203,528	42	-11,255	100	6,990	0	4,265	67
Heating Oil	320,686	14	7,492	53	-29,819	40	22,327	76
Soybeans	648,148	10	130,556	63	-91,893	44	-38,663	8
Corn	1,520,233	24	445,481	87	-382,800	17	-62,681	7
Coffee	262,231	31	54,565	88	-57,751	15	3,186	10
Sugar	873,918	11	172,987	72	-192,794	32	19,807	32
Wheat	359,139	12	4,080	50	6,236	47	-10,316	52

CORN Futures:

The CORN large speculator standing this week was a net position of 445,481 contracts in the data reported through Tuesday. This was a weekly lowering of -12,695 contracts from the previous week which had a total of 458,176 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 17.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 7.0 percent.

CORN Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	34.7	43.8	9.1
– Percent of Open Interest Shorts:	5.4	69.0	13.2
– Net Position:	445,481	-382,800	-62,681
– Gross Longs:	526,997	665,410	138,025
– Gross Shorts:	81,516	1,048,210	200,706
– Long to Short Ratio:	6.5 to 1	0.6 to 1	0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	86.9	17.4	7.0
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	3.6	-2.7	-5.3

SUGAR Futures:

The SUGAR large speculator standing this week was a net position of 172,987 contracts in the data reported through Tuesday. This was a weekly fall of -11,699 contracts from the previous week which had a total of 184,686 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 72.2 percent. The commercials are Bearish with a score of 31.6 percent and the small traders (not shown in chart) are Bearish with a score of 32.3 percent.

SUGAR Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	26.2	50.3	8.7
– Percent of Open Interest Shorts:	6.4	72.4	6.5
– Net Position:	172,987	-192,794	19,807
– Gross Longs:	228,567	439,824	76,229
– Gross Shorts:	55,580	632,618	56,422
– Long to Short Ratio:	4.1 to 1	0.7 to 1	1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	72.2	31.6	32.3
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-15.7	19.7	-34.0

COFFEE Futures:

The COFFEE large speculator standing this week was a net position of 54,565 contracts in the data reported through Tuesday. This was a weekly decline of -700 contracts from the previous week which had a total of 55,265 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 88.2 percent. The commercials are Bearish-Extreme with a score of 14.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 10.4 percent.

COFFEE Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	26.1	47.4	3.7
– Percent of Open Interest Shorts:	5.3	69.4	2.5
– Net Position:	54,565	-57,751	3,186
– Gross Longs:	68,421	124,348	9,757
– Gross Shorts:	13,856	182,099	6,571
– Long to Short Ratio:	4.9 to 1	0.7 to 1	1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	88.2	14.6	10.4
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-9.7	10.8	-2.8

SOYBEANS Futures:

The SOYBEANS large speculator standing this week was a net position of 130,556 contracts in the data reported through Tuesday. This was a weekly advance of 5,271 contracts from the previous week which had a total of 125,285 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 62.6 percent. The commercials are Bearish with a score of 44.2 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 7.5 percent.

SOYBEANS Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	26.7	53.2	7.3
– Percent of Open Interest Shorts:	6.6	67.4	13.3
– Net Position:	130,556	-91,893	-38,663
– Gross Longs:	173,162	344,990	47,288
– Gross Shorts:	42,606	436,883	85,951
– Long to Short Ratio:	4.1 to 1	0.8 to 1	0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	62.6	44.2	7.5
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	15.9	-14.8	-2.7

SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week was a net position of 99,029 contracts in the data reported through Tuesday. This was a weekly advance of 7,285 contracts from the previous week which had a total of 91,744 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 86.8 percent. The commercials are Bearish-Extreme with a score of 12.2 percent and the small traders (not shown in chart) are Bullish with a score of 68.3 percent.

SOYBEAN MEAL Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	30.5	46.0	11.7
– Percent of Open Interest Shorts:	5.1	77.7	5.5
– Net Position:	99,029	-123,394	24,365
– Gross Longs:	119,027	179,465	45,616
– Gross Shorts:	19,998	302,859	21,251
– Long to Short Ratio:	6.0 to 1	0.6 to 1	2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	86.8	12.2	68.3
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	9.8	-8.2	-9.2

LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week was a net position of 71,879 contracts in the data reported through Tuesday. This was a weekly rise of 6,276 contracts from the previous week which had a total of 66,356 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 37.3 percent. The commercials are Bullish with a score of 57.2 percent and the small traders (not shown in chart) are Bullish with a score of 61.9 percent.

LIVE CATTLE Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	35.3	35.1	9.4
– Percent of Open Interest Shorts:	13.5	53.7	12.5
– Net Position:	71,879	-61,531	-10,348
– Gross Longs:	116,678	116,043	31,098
– Gross Shorts:	44,799	177,574	41,446
– Long to Short Ratio:	2.6 to 1	0.7 to 1	0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	37.3	57.2	61.9
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	4.3	-6.7	4.2

LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week was a net position of 56,389 contracts in the data reported through Tuesday. This was a weekly decline of -1,350 contracts from the previous week which had a total of 55,296 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 69.4 percent. The commercials are Bearish with a score of 39.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.4 percent.

LEAN HOGS Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	39.5	36.2	7.6
– Percent of Open Interest Shorts:	13.6	55.2	14.5
– Net Position:	56,389	-41,396	-14,993
– Gross Longs:	85,903	78,722	16,461
– Gross Shorts:	29,514	120,118	31,454
– Long to Short Ratio:	2.9 to 1	0.7 to 1	0.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	69.4	39.9	15.4
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	1.3	-3.8	10.3

COTTON Futures:

The COTTON large speculator standing this week was a net position of 97,491 contracts in the data reported through Tuesday. This was a weekly boost of 6,602 contracts from the previous week which had a total of 90,889 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 84.8 percent. The commercials are Bearish-Extreme with a score of 14.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 85.9 percent.

COTTON Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	45.0	33.9	7.9
– Percent of Open Interest Shorts:	4.9	78.7	3.1
– Net Position:	97,491	-109,084	11,593
– Gross Longs:	109,464	82,584	19,240
– Gross Shorts:	11,973	191,668	7,647
– Long to Short Ratio:	9.1 to 1	0.4 to 1	2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	84.8	14.2	85.9
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-6.1	6.3	-6.5

COCOA Futures:

The COCOA large speculator standing this week was a net position of 6,469 contracts in the data reported through Tuesday. This was a weekly rise of 3,219 contracts from the previous week which had a total of 3,250 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 29.2 percent. The commercials are Bullish with a score of 71.2 percent and the small traders (not shown in chart) are Bearish with a score of 32.7 percent.

COCOA Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	24.9	52.5	5.2
– Percent of Open Interest Shorts:	22.1	56.2	4.3
– Net Position:	6,469	-8,599	2,130
– Gross Longs:	58,024	122,449	12,205
– Gross Shorts:	51,555	131,048	10,075
– Long to Short Ratio:	1.1 to 1	0.9 to 1	1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	29.2	71.2	32.7
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-8.6	8.1	3.9

WHEAT Futures:

The WHEAT large speculator standing this week was a net position of 4,080 contracts in the data reported through Tuesday. This was a weekly reduction of -1,855 contracts from the previous week which had a total of 9,132 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 50.5 percent. The commercials are Bearish with a score of 46.9 percent and the small traders (not shown in chart) are Bullish with a score of 52.3 percent.

WHEAT Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	28.6	39.6	8.4
– Percent of Open Interest Shorts:	27.4	37.8	11.3
– Net Position:	4,080	6,236	-10,316
– Gross Longs:	102,552	142,158	30,223
– Gross Shorts:	98,472	135,922	40,539
– Long to Short Ratio:	1.0 to 1	1.0 to 1	0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	50.5	46.9	52.3
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-31.9	38.1	-8.4

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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COT Soft Commodities Speculators boost Soybean Meal bullish bets to 34-week high

CORN Futures:

SUGAR Futures:

COFFEE Futures:

SOYBEANS Futures:

SOYBEAN MEAL Futures:

LIVE CATTLE Futures:

LEAN HOGS Futures:

COTTON Futures:

COCOA Futures:

WHEAT Futures:

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