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COT Soft Commodities Speculators push Soybean bullish bets to 33-week high

February 5, 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 February 1st 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 gains in Soybeans futures bets. The speculative net position in the Soybeans futures jumped this week by +44,501 contracts, the largest one-week gain in the past seventy-four weeks, dating back to September of 2020. Speculators have been boosting their Soybeans positions higher as bullish bets have risen for two straight weeks and in ten out of the past twelve weeks. The speculator standing has ascended to the highest total of the past thirty-three weeks and on the cusp of an extreme bullish reading (78.1%) for speculators (current spec level compared to past three years of data where above 80% is extreme bullish and below 20% is extreme bearish).

The soft commodities that saw higher bets this week were Corn (16,122 contracts), Soybeans (44,501 contracts), Soybean Oil (5,938 contracts), Soybean Meal (19,821 contracts), Live Cattle (16,867 contracts), Lean Hogs (1,475 contracts) and Cotton (5,213 contracts).

The markets with lower speculator bets were Sugar (-27,690 contracts), Coffee (-265 contracts), Cocoa (-858 contracts), and Wheat (-11,311 contracts).

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Data Snapshot of Commodity Market Traders | Columns Legend
Feb-01-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 2,093,735 35 368,904 27 -414,658 63 45,754 79
Gold 515,331 23 172,142 43 -201,342 56 29,200 47
Silver 149,136 15 22,118 44 -35,263 64 13,145 19
Copper 198,437 25 16,155 54 -21,053 45 4,898 54
Palladium 7,853 6 -992 15 965 83 27 46
Platinum 53,898 11 14,581 23 -19,786 81 5,205 35
Natural Gas 1,162,813 12 -120,010 43 90,241 59 29,769 54
Brent 203,928 42 -18,920 86 15,734 15 3,186 52
Heating Oil 347,383 30 15,683 65 -43,137 25 27,454 93
Soybeans 796,285 44 193,373 78 -155,577 29 -37,796 9
Corn 1,568,959 33 455,220 88 -407,663 14 -47,557 16
Coffee 274,865 40 61,378 93 -65,365 9 3,987 16
Sugar 897,035 17 93,593 56 -117,500 46 23,907 37
Wheat 391,162 29 350 47 5,100 46 -5,450 76

 

CORN Futures:

The CORN large speculator standing this week came in at a net position of 455,220 contracts in the data reported through Tuesday. This was a weekly rise of 16,122 contracts from the previous week which had a total of 439,098 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 13.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.7 percent.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 34.9 43.3 9.0
– Percent of Open Interest Shorts: 5.9 69.3 12.0
– Net Position: 455,220 -407,663 -47,557
– Gross Longs: 547,596 679,215 140,463
– Gross Shorts: 92,376 1,086,878 188,020
– Long to Short Ratio: 5.9 to 1 0.6 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 88.2 13.9 15.7
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.3 -0.9 -2.0

 

SUGAR Futures:

The SUGAR large speculator standing this week came in at a net position of 93,593 contracts in the data reported through Tuesday. This was a weekly fall of -27,690 contracts from the previous week which had a total of 121,283 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 55.9 percent. The commercials are Bearish with a score of 45.9 percent and the small traders (not shown in chart) are Bearish with a score of 37.4 percent.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 20.2 55.9 8.9
– Percent of Open Interest Shorts: 9.8 69.0 6.2
– Net Position: 93,593 -117,500 23,907
– Gross Longs: 181,186 501,416 79,413
– Gross Shorts: 87,593 618,916 55,506
– Long to Short Ratio: 2.1 to 1 0.8 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 55.9 45.9 37.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -19.6 17.7 2.9

 

COFFEE Futures:

The COFFEE large speculator standing this week came in at a net position of 61,378 contracts in the data reported through Tuesday. This was a weekly decline of -265 contracts from the previous week which had a total of 61,643 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 93.2 percent. The commercials are Bearish-Extreme with a score of 8.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.9 percent.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.3 42.7 4.1
– Percent of Open Interest Shorts: 5.0 66.5 2.6
– Net Position: 61,378 -65,365 3,987
– Gross Longs: 75,016 117,397 11,261
– Gross Shorts: 13,638 182,762 7,274
– Long to Short Ratio: 5.5 to 1 0.6 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 93.2 8.6 15.9
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 3.8 -5.8 14.8

 

SOYBEANS Futures:

The SOYBEANS large speculator standing this week came in at a net position of 193,373 contracts in the data reported through Tuesday. This was a weekly rise of 44,501 contracts from the previous week which had a total of 148,872 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 78.1 percent. The commercials are Bearish with a score of 29.2 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 9.0 percent.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.6 47.0 6.4
– Percent of Open Interest Shorts: 5.3 66.5 11.1
– Net Position: 193,373 -155,577 -37,796
– Gross Longs: 235,972 374,270 50,921
– Gross Shorts: 42,599 529,847 88,717
– Long to Short Ratio: 5.5 to 1 0.7 to 1 0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 78.1 29.2 9.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 22.3 -19.6 -12.1

 

SOYBEAN OIL Futures:

The SOYBEAN OIL large speculator standing this week came in at a net position of 74,410 contracts in the data reported through Tuesday. This was a weekly gain of 5,938 contracts from the previous week which had a total of 68,472 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 64.0 percent. The commercials are Bearish with a score of 36.5 percent and the small traders (not shown in chart) are Bullish with a score of 58.9 percent.

SOYBEAN OIL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.6 45.6 8.5
– Percent of Open Interest Shorts: 8.7 65.3 5.8
– Net Position: 74,410 -86,588 12,178
– Gross Longs: 112,593 200,533 37,458
– Gross Shorts: 38,183 287,121 25,280
– Long to Short Ratio: 2.9 to 1 0.7 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 64.0 36.5 58.9
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 18.3 -23.7 49.6

 

SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week came in at a net position of 98,839 contracts in the data reported through Tuesday. This was a weekly advance of 19,821 contracts from the previous week which had a total of 79,018 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 86.7 percent. The commercials are Bearish-Extreme with a score of 10.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 83.3 percent.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.1 44.3 11.9
– Percent of Open Interest Shorts: 4.3 74.8 5.1
– Net Position: 98,839 -126,965 28,126
– Gross Longs: 116,823 184,206 49,421
– Gross Shorts: 17,984 311,171 21,295
– Long to Short Ratio: 6.5 to 1 0.6 to 1 2.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 86.7 10.2 83.3
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 10.9 -14.4 27.2

 

LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week came in at a net position of 65,508 contracts in the data reported through Tuesday. This was a weekly increase of 16,867 contracts from the previous week which had a total of 48,641 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 33.0 percent. The commercials are Bullish with a score of 60.5 percent and the small traders (not shown in chart) are Bullish with a score of 67.7 percent.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.5 38.1 10.7
– Percent of Open Interest Shorts: 15.9 55.3 13.1
– Net Position: 65,508 -57,535 -7,973
– Gross Longs: 118,790 127,335 35,671
– Gross Shorts: 53,282 184,870 43,644
– Long to Short Ratio: 2.2 to 1 0.7 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 33.0 60.5 67.7
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -0.6 0.1 1.6

 

LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week came in at a net position of 59,521 contracts in the data reported through Tuesday. This was a weekly boost of 1,475 contracts from the previous week which had a total of 58,046 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 72.7 percent. The commercials are Bearish with a score of 33.8 percent and the small traders (not shown in chart) are Bearish with a score of 26.6 percent.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 39.7 33.5 8.5
– Percent of Open Interest Shorts: 16.6 51.7 13.2
– Net Position: 59,521 -47,148 -12,373
– Gross Longs: 102,573 86,681 21,898
– Gross Shorts: 43,052 133,829 34,271
– Long to Short Ratio: 2.4 to 1 0.6 to 1 0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 72.7 33.8 26.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.4 -8.3 15.6

 

COTTON Futures:

The COTTON large speculator standing this week came in at a net position of 99,000 contracts in the data reported through Tuesday. This was a weekly gain of 5,213 contracts from the previous week which had a total of 93,787 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 85.8 percent. The commercials are Bearish-Extreme with a score of 13.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 89.1 percent.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.6 33.5 7.8
– Percent of Open Interest Shorts: 5.7 76.1 3.2
– Net Position: 99,000 -111,100 12,100
– Gross Longs: 113,867 87,358 20,428
– Gross Shorts: 14,867 198,458 8,328
– Long to Short Ratio: 7.7 to 1 0.4 to 1 2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 85.8 13.0 89.1
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 7.2 -7.6 10.8

 

COCOA Futures:

The COCOA large speculator standing this week came in at a net position of 27,762 contracts in the data reported through Tuesday. This was a weekly lowering of -858 contracts from the previous week which had a total of 28,620 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 48.6 percent. The commercials are Bullish with a score of 50.9 percent and the small traders (not shown in chart) are Bearish with a score of 49.3 percent.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.1 46.8 5.2
– Percent of Open Interest Shorts: 15.6 59.8 3.7
– Net Position: 27,762 -31,350 3,588
– Gross Longs: 65,259 112,462 12,556
– Gross Shorts: 37,497 143,812 8,968
– Long to Short Ratio: 1.7 to 1 0.8 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 48.6 50.9 49.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 24.7 -25.7 20.0

 

WHEAT Futures:

The WHEAT large speculator standing this week came in at a net position of 350 contracts in the data reported through Tuesday. This was a weekly decline of -11,311 contracts from the previous week which had a total of 11,661 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 47.3 percent. The commercials are Bearish with a score of 45.8 percent and the small traders (not shown in chart) are Bullish with a score of 75.5 percent.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 27.0 38.3 8.6
– Percent of Open Interest Shorts: 26.9 37.0 10.0
– Net Position: 350 5,100 -5,450
– Gross Longs: 105,427 149,988 33,576
– Gross Shorts: 105,077 144,888 39,026
– Long to Short Ratio: 1.0 to 1 1.0 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 47.3 45.8 75.5
– Strength Index Reading (3 Year Range): Bearish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -7.5 6.5 9.9

 

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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