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COT Soft Commodities Speculators push their Corn bullish bets to 42-week high

March 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 March 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 continued gains in the Corn futures bets. The speculative net position in the Corn futures rose this week for a second consecutive week and for the fourth time in six weeks. Corn speculator bets have risen by a total of +46,446 contracts over these past two weeks and pushed the current net speculator standing to the highest level in the last forty-two weeks, dating back to May 11th of 2021 when the net position totaled +500,856 contracts. The Russian invasion of Ukraine has boosted already rising soft commodities markets with Corn, Soybeans and Wheat seeing especially sharp gains in the past two weeks.

The soft commodities that saw higher bets this week were Corn (9,196 contracts), Sugar (9,293 contracts), Soybean Oil (1,859 contracts), Soybean Meal (1,083 contracts), Cotton (1,526 contracts) and Wheat (10,345 contracts).

The soft commodities that saw lower bets this week were Cocoa (-16,484 contracts), Lean Hogs (-5,199 contracts), Coffee (-5,885 contracts), Soybeans (-7,557 contracts) and Live Cattle (-23,204 contracts).

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Data Snapshot of Commodity Market Traders | Columns Legend
Mar-01-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 2,028,476 25 368,663 14 -410,955 79 42,292 75
Gold 615,600 51 257,622 70 -285,809 30 28,187 44
Silver 157,391 23 44,948 67 -57,150 43 12,202 14
Copper 195,398 23 22,093 58 -29,380 39 7,287 67
Palladium 7,242 4 -904 16 423 79 481 73
Platinum 65,383 31 16,890 26 -24,196 74 7,306 64
Natural Gas 1,112,832 3 -126,409 41 90,088 59 36,321 71
Brent 198,920 39 -6,707 100 4,004 0 2,703 46
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 758,796 35 218,907 84 -189,233 21 -29,674 21
Corn 1,484,670 18 460,938 89 -427,812 11 -33,126 24
Coffee 252,545 24 61,906 94 -66,290 8 4,384 19
Sugar 816,211 0 84,539 54 -105,323 48 20,784 34
Wheat 372,124 19 6,443 52 303 41 -6,746 69

 

CORN Futures:

The CORN large speculator standing this week reached a net position of 460,938 contracts in the data reported through Tuesday. This was a weekly increase of 9,196 contracts from the previous week which had a total of 451,742 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 88.9 percent. The commercials are Bearish-Extreme with a score of 11.0 percent and the small traders (not shown in chart) are Bearish with a score of 23.9 percent.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.8 44.0 9.2
– Percent of Open Interest Shorts: 4.8 72.8 11.4
– Net Position: 460,938 -427,812 -33,126
– Gross Longs: 531,633 652,937 136,120
– Gross Shorts: 70,695 1,080,749 169,246
– Long to Short Ratio: 7.5 to 1 0.6 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 88.9 11.0 23.9
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 9.3 -12.1 7.1

 

SUGAR Futures:

The SUGAR large speculator standing this week reached a net position of 84,539 contracts in the data reported through Tuesday. This was a weekly lift of 9,293 contracts from the previous week which had a total of 75,246 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 54.0 percent. The commercials are Bearish with a score of 48.2 percent and the small traders (not shown in chart) are Bearish with a score of 33.6 percent.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 22.2 54.4 9.7
– Percent of Open Interest Shorts: 11.8 67.3 7.2
– Net Position: 84,539 -105,323 20,784
– Gross Longs: 180,931 443,667 79,458
– Gross Shorts: 96,392 548,990 58,674
– Long to Short Ratio: 1.9 to 1 0.8 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 54.0 48.2 33.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -5.9 4.1 8.5

 

COFFEE Futures:

The COFFEE large speculator standing this week reached a net position of 61,906 contracts in the data reported through Tuesday. This was a weekly reduction of -5,885 contracts from the previous week which had a total of 67,791 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 93.6 percent. The commercials are Bearish-Extreme with a score of 7.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 18.7 percent.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.0 44.3 4.2
– Percent of Open Interest Shorts: 4.5 70.5 2.5
– Net Position: 61,906 -66,290 4,384
– Gross Longs: 73,322 111,809 10,704
– Gross Shorts: 11,416 178,099 6,320
– Long to Short Ratio: 6.4 to 1 0.6 to 1 1.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 93.6 7.9 18.7
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -1.4 0.5 8.5

 

SOYBEANS Futures:

The SOYBEANS large speculator standing this week reached a net position of 218,907 contracts in the data reported through Tuesday. This was a weekly lowering of -7,557 contracts from the previous week which had a total of 226,464 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 84.4 percent. The commercials are Bearish with a score of 21.3 percent and the small traders (not shown in chart) are Bearish with a score of 20.9 percent.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 34.9 43.3 6.7
– Percent of Open Interest Shorts: 6.1 68.3 10.6
– Net Position: 218,907 -189,233 -29,674
– Gross Longs: 264,899 328,781 50,659
– Gross Shorts: 45,992 518,014 80,333
– Long to Short Ratio: 5.8 to 1 0.6 to 1 0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 84.4 21.3 20.9
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 22.4 -22.8 10.4

 

SOYBEAN OIL Futures:

The SOYBEAN OIL large speculator standing this week reached a net position of 84,952 contracts in the data reported through Tuesday. This was a weekly increase of 1,859 contracts from the previous week which had a total of 83,093 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 69.7 percent. The commercials are Bearish with a score of 29.7 percent and the small traders (not shown in chart) are Bullish with a score of 70.5 percent.

SOYBEAN OIL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.4 46.7 9.3
– Percent of Open Interest Shorts: 6.9 73.3 5.2
– Net Position: 84,952 -100,238 15,286
– Gross Longs: 110,869 175,682 34,986
– Gross Shorts: 25,917 275,920 19,700
– Long to Short Ratio: 4.3 to 1 0.6 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 69.7 29.7 70.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 18.0 -20.1 25.0

 

SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week reached a net position of 113,183 contracts in the data reported through Tuesday. This was a weekly rise of 1,083 contracts from the previous week which had a total of 112,100 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 95.1 percent. The commercials are Bearish-Extreme with a score of 3.7 percent and the small traders (not shown in chart) are Bullish with a score of 71.9 percent.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 32.2 44.0 11.4
– Percent of Open Interest Shorts: 3.7 78.9 5.0
– Net Position: 113,183 -138,449 25,266
– Gross Longs: 127,976 175,029 45,168
– Gross Shorts: 14,793 313,478 19,902
– Long to Short Ratio: 8.7 to 1 0.6 to 1 2.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 95.1 3.7 71.9
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 18.9 -17.2 -7.3

 

LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week reached a net position of 59,039 contracts in the data reported through Tuesday. This was a weekly reduction of -23,204 contracts from the previous week which had a total of 82,243 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 28.6 percent. The commercials are Bullish with a score of 65.8 percent and the small traders (not shown in chart) are Bullish with a score of 67.9 percent.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 32.3 38.5 9.5
– Percent of Open Interest Shorts: 15.8 52.8 11.7
– Net Position: 59,039 -51,142 -7,897
– Gross Longs: 115,502 137,310 33,952
– Gross Shorts: 56,463 188,452 41,849
– Long to Short Ratio: 2.0 to 1 0.7 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 28.6 65.8 67.9
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -3.0 5.7 -5.9

 

LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week reached a net position of 61,239 contracts in the data reported through Tuesday. This was a weekly decrease of -5,199 contracts from the previous week which had a total of 66,438 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 73.5 percent. The commercials are Bearish with a score of 29.6 percent and the small traders (not shown in chart) are Bearish with a score of 41.8 percent.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 37.2 32.4 8.6
– Percent of Open Interest Shorts: 15.1 51.4 11.8
– Net Position: 61,239 -52,397 -8,842
– Gross Longs: 102,930 89,767 23,714
– Gross Shorts: 41,691 142,164 32,556
– Long to Short Ratio: 2.5 to 1 0.6 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 73.5 29.6 41.8
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 14.1 -21.6 28.2

 

COTTON Futures:

The COTTON large speculator standing this week reached a net position of 91,828 contracts in the data reported through Tuesday. This was a weekly rise of 1,526 contracts from the previous week which had a total of 90,302 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 81.2 percent. The commercials are Bearish-Extreme with a score of 17.8 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 82.3 percent.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.2 38.4 8.0
– Percent of Open Interest Shorts: 4.7 81.4 3.4
– Net Position: 91,828 -102,842 11,014
– Gross Longs: 103,148 91,726 19,051
– Gross Shorts: 11,320 194,568 8,037
– Long to Short Ratio: 9.1 to 1 0.5 to 1 2.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 81.2 17.8 82.3
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -2.1 3.2 -13.2

 

COCOA Futures:

The COCOA large speculator standing this week reached a net position of 25,431 contracts in the data reported through Tuesday. This was a weekly fall of -16,484 contracts from the previous week which had a total of 41,915 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 46.5 percent. The commercials are Bearish with a score of 47.2 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 100.0 percent.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.6 45.5 7.2
– Percent of Open Interest Shorts: 19.5 59.5 3.2
– Net Position: 25,431 -35,441 10,010
– Gross Longs: 74,581 114,758 18,047
– Gross Shorts: 49,150 150,199 8,037
– Long to Short Ratio: 1.5 to 1 0.8 to 1 2.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 46.5 47.2 100.0
– Strength Index Reading (3 Year Range): Bearish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -2.5 -4.1 68.8

 

WHEAT Futures:

The WHEAT large speculator standing this week reached a net position of 6,443 contracts in the data reported through Tuesday. This was a weekly advance of 10,345 contracts from the previous week which had a total of -3,902 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 52.5 percent. The commercials are Bearish with a score of 41.1 percent and the small traders (not shown in chart) are Bullish with a score of 69.4 percent.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.2 42.2 8.4
– Percent of Open Interest Shorts: 26.5 42.1 10.2
– Net Position: 6,443 303 -6,746
– Gross Longs: 104,934 157,102 31,257
– Gross Shorts: 98,491 156,799 38,003
– 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): 52.5 41.1 69.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.4 -4.7 15.5

 

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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