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Soft Commodities Speculators raise Corn bullish bets higher for 5th week, to 46-week high

March 26, 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 22nd 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 Corn futures bets. The speculative net position in the Corn futures has risen for five consecutive weeks with a total rise of +104,864 contracts over that five-week time-frame. These substantial gains have pushed the current net speculator standing to a total of +519,356 contracts and marks the most bullish level of the past forty-six weeks, dating back to May 4th of 2021. The Corn positioning is near the very top of its three-year range as Corn speculator positions hold an extreme bullish strength score at 96.4 percent this week. The speculator strength score is the current speculator standing compared to past three years where above 80 is bullish extreme and below 20 is bearish extreme.

The soft commodities that saw higher bets this week were Corn (12,150 contracts), Soybeans (1,037 contracts), Live Cattle (2,483 contracts) and Cotton (4,033 contracts).

The soft commodities that saw declining bets this week were Sugar (-784 contracts), Coffee (-3,649 contracts), Soybean Oil (-5,359 contracts), Soybean Meal (-1,471 contracts), Cocoa (-1,487 contracts), Lean Hogs (-2,505 contracts) and Wheat (-1,440 contracts).

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Data Snapshot of Commodity Market Traders | Columns Legend
Mar-22-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,788,211 0 339,969 3 -380,080 91 40,111 72
Gold 605,191 48 248,032 67 -281,595 32 33,563 59
Silver 155,456 21 47,947 70 -64,557 36 16,610 40
Copper 197,244 24 26,812 62 -34,604 36 7,792 70
Palladium 6,948 2 -1,208 15 238 78 970 100
Platinum 64,000 29 19,815 30 -27,047 70 7,232 63
Natural Gas 1,085,676 1 -149,337 34 107,446 65 41,891 85
Brent 191,138 32 -24,666 70 22,639 31 2,027 37
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 754,382 34 218,636 84 -193,646 20 -24,990 29
Corn 1,526,201 25 519,356 96 -470,715 5 -48,641 15
Coffee 222,172 1 41,851 79 -45,824 24 3,973 16
Sugar 817,462 0 155,796 69 -194,333 31 38,537 55
Wheat 345,345 5 9,490 55 -7,030 34 -2,460 100

 

CORN Futures:

The CORN large speculator standing this week reached a net position of 519,356 contracts in the data reported through Tuesday. This was a weekly gain of 12,150 contracts from the previous week which had a total of 507,206 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 96.4 percent. The commercials are Bearish-Extreme with a score of 4.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.0 percent.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 38.2 44.3 8.9
– Percent of Open Interest Shorts: 4.2 75.2 12.1
– Net Position: 519,356 -470,715 -48,641
– Gross Longs: 582,844 676,718 135,850
– Gross Shorts: 63,488 1,147,433 184,491
– Long to Short Ratio: 9.2 to 1 0.6 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 96.4 4.9 15.0
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 12.7 -12.5 -6.8

 

SUGAR Futures:

The SUGAR large speculator standing this week reached a net position of 155,796 contracts in the data reported through Tuesday. This was a weekly fall of -784 contracts from the previous week which had a total of 156,580 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 68.6 percent. The commercials are Bearish with a score of 31.3 percent and the small traders (not shown in chart) are Bullish with a score of 55.5 percent.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.9 51.4 10.9
– Percent of Open Interest Shorts: 6.9 75.1 6.1
– Net Position: 155,796 -194,333 38,537
– Gross Longs: 212,075 419,942 88,696
– Gross Shorts: 56,279 614,275 50,159
– Long to Short Ratio: 3.8 to 1 0.7 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 68.6 31.3 55.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 15.8 -18.5 25.5

 

COFFEE Futures:

The COFFEE large speculator standing this week reached a net position of 41,851 contracts in the data reported through Tuesday. This was a weekly lowering of -3,649 contracts from the previous week which had a total of 45,500 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 79.0 percent. The commercials are Bearish with a score of 24.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.8 percent.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 23.9 53.2 4.6
– Percent of Open Interest Shorts: 5.0 73.8 2.8
– Net Position: 41,851 -45,824 3,973
– Gross Longs: 53,000 118,138 10,190
– Gross Shorts: 11,149 163,962 6,217
– Long to Short Ratio: 4.8 to 1 0.7 to 1 1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 79.0 24.0 15.8
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -18.2 20.8 -9.8

 

SOYBEANS Futures:

The SOYBEANS large speculator standing this week reached a net position of 218,636 contracts in the data reported through Tuesday. This was a weekly increase of 1,037 contracts from the previous week which had a total of 217,599 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 20.3 percent and the small traders (not shown in chart) are Bearish with a score of 28.8 percent.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.2 44.9 7.0
– Percent of Open Interest Shorts: 6.2 70.6 10.4
– Net Position: 218,636 -193,646 -24,990
– Gross Longs: 265,191 338,902 53,105
– Gross Shorts: 46,555 532,548 78,095
– Long to Short Ratio: 5.7 to 1 0.6 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 84.4 20.3 28.8
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 2.2 -4.1 14.7

 

SOYBEAN OIL Futures:

The SOYBEAN OIL large speculator standing this week reached a net position of 92,568 contracts in the data reported through Tuesday. This was a weekly lowering of -5,359 contracts from the previous week which had a total of 97,927 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 73.8 percent. The commercials are Bearish with a score of 24.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 84.1 percent.

SOYBEAN OIL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 31.7 48.9 10.3
– Percent of Open Interest Shorts: 5.0 81.0 4.8
– Net Position: 92,568 -111,498 18,930
– Gross Longs: 110,061 169,898 35,595
– Gross Shorts: 17,493 281,396 16,665
– Long to Short Ratio: 6.3 to 1 0.6 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 73.8 24.0 84.1
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 14.3 -16.9 26.9

 

SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week reached a net position of 128,784 contracts in the data reported through Tuesday. This was a weekly decline of -1,471 contracts from the previous week which had a total of 130,255 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 99.2 percent. The commercials are Bearish-Extreme with a score of 1.3 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 83.1 percent.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.9 41.7 11.9
– Percent of Open Interest Shorts: 3.1 81.8 4.7
– Net Position: 128,784 -157,051 28,267
– Gross Longs: 140,982 163,690 46,858
– Gross Shorts: 12,198 320,741 18,591
– Long to Short Ratio: 11.6 to 1 0.5 to 1 2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 99.2 1.3 83.1
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 12.5 -12.8 8.4

 

LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week reached a net position of 46,739 contracts in the data reported through Tuesday. This was a weekly rise of 2,483 contracts from the previous week which had a total of 44,256 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 20.4 percent. The commercials are Bullish with a score of 77.1 percent and the small traders (not shown in chart) are Bullish with a score of 64.5 percent.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.2 41.8 10.6
– Percent of Open Interest Shorts: 20.1 53.9 13.6
– Net Position: 46,739 -37,444 -9,295
– Gross Longs: 108,953 129,408 32,699
– Gross Shorts: 62,214 166,852 41,994
– Long to Short Ratio: 1.8 to 1 0.8 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 20.4 77.1 64.5
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -22.2 24.3 8.8

 

LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week reached a net position of 45,985 contracts in the data reported through Tuesday. This was a weekly fall of -2,505 contracts from the previous week which had a total of 48,490 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 56.8 percent. The commercials are Bearish with a score of 48.8 percent and the small traders (not shown in chart) are Bullish with a score of 52.6 percent.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 37.3 35.9 9.8
– Percent of Open Interest Shorts: 17.5 52.3 13.3
– Net Position: 45,985 -37,830 -8,155
– Gross Longs: 86,563 83,339 22,630
– Gross Shorts: 40,578 121,169 30,785
– Long to Short Ratio: 2.1 to 1 0.7 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 56.8 48.8 52.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -22.5 20.3 17.7

 

COTTON Futures:

The COTTON large speculator standing this week reached a net position of 87,354 contracts in the data reported through Tuesday. This was a weekly boost of 4,033 contracts from the previous week which had a total of 83,321 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 78.3 percent. The commercials are Bearish-Extreme with a score of 18.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 98.8 percent.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.7 37.3 9.1
– Percent of Open Interest Shorts: 5.8 81.1 3.2
– Net Position: 87,354 -101,015 13,661
– Gross Longs: 100,659 85,918 20,968
– Gross Shorts: 13,305 186,933 7,307
– Long to Short Ratio: 7.6 to 1 0.5 to 1 2.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 78.3 18.9 98.8
– Strength Index Reading (3 Year Range): Bullish Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -6.3 5.3 4.7

 

COCOA Futures:

The COCOA large speculator standing this week reached a net position of 31,204 contracts in the data reported through Tuesday. This was a weekly decrease of -1,487 contracts from the previous week which had a total of 32,691 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 48.2 percent. The commercials are Bearish with a score of 46.5 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 90.3 percent.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.6 47.3 7.1
– Percent of Open Interest Shorts: 16.9 63.8 3.3
– Net Position: 31,204 -40,535 9,331
– Gross Longs: 72,893 116,511 17,572
– Gross Shorts: 41,689 157,046 8,241
– Long to Short Ratio: 1.7 to 1 0.7 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 48.2 46.5 90.3
– Strength Index Reading (3 Year Range): Bearish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -11.4 6.5 48.2

 

WHEAT Futures:

The WHEAT large speculator standing this week reached a net position of 9,490 contracts in the data reported through Tuesday. This was a weekly reduction of -1,440 contracts from the previous week which had a total of 10,930 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 55.1 percent. The commercials are Bearish with a score of 34.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 100.0 percent.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 32.8 42.0 9.4
– Percent of Open Interest Shorts: 30.1 44.1 10.1
– Net Position: 9,490 -7,030 -2,460
– Gross Longs: 113,410 145,144 32,492
– Gross Shorts: 103,920 152,174 34,952
– Long to Short Ratio: 1.1 to 1 1.0 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 55.1 34.0 100.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 11.1 -14.6 10.3

 

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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