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Soft Commodities Speculator’s Soybean Meal bullish bets rise for 7th week to 197-week high

March 19, 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 15th 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 surge in Soybean Meal futures bets. The speculative net position in the Soybean Meal futures has gained for seven consecutive weeks with a total rise of +51,237 contracts over that time-frame. This has pushed the current net standing to over +130,000 net contracts and to the most bullish level in the past one hundred and ninety-seven weeks, dating all the way back to June 5th of 2018. The positive speculator sentiment has now boosted the speculator strength index to the top of its range with a 100 percent score and a bullish-extreme reading (strength index is current speculator standing compared to past three years, above 80 is bullish extreme, below 20 is bearish extreme).

The soft commodities that saw higher bets this week were Corn (9,173 contracts), Sugar (5,504 contracts), Soybeans (1,022 contracts), Soybean Oil (6,245 contracts), Soybean Meal (8,651 contracts), Live Cattle (4,689 contracts) and Cocoa (2,929 contracts).

The soft commodities that saw lower bets this week were Coffee (-6,613 contracts), Lean Hogs (-3,035 contracts), Cotton (-3,510 contracts) and Wheat (-1,695 contracts).

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Data Snapshot of Commodity Market Traders | Columns Legend
Mar-15-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,850,794 0 341,815 4 -382,602 90 40,787 72
Gold 617,605 51 261,788 71 -297,441 27 35,653 65
Silver 159,571 25 51,554 74 -67,579 33 16,025 36
Copper 183,170 14 19,030 56 -26,717 41 7,687 70
Palladium 6,992 2 -1,009 16 220 78 789 91
Platinum 67,727 35 17,932 28 -25,692 72 7,760 70
Natural Gas 1,082,746 0 -146,560 35 105,856 64 40,704 82
Brent 192,679 34 -18,961 79 17,343 22 1,618 31
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 745,345 32 217,599 84 -193,958 20 -23,641 31
Corn 1,504,159 22 507,206 95 -468,758 5 -38,448 21
Coffee 224,693 3 45,500 82 -48,838 22 3,338 11
Sugar 818,877 1 156,580 69 -188,036 33 31,456 47
Wheat 339,904 2 10,930 56 -5,252 36 -5,678 91

 

CORN Futures:

The CORN large speculator standing this week reached a net position of 507,206 contracts in the data reported through Tuesday. This was a weekly advance of 9,173 contracts from the previous week which had a total of 498,033 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 94.8 percent. The commercials are Bearish-Extreme with a score of 5.2 percent and the small traders (not shown in chart) are Bearish with a score of 20.9 percent.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 38.0 44.8 8.8
– Percent of Open Interest Shorts: 4.3 76.0 11.3
– Net Position: 507,206 -468,758 -38,448
– Gross Longs: 571,419 673,921 132,114
– Gross Shorts: 64,213 1,142,679 170,562
– Long to Short Ratio: 8.9 to 1 0.6 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 94.8 5.2 20.9
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 6.6 -8.7 5.2

 

SUGAR Futures:

The SUGAR large speculator standing this week reached a net position of 156,580 contracts in the data reported through Tuesday. This was a weekly rise of 5,504 contracts from the previous week which had a total of 151,076 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 68.8 percent. The commercials are Bearish with a score of 32.5 percent and the small traders (not shown in chart) are Bearish with a score of 46.7 percent.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.6 51.5 10.7
– Percent of Open Interest Shorts: 6.5 74.5 6.9
– Net Position: 156,580 -188,036 31,456
– Gross Longs: 209,848 422,056 87,859
– Gross Shorts: 53,268 610,092 56,403
– Long to Short Ratio: 3.9 to 1 0.7 to 1 1.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 68.8 32.5 46.7
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 12.9 -13.4 9.3

 

COFFEE Futures:

The COFFEE large speculator standing this week reached a net position of 45,500 contracts in the data reported through Tuesday. This was a weekly fall of -6,613 contracts from the previous week which had a total of 52,113 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 81.7 percent. The commercials are Bearish with a score of 21.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 11.4 percent.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.8 51.9 4.6
– Percent of Open Interest Shorts: 5.6 73.6 3.1
– Net Position: 45,500 -48,838 3,338
– Gross Longs: 58,040 116,559 10,359
– Gross Shorts: 12,540 165,397 7,021
– Long to Short Ratio: 4.6 to 1 0.7 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 81.7 21.6 11.4
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -11.5 13.0 -4.5

 

SOYBEANS Futures:

The SOYBEANS large speculator standing this week reached a net position of 217,599 contracts in the data reported through Tuesday. This was a weekly rise of 1,022 contracts from the previous week which had a total of 216,577 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 84.1 percent. The commercials are Bearish with a score of 20.2 percent and the small traders (not shown in chart) are Bearish with a score of 31.1 percent.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.7 44.1 6.9
– Percent of Open Interest Shorts: 6.5 70.1 10.1
– Net Position: 217,599 -193,958 -23,641
– Gross Longs: 265,949 328,524 51,470
– Gross Shorts: 48,350 522,482 75,111
– Long to Short Ratio: 5.5 to 1 0.6 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 84.1 20.2 31.1
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 6.0 -9.0 24.0

 

SOYBEAN OIL Futures:

The SOYBEAN OIL large speculator standing this week reached a net position of 97,927 contracts in the data reported through Tuesday. This was a weekly gain of 6,245 contracts from the previous week which had a total of 91,682 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 76.7 percent. The commercials are Bearish with a score of 23.1 percent and the small traders (not shown in chart) are Bullish with a score of 70.8 percent.

SOYBEAN OIL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 33.0 49.0 9.6
– Percent of Open Interest Shorts: 4.7 81.7 5.2
– Net Position: 97,927 -113,307 15,380
– Gross Longs: 114,193 169,475 33,229
– Gross Shorts: 16,266 282,782 17,849
– Long to Short Ratio: 7.0 to 1 0.6 to 1 1.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 76.7 23.1 70.8
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 12.7 -13.4 11.9

 

SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week reached a net position of 130,255 contracts in the data reported through Tuesday. This was a weekly increase of 8,651 contracts from the previous week which had a total of 121,604 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 100.0 percent. The commercials are Bearish-Extreme with a score of 0.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 87.2 percent.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 36.7 42.2 12.4
– Percent of Open Interest Shorts: 2.6 83.9 4.8
– Net Position: 130,255 -159,488 29,233
– Gross Longs: 140,002 161,042 47,423
– Gross Shorts: 9,747 320,530 18,190
– Long to Short Ratio: 14.4 to 1 0.5 to 1 2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 100.0 0.0 87.2
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 17.5 -16.9 4.7

 

LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week reached a net position of 44,256 contracts in the data reported through Tuesday. This was a weekly rise of 4,689 contracts from the previous week which had a total of 39,567 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-Extreme with a score of 18.7 percent. The commercials are Bullish with a score of 79.1 percent and the small traders (not shown in chart) are Bullish with a score of 64.7 percent.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 34.7 42.5 9.8
– Percent of Open Interest Shorts: 20.6 53.7 12.8
– Net Position: 44,256 -35,043 -9,213
– Gross Longs: 108,642 132,992 30,710
– Gross Shorts: 64,386 168,035 39,923
– Long to Short Ratio: 1.7 to 1 0.8 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 18.7 79.1 64.7
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -14.3 18.6 -3.0

 

LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week reached a net position of 48,490 contracts in the data reported through Tuesday. This was a weekly reduction of -3,035 contracts from the previous week which had a total of 51,525 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 59.6 percent. The commercials are Bearish with a score of 45.4 percent and the small traders (not shown in chart) are Bullish with a score of 54.4 percent.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 36.9 35.7 9.2
– Percent of Open Interest Shorts: 16.5 52.9 12.5
– Net Position: 48,490 -40,705 -7,785
– Gross Longs: 87,555 84,755 21,909
– Gross Shorts: 39,065 125,460 29,694
– Long to Short Ratio: 2.2 to 1 0.7 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 59.6 45.4 54.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -12.0 7.6 23.1

 

COTTON Futures:

The COTTON large speculator standing this week reached a net position of 83,321 contracts in the data reported through Tuesday. This was a weekly reduction of -3,510 contracts from the previous week which had a total of 86,831 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 75.8 percent. The commercials are Bearish with a score of 23.4 percent and the small traders (not shown in chart) are Bullish with a score of 76.8 percent.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 43.6 40.4 7.9
– Percent of Open Interest Shorts: 5.8 82.9 3.3
– Net Position: 83,321 -93,450 10,129
– Gross Longs: 96,108 89,048 17,343
– Gross Shorts: 12,787 182,498 7,214
– Long to Short Ratio: 7.5 to 1 0.5 to 1 2.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 75.8 23.4 76.8
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -10.0 10.3 -12.3

 

COCOA Futures:

The COCOA large speculator standing this week reached a net position of 32,691 contracts in the data reported through Tuesday. This was a weekly increase of 2,929 contracts from the previous week which had a total of 29,762 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 53.1 percent. The commercials are Bearish with a score of 42.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 83.6 percent.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.9 49.1 6.9
– Percent of Open Interest Shorts: 16.3 66.3 3.3
– Net Position: 32,691 -41,335 8,644
– Gross Longs: 71,870 117,753 16,620
– Gross Shorts: 39,179 159,088 7,976
– Long to Short Ratio: 1.8 to 1 0.7 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 53.1 42.0 83.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.5 -8.9 49.2

 

WHEAT Futures:

The WHEAT large speculator standing this week reached a net position of 10,930 contracts in the data reported through Tuesday. This was a weekly decline of -1,695 contracts from the previous week which had a total of 12,625 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 56.3 percent. The commercials are Bearish with a score of 35.7 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 91.2 percent.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 32.5 43.4 9.0
– Percent of Open Interest Shorts: 29.3 44.9 10.7
– Net Position: 10,930 -5,252 -5,678
– Gross Longs: 110,614 147,417 30,713
– Gross Shorts: 99,684 152,669 36,391
– 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): 56.3 35.7 91.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 9.0 -10.1 -1.3

 

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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