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Commodities Speculators push their Sugar bullish bets to 15-week high

April 9, 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 April 5th 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 jump in this week’s Sugar futures bets. The speculative net position in the Sugar futures rose by the largest one-week amount (+26,966 contracts) over the last four weeks and bullish bets have gained for two straight weeks. Sugar positions have also risen in six out of the past seven weeks with a total gain of +113,984 contracts over that time-frame. This recent speculator strength has pushed the current net standing (+188,547 contracts) to the highest level in the last fifteen weeks, dating back to December 21st. The strength index for Sugar is not yet in an extreme bullish score with the current score at 75.4 percent but the strength score has seen a change of 23.3 percent over the past six weeks (speculator strength index is current speculator standing compared to past three years, above 80 is bullish extreme, below 20 is bearish extreme). Sugar prices have been on a renewed uptrend (after a drop under the 200-day moving average in January to early March) and closed this week at the highest level since November.

The soft commodities that saw higher bets this week were Corn (4,981 contracts), Sugar (26,966 contracts), Coffee (5,122 contracts), Soybean Oil (2,212 contracts), Soybean Meal (1,993 contracts), Cotton (150 contracts) and Wheat (6,392 contracts).

The market that had declining speculator bets were Soybeans (-7,545 contracts), Live Cattle (-3,678 contracts), Lean Hogs (-7,694 contracts) and Cocoa (-3,040 contracts).

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Data Snapshot of Commodity Market Traders | Columns Legend
Apr-05-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,823,366 5 308,594 0 -355,435 100 46,841 81
Gold 560,666 36 245,541 66 -278,758 33 33,217 58
Silver 148,526 15 45,034 67 -60,036 40 15,002 30
Copper 216,157 38 36,142 68 -43,039 30 6,897 65
Palladium 6,642 1 -2,041 10 1,443 85 598 78
Platinum 60,983 23 11,290 18 -17,905 83 6,615 54
Natural Gas 1,169,620 19 -136,611 38 92,647 60 43,964 90
Brent 189,394 31 -29,712 61 26,537 37 3,175 52
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 756,785 35 198,924 79 -170,882 26 -28,042 24
Corn 1,556,206 30 487,073 92 -424,154 12 -62,919 7
Coffee 226,730 5 43,811 80 -48,758 22 4,947 23
Sugar 859,871 10 188,547 75 -240,107 23 51,560 72
Wheat 344,615 5 19,951 64 -15,332 26 -4,619 89

 

CORN Futures:

The CORN large speculator standing this week reached a net position of 487,073 contracts in the data reported through Tuesday. This was a weekly rise of 4,981 contracts from the previous week which had a total of 482,092 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 92.3 percent. The commercials are Bearish-Extreme with a score of 11.5 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 6.8 percent.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.9 45.4 9.0
– Percent of Open Interest Shorts: 4.6 72.7 13.0
– Net Position: 487,073 -424,154 -62,919
– Gross Longs: 558,043 706,995 139,773
– Gross Shorts: 70,970 1,131,149 202,692
– Long to Short Ratio: 7.9 to 1 0.6 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 92.3 11.5 6.8
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.5 -1.9 -12.7

 

SUGAR Futures:

The SUGAR large speculator standing this week reached a net position of 188,547 contracts in the data reported through Tuesday. This was a weekly gain of 26,966 contracts from the previous week which had a total of 161,581 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 75.4 percent. The commercials are Bearish with a score of 22.6 percent and the small traders (not shown in chart) are Bullish with a score of 71.6 percent.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.3 47.1 12.1
– Percent of Open Interest Shorts: 6.3 75.0 6.1
– Net Position: 188,547 -240,107 51,560
– Gross Longs: 243,133 404,728 103,751
– Gross Shorts: 54,586 644,835 52,191
– Long to Short Ratio: 4.5 to 1 0.6 to 1 2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 75.4 22.6 71.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 23.3 -27.4 38.9

 

COFFEE Futures:

The COFFEE large speculator standing this week reached a net position of 43,811 contracts in the data reported through Tuesday. This was a weekly boost of 5,122 contracts from the previous week which had a total of 38,689 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 80.4 percent. The commercials are Bearish with a score of 21.7 percent and the small traders (not shown in chart) are Bearish with a score of 22.6 percent.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 23.3 51.3 4.7
– Percent of Open Interest Shorts: 4.0 72.9 2.5
– Net Position: 43,811 -48,758 4,947
– Gross Longs: 52,923 116,418 10,552
– Gross Shorts: 9,112 165,176 5,605
– Long to Short Ratio: 5.8 to 1 0.7 to 1 1.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 80.4 21.7 22.6
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -17.4 18.7 1.6

 

SOYBEANS Futures:

The SOYBEANS large speculator standing this week reached a net position of 198,924 contracts in the data reported through Tuesday. This was a weekly lowering of -7,545 contracts from the previous week which had a total of 206,469 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 79.5 percent. The commercials are Bearish with a score of 25.6 percent and the small traders (not shown in chart) are Bearish with a score of 23.7 percent.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 32.2 46.4 7.1
– Percent of Open Interest Shorts: 5.9 69.0 10.8
– Net Position: 198,924 -170,882 -28,042
– Gross Longs: 243,805 351,388 53,363
– Gross Shorts: 44,881 522,270 81,405
– Long to Short Ratio: 5.4 to 1 0.7 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 79.5 25.6 23.7
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -6.8 6.1 2.8

 

SOYBEAN OIL Futures:

The SOYBEAN OIL large speculator standing this week reached a net position of 89,496 contracts in the data reported through Tuesday. This was a weekly rise of 2,212 contracts from the previous week which had a total of 87,284 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 72.1 percent. The commercials are Bearish with a score of 27.2 percent and the small traders (not shown in chart) are Bullish with a score of 72.0 percent.

SOYBEAN OIL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 30.5 48.0 9.8
– Percent of Open Interest Shorts: 4.9 78.1 5.3
– Net Position: 89,496 -105,183 15,687
– Gross Longs: 106,458 167,920 34,352
– Gross Shorts: 16,962 273,103 18,665
– Long to Short Ratio: 6.3 to 1 0.6 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 72.1 27.2 72.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 3.5 -4.0 5.6

 

SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week reached a net position of 123,778 contracts in the data reported through Tuesday. This was a weekly gain of 1,993 contracts from the previous week which had a total of 121,785 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 2.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 91.4 percent.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 34.0 41.1 12.4
– Percent of Open Interest Shorts: 3.0 79.7 4.8
– Net Position: 123,778 -154,006 30,228
– Gross Longs: 135,750 164,226 49,339
– Gross Shorts: 11,972 318,232 19,111
– Long to Short Ratio: 11.3 to 1 0.5 to 1 2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 96.4 2.9 91.4
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 6.5 -8.1 16.1

 

LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week reached a net position of 49,067 contracts in the data reported through Tuesday. This was a weekly decrease of -3,678 contracts from the previous week which had a total of 52,745 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 21.9 percent. The commercials are Bullish with a score of 74.5 percent and the small traders (not shown in chart) are Bullish with a score of 66.6 percent.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 35.2 42.5 10.5
– Percent of Open Interest Shorts: 19.0 56.0 13.3
– Net Position: 49,067 -40,653 -8,414
– Gross Longs: 106,515 128,739 31,770
– Gross Shorts: 57,448 169,392 40,184
– Long to Short Ratio: 1.9 to 1 0.8 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 21.9 74.5 66.6
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -22.3 22.0 16.0

 

LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week reached a net position of 45,500 contracts in the data reported through Tuesday. This was a weekly lowering of -7,694 contracts from the previous week which had a total of 53,194 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 47.7 percent and the small traders (not shown in chart) are Bullish with a score of 59.6 percent.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 38.1 34.8 9.8
– Percent of Open Interest Shorts: 18.2 51.7 12.8
– Net Position: 45,500 -38,745 -6,755
– Gross Longs: 87,387 80,016 22,547
– Gross Shorts: 41,887 118,761 29,302
– Long to Short Ratio: 2.1 to 1 0.7 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 56.3 47.7 59.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -22.8 20.0 20.4

 

COTTON Futures:

The COTTON large speculator standing this week reached a net position of 84,310 contracts in the data reported through Tuesday. This was a weekly gain of 150 contracts from the previous week which had a total of 84,160 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 76.4 percent. The commercials are Bearish with a score of 20.8 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 97.6 percent.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 42.5 34.9 9.0
– Percent of Open Interest Shorts: 6.4 76.9 3.2
– Net Position: 84,310 -97,775 13,465
– Gross Longs: 99,230 81,510 20,990
– Gross Shorts: 14,920 179,285 7,525
– Long to Short Ratio: 6.7 to 1 0.5 to 1 2.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 76.4 20.8 97.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -3.8 2.3 12.7

 

COCOA Futures:

The COCOA large speculator standing this week reached a net position of 36,634 contracts in the data reported through Tuesday. This was a weekly reduction of -3,040 contracts from the previous week which had a total of 39,674 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 53.5 percent. The commercials are Bearish with a score of 43.9 percent and the small traders (not shown in chart) are Bullish with a score of 63.4 percent.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 30.6 47.1 6.7
– Percent of Open Interest Shorts: 15.0 65.5 3.9
– Net Position: 36,634 -43,201 6,567
– Gross Longs: 71,790 110,528 15,763
– Gross Shorts: 35,156 153,729 9,196
– Long to Short Ratio: 2.0 to 1 0.7 to 1 1.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 53.5 43.9 63.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -5.2 4.7 4.0

 

WHEAT Futures:

The WHEAT large speculator standing this week reached a net position of 19,951 contracts in the data reported through Tuesday. This was a weekly lift of 6,392 contracts from the previous week which had a total of 13,559 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 25.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 88.5 percent.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 33.2 38.2 9.3
– Percent of Open Interest Shorts: 27.4 42.6 10.6
– Net Position: 19,951 -15,332 -4,619
– Gross Longs: 114,287 131,605 31,901
– Gross Shorts: 94,336 146,937 36,520
– Long to Short Ratio: 1.2 to 1 0.9 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 64.0 25.9 88.5
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.3 -25.3 11.2

 

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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