COT Soft Commodities Speculators boosted their Sugar & Cocoa bets last week

November 14, 2022

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC). The COT release was delayed due to a Federal Holiday last week.

The latest COT data is updated through Tuesday November 8th and shows a quick view of how large traders (for-profit speculators and commercial hedgers) were positioned in the futures markets.

Sugar & Cocoa led the Weekly Speculator Changes

The COT soft commodities speculator bets were slightly higher last week as six out of the eleven soft commodities markets we cover had higher positioning this week while the other five markets had decreases in contracts.


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Leading the gains for soft commodities markets was Sugar (21,089 contracts) with Cocoa (20,189 contracts), Cotton (4,325 contracts), Soybean Oil (2,871 contracts), Soybean Meal (1,726 contracts) and Soybeans (1,287 contracts) also showing positive weeks.

The softs market leading the declines in speculator bets this week was Corn (-39,234 contracts) with Coffee (-6,866 contracts), Live Cattle (-6,037 contracts), Lean Hogs (-4,688 contracts) and Wheat (-1,448 contracts) also registering lower bets on the week.


Data Snapshot of Commodity Market Traders | Columns Legend
Nov-08-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,446,658 1 274,790 17 -301,325 83 26,535 43
Gold 488,471 16 82,338 10 -91,144 91 8,806 2
Silver 140,437 13 13,003 28 -22,088 74 9,085 14
Copper 169,929 10 2,913 39 -3,426 64 513 28
Palladium 9,467 17 -2,410 10 2,573 89 -163 32
Platinum 60,301 22 19,449 35 -23,295 67 3,846 20
Natural Gas 982,596 7 -152,308 33 120,222 69 32,086 56
Brent 135,078 1 -22,201 74 18,085 23 4,116 65
Heating Oil 266,730 23 27,958 84 -51,059 17 23,101 78
Soybeans 611,011 8 87,809 40 -60,966 68 -26,843 26
Corn 1,484,427 31 301,554 69 -254,182 36 -47,372 16
Coffee 217,646 25 -4,683 4 1,912 100 2,771 38
Sugar 766,340 14 90,182 44 -122,561 56 32,379 48
Wheat 350,843 27 -17,214 0 23,686 93 -6,472 77

 


Strength Scores led by Soybean Meal

Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) showed that Soybean Meal (95.0 percent) continues to lead the soft commodity markets in a bullish extreme position (above 80 percent). Soybean Oil (71.7 percent) comes in as the next highest soft commodity markets in strength scores followed by Corn (68.6 percent).

On the downside, Wheat (0.0 percent) and Coffee (3.6 percent) come in at the lowest strength levels currently and are in bearish extreme levels at the moment (below 20 percent).

Strength Statistics:
Corn (68.6 percent) vs Corn previous week (73.6 percent)
Sugar (44.3 percent) vs Sugar previous week (38.9 percent)
Coffee (3.6 percent) vs Coffee previous week (12.4 percent)
Soybeans (40.3 percent) vs Soybeans previous week (39.9 percent)
Soybean Oil (71.7 percent) vs Soybean Oil previous week (69.7 percent)
Soybean Meal (95.0 percent) vs Soybean Meal previous week (94.0 percent)
Live Cattle (51.4 percent) vs Live Cattle previous week (58.9 percent)
Lean Hogs (51.3 percent) vs Lean Hogs previous week (56.4 percent)
Cotton (26.5 percent) vs Cotton previous week (23.3 percent)
Cocoa (28.7 percent) vs Cocoa previous week (8.7 percent)
Wheat (0.0 percent) vs Wheat previous week (1.8 percent)

Soybean Oil tops the Strength Trends

Strength Score Trends (or move index, calculates the 6-week changes in strength scores) show that Soybean Oil (31.0 percent) leads the past six weeks trends for soft commodity markets this week. Cocoa (21.5 percent) and Sugar (10.6 percent) are the next top movers in the latest trends data.

Coffee (-63.1 percent) leads the downside trend scores currently while the next market with lower trend scores was Wheat (-25.1 percent) followed by Cotton (-15.8 percent).

Strength Trend Statistics:
Corn (0.6 percent) vs Corn previous week (4.5 percent)
Sugar (10.6 percent) vs Sugar previous week (8.1 percent)
Coffee (-63.1 percent) vs Coffee previous week (-49.7 percent)
Soybeans (2.4 percent) vs Soybeans previous week (0.5 percent)
Soybean Oil (31.0 percent) vs Soybean Oil previous week (27.3 percent)
Soybean Meal (3.4 percent) vs Soybean Meal previous week (-3.9 percent)
Live Cattle (-4.4 percent) vs Live Cattle previous week (-8.7 percent)
Lean Hogs (1.3 percent) vs Lean Hogs previous week (-5.0 percent)
Cotton (-15.8 percent) vs Cotton previous week (-20.3 percent)
Cocoa (21.5 percent) vs Cocoa previous week (-2.3 percent)
Wheat (-25.1 percent) vs Wheat previous week (-14.8 percent)


Individual Soft Commodities Markets:

CORN Futures:

The CORN large speculator standing this week reached a net position of 301,554 contracts in the data reported through Tuesday. This was a weekly reduction of -39,234 contracts from the previous week which had a total of 340,788 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 35.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.9 percent.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.5 44.3 9.0
– Percent of Open Interest Shorts: 9.2 61.4 12.1
– Net Position: 301,554 -254,182 -47,372
– Gross Longs: 437,467 657,281 132,893
– Gross Shorts: 135,913 911,463 180,265
– Long to Short Ratio: 3.2 to 1 0.7 to 1 0.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 68.6 35.7 15.9
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.6 -3.5 11.4

 


SUGAR Futures:

The SUGAR large speculator standing this week reached a net position of 90,182 contracts in the data reported through Tuesday. This was a weekly increase of 21,089 contracts from the previous week which had a total of 69,093 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 Bearish with a score of 44.3 percent. The commercials are Bullish with a score of 56.0 percent and the small traders (not shown in chart) are Bearish with a score of 47.9 percent.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.4 52.3 10.2
– Percent of Open Interest Shorts: 13.7 68.3 6.0
– Net Position: 90,182 -122,561 32,379
– Gross Longs: 194,931 401,032 78,270
– Gross Shorts: 104,749 523,593 45,891
– Long to Short Ratio: 1.9 to 1 0.8 to 1 1.7 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 44.3 56.0 47.9
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 10.6 -15.6 30.4

 


COFFEE Futures:

The COFFEE large speculator standing this week reached a net position of -4,683 contracts in the data reported through Tuesday. This was a weekly reduction of -6,866 contracts from the previous week which had a total of 2,183 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 3.6 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 38.0 percent.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 19.5 50.2 4.8
– Percent of Open Interest Shorts: 21.7 49.3 3.6
– Net Position: -4,683 1,912 2,771
– Gross Longs: 42,534 109,195 10,530
– Gross Shorts: 47,217 107,283 7,759
– Long to Short Ratio: 0.9 to 1 1.0 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 3.6 100.0 38.0
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -63.1 62.1 11.0

 


SOYBEANS Futures:

The SOYBEANS large speculator standing this week reached a net position of 87,809 contracts in the data reported through Tuesday. This was a weekly increase of 1,287 contracts from the previous week which had a total of 86,522 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 40.3 percent. The commercials are Bullish with a score of 67.9 percent and the small traders (not shown in chart) are Bearish with a score of 25.7 percent.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 24.9 51.7 7.3
– Percent of Open Interest Shorts: 10.5 61.6 11.7
– Net Position: 87,809 -60,966 -26,843
– Gross Longs: 152,137 315,696 44,579
– Gross Shorts: 64,328 376,662 71,422
– Long to Short Ratio: 2.4 to 1 0.8 to 1 0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 40.3 67.9 25.7
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 2.4 -3.3 5.1

 


SOYBEAN OIL Futures:

The SOYBEAN OIL large speculator standing this week reached a net position of 99,981 contracts in the data reported through Tuesday. This was a weekly rise of 2,871 contracts from the previous week which had a total of 97,110 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 71.7 percent. The commercials are Bearish with a score of 29.3 percent and the small traders (not shown in chart) are Bullish with a score of 61.3 percent.

SOYBEAN OIL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.8 43.0 8.6
– Percent of Open Interest Shorts: 7.5 68.2 5.7
– Net Position: 99,981 -112,802 12,821
– Gross Longs: 133,543 192,512 38,438
– Gross Shorts: 33,562 305,314 25,617
– Long to Short Ratio: 4.0 to 1 0.6 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 71.7 29.3 61.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 31.0 -32.5 25.5

 


SOYBEAN MEAL Futures:

The SOYBEAN MEAL large speculator standing this week reached a net position of 121,234 contracts in the data reported through Tuesday. This was a weekly rise of 1,726 contracts from the previous week which had a total of 119,508 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 95.0 percent. The commercials are Bearish-Extreme with a score of 6.2 percent and the small traders (not shown in chart) are Bullish with a score of 69.4 percent.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 33.7 37.5 12.8
– Percent of Open Interest Shorts: 4.1 73.5 6.4
– Net Position: 121,234 -147,596 26,362
– Gross Longs: 138,146 153,972 52,532
– Gross Shorts: 16,912 301,568 26,170
– Long to Short Ratio: 8.2 to 1 0.5 to 1 2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 95.0 6.2 69.4
– Strength Index Reading (3 Year Range): Bullish-Extreme Bearish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 3.4 -4.8 15.8

 


LIVE CATTLE Futures:

The LIVE CATTLE large speculator standing this week reached a net position of 57,429 contracts in the data reported through Tuesday. This was a weekly fall of -6,037 contracts from the previous week which had a total of 63,466 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 51.4 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 98.6 percent.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 37.1 31.2 11.6
– Percent of Open Interest Shorts: 17.4 51.0 11.5
– Net Position: 57,429 -57,915 486
– Gross Longs: 108,040 90,893 33,924
– Gross Shorts: 50,611 148,808 33,438
– Long to Short Ratio: 2.1 to 1 0.6 to 1 1.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 51.4 34.0 98.6
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -4.4 0.6 12.8

 


LEAN HOGS Futures:

The LEAN HOGS large speculator standing this week reached a net position of 40,862 contracts in the data reported through Tuesday. This was a weekly decrease of -4,688 contracts from the previous week which had a total of 45,550 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 51.3 percent. The commercials are Bullish with a score of 56.5 percent and the small traders (not shown in chart) are Bearish with a score of 46.6 percent.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.5 34.1 8.8
– Percent of Open Interest Shorts: 18.9 50.6 13.9
– Net Position: 40,862 -31,247 -9,615
– Gross Longs: 76,465 64,349 16,565
– Gross Shorts: 35,603 95,596 26,180
– Long to Short Ratio: 2.1 to 1 0.7 to 1 0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 51.3 56.5 46.6
– Strength Index Reading (3 Year Range): Bullish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 1.3 0.4 -8.2

 


COTTON Futures:

The COTTON large speculator standing this week reached a net position of 20,477 contracts in the data reported through Tuesday. This was a weekly advance of 4,325 contracts from the previous week which had a total of 16,152 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 26.5 percent. The commercials are Bullish with a score of 75.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 16.7 percent.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.4 48.5 5.9
– Percent of Open Interest Shorts: 19.7 57.7 5.5
– Net Position: 20,477 -21,461 984
– Gross Longs: 66,804 114,001 13,817
– Gross Shorts: 46,327 135,462 12,833
– Long to Short Ratio: 1.4 to 1 0.8 to 1 1.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 26.5 75.1 16.7
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -15.8 15.2 -6.2

 


COCOA Futures:

The COCOA large speculator standing this week reached a net position of 11,948 contracts in the data reported through Tuesday. This was a weekly lift of 20,189 contracts from the previous week which had a total of -8,241 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 28.7 percent. The commercials are Bullish with a score of 72.3 percent and the small traders (not shown in chart) are Bearish with a score of 30.1 percent.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 32.8 46.2 4.4
– Percent of Open Interest Shorts: 28.6 51.6 3.2
– Net Position: 11,948 -15,306 3,358
– Gross Longs: 92,594 130,491 12,348
– Gross Shorts: 80,646 145,797 8,990
– Long to Short Ratio: 1.1 to 1 0.9 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 28.7 72.3 30.1
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 21.5 -20.8 -7.4

 


WHEAT Futures:

The WHEAT large speculator standing this week reached a net position of -17,214 contracts in the data reported through Tuesday. This was a weekly decrease of -1,448 contracts from the previous week which had a total of -15,766 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 0.0 percent. The commercials are Bullish-Extreme with a score of 93.4 percent and the small traders (not shown in chart) are Bullish with a score of 76.8 percent.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 26.8 38.7 8.8
– Percent of Open Interest Shorts: 31.7 31.9 10.7
– Net Position: -17,214 23,686 -6,472
– Gross Longs: 94,154 135,610 30,937
– Gross Shorts: 111,368 111,924 37,409
– Long to Short Ratio: 0.8 to 1 1.2 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 0.0 93.4 76.8
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -25.1 27.0 4.9

 


Article By InvestMacroReceive our weekly COT Newsletter

*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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