By InvestMacro
Here are the latest charts and statistics for the Commitment of Traders (COT) reports data published by the Commodities Futures Trading Commission (CFTC).
The latest COT data is updated through Tuesday May 30th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.
The COT soft commodities markets speculator bets were lower this week as three out of the eleven softs markets we cover had higher positioning while the other eight markets had lower speculator contracts.
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Leading the gains for the softs markets was Corn (41,860 contracts) with Soybeans (609 contracts) and Cocoa (199 contracts) also showing positive weeks.
The markets with the declines in speculator bets this week were Sugar (-23,423 contracts) with Soybean Meal (-15,489 contracts), Coffee (-9,128 contracts), Cotton (-7,707 contracts), Wheat (-7,677 contracts), Lean Hogs (-2,262 contracts), Soybean Oil (-3,385 contracts) and Live Cattle (-269 contracts) also registering lower bets on the week.
Highlighting the COT soft commodities data this week is the rising bearish level of the Wheat’s speculator’s positioning.
Wheat speculator bets continued to fall again this week for a second straight week and for the eleventh time out of the past fifteen weeks. Speculator positions have now added approximately -60,000 contracts to the bearish level over the past fifteen weeks.
The Wheat speculator standing, currently at -93,996 contracts, has fallen to the most bearish level of the past 279 weeks, dating back to January 23rd of 2018.
Wheat prices have also been on the downtrend since hitting all-time record high levels in March of 2022 and have now fallen over 50 percent from those highest levels of 2022. Wheat futures closed this week at $619.00 with the low of this week touching the lowest price since December of 2020 near 573.20
May-30-2023 | OI | OI-Index | Spec-Net | Spec-Index | Com-Net | COM-Index | Smalls-Net | Smalls-Index |
---|---|---|---|---|---|---|---|---|
WTI Crude | 1,920,740 | 47 | 162,591 | 2 | -192,877 | 97 | 30,286 | 40 |
Gold | 449,515 | 13 | 169,316 | 52 | -190,005 | 51 | 20,689 | 32 |
Silver | 133,619 | 18 | 21,124 | 48 | -34,536 | 52 | 13,412 | 41 |
Copper | 223,185 | 61 | -35,702 | 0 | 34,259 | 100 | 1,443 | 28 |
Palladium | 10,658 | 64 | -6,050 | 10 | 6,472 | 91 | -422 | 16 |
Platinum | 69,929 | 72 | 23,406 | 70 | -27,973 | 36 | 4,567 | 29 |
Natural Gas | 1,359,496 | 79 | -106,170 | 30 | 74,969 | 69 | 31,201 | 54 |
Brent | 148,868 | 21 | -53,294 | 0 | 48,912 | 100 | 4,382 | 68 |
Heating Oil | 309,819 | 40 | 18,341 | 61 | -22,943 | 70 | 4,602 | 14 |
Soybeans | 672,482 | 21 | 29,814 | 1 | -4,162 | 95 | -25,652 | 32 |
Corn | 1,319,205 | 17 | -20,407 | 27 | 72,210 | 82 | -51,803 | 25 |
Coffee | 202,708 | 14 | 23,620 | 52 | -23,623 | 52 | 3 | 13 |
Sugar | 962,437 | 62 | 250,387 | 79 | -293,732 | 20 | 43,345 | 59 |
Wheat | 395,158 | 63 | -93,996 | 0 | 88,847 | 100 | 5,149 | 91 |
COT 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 Cocoa (100 percent) and Live Cattle (92 percent) lead the softs markets this week. Sugar (79 percent), Soybean Meal (57 percent) and Coffee (52 percent) come in as the next highest in the weekly strength scores.
On the downside, Lean Hogs (0 percent) and Soybean Oil (0 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent). The next lowest strength scores are the Wheat (0 percent) and the Soybeans (1 percent).
Strength Statistics:
Corn (27.4 percent) vs Corn previous week (22.1 percent)
Sugar (79.4 percent) vs Sugar previous week (87.7 percent)
Coffee (51.6 percent) vs Coffee previous week (61.0 percent)
Soybeans (0.9 percent) vs Soybeans previous week (0.6 percent)
Soybean Oil (0.0 percent) vs Soybean Oil previous week (2.0 percent)
Soybean Meal (57.0 percent) vs Soybean Meal previous week (65.1 percent)
Live Cattle (91.8 percent) vs Live Cattle previous week (92.1 percent)
Lean Hogs (0.0 percent) vs Lean Hogs previous week (1.9 percent)
Cotton (19.7 percent) vs Cotton previous week (25.5 percent)
Cocoa (100.0 percent) vs Cocoa previous week (99.8 percent)
Wheat (0.0 percent) vs Wheat previous week (5.5 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Cocoa (8 percent) and Cotton (8 percent) lead the past six weeks trends for soft commodities.
Soybeans (-58 percent) leads the downside trend scores currently with Soybean Meal (-19 percent), Wheat (-17 percent) and Corn (-16 percent) following next with lower trend scores.
Strength Trend Statistics:
Corn (-16.1 percent) vs Corn previous week (-21.2 percent)
Sugar (-6.7 percent) vs Sugar previous week (5.0 percent)
Coffee (-13.7 percent) vs Coffee previous week (8.1 percent)
Soybeans (-58.0 percent) vs Soybeans previous week (-59.0 percent)
Soybean Oil (-12.6 percent) vs Soybean Oil previous week (-12.5 percent)
Soybean Meal (-18.6 percent) vs Soybean Meal previous week (-3.1 percent)
Live Cattle (-0.8 percent) vs Live Cattle previous week (7.9 percent)
Lean Hogs (-7.4 percent) vs Lean Hogs previous week (-8.0 percent)
Cotton (7.6 percent) vs Cotton previous week (19.3 percent)
Cocoa (7.5 percent) vs Cocoa previous week (6.6 percent)
Wheat (-16.7 percent) vs Wheat previous week (-13.9 percent)
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 27.4 percent. The commercials are Bullish-Extreme with a score of 82.2 percent and the small traders (not shown in chart) are Bearish with a score of 24.7 percent.
CORN Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 20.8 | 51.9 | 8.7 |
– Percent of Open Interest Shorts: | 22.4 | 46.5 | 12.7 |
– Net Position: | -20,407 | 72,210 | -51,803 |
– Gross Longs: | 274,956 | 685,222 | 115,112 |
– Gross Shorts: | 295,363 | 613,012 | 166,915 |
– Long to Short Ratio: | 0.9 to 1 | 1.1 to 1 | 0.7 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 27.4 | 82.2 | 24.7 |
– Strength Index Reading (3 Year Range): | Bearish | Bullish-Extreme | Bearish |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -16.1 | 16.1 | 10.6 |
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 79.4 percent. The commercials are Bearish with a score of 20.0 percent and the small traders (not shown in chart) are Bullish with a score of 59.0 percent.
SUGAR Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 34.5 | 40.2 | 9.3 |
– Percent of Open Interest Shorts: | 8.5 | 70.7 | 4.8 |
– Net Position: | 250,387 | -293,732 | 43,345 |
– Gross Longs: | 332,464 | 386,730 | 89,595 |
– Gross Shorts: | 82,077 | 680,462 | 46,250 |
– Long to Short Ratio: | 4.1 to 1 | 0.6 to 1 | 1.9 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 79.4 | 20.0 | 59.0 |
– Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -6.7 | 9.9 | -18.0 |
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 51.6 percent. The commercials are Bullish with a score of 52.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 12.7 percent.
COFFEE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 23.4 | 46.9 | 3.4 |
– Percent of Open Interest Shorts: | 11.7 | 58.5 | 3.4 |
– Net Position: | 23,620 | -23,623 | 3 |
– Gross Longs: | 47,353 | 95,031 | 6,827 |
– Gross Shorts: | 23,733 | 118,654 | 6,824 |
– Long to Short Ratio: | 2.0 to 1 | 0.8 to 1 | 1.0 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 51.6 | 52.4 | 12.7 |
– Strength Index Reading (3 Year Range): | Bullish | Bullish | Bearish-Extreme |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -13.7 | 14.6 | -15.8 |
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 0.9 percent. The commercials are Bullish-Extreme with a score of 95.4 percent and the small traders (not shown in chart) are Bearish with a score of 31.7 percent.
SOYBEANS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 19.7 | 53.7 | 6.6 |
– Percent of Open Interest Shorts: | 15.2 | 54.3 | 10.4 |
– Net Position: | 29,814 | -4,162 | -25,652 |
– Gross Longs: | 132,301 | 360,791 | 44,298 |
– Gross Shorts: | 102,487 | 364,953 | 69,950 |
– Long to Short Ratio: | 1.3 to 1 | 1.0 to 1 | 0.6 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 0.9 | 95.4 | 31.7 |
– Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -58.0 | 50.3 | 4.3 |
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 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.4 percent.
SOYBEAN OIL Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 14.7 | 56.8 | 5.7 |
– Percent of Open Interest Shorts: | 20.4 | 50.7 | 6.1 |
– Net Position: | -31,248 | 33,635 | -2,387 |
– Gross Longs: | 80,635 | 311,897 | 31,021 |
– Gross Shorts: | 111,883 | 278,262 | 33,408 |
– Long to Short Ratio: | 0.7 to 1 | 1.1 to 1 | 0.9 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 0.0 | 100.0 | 0.4 |
– Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish-Extreme |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -12.6 | 13.8 | -19.1 |
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 57.0 percent. The commercials are Bearish with a score of 46.6 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 13.4 percent.
SOYBEAN MEAL Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 25.1 | 39.5 | 9.6 |
– Percent of Open Interest Shorts: | 5.6 | 61.7 | 6.9 |
– Net Position: | 94,533 | -107,413 | 12,880 |
– Gross Longs: | 121,664 | 191,186 | 46,401 |
– Gross Shorts: | 27,131 | 298,599 | 33,521 |
– Long to Short Ratio: | 4.5 to 1 | 0.6 to 1 | 1.4 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 57.0 | 46.6 | 13.4 |
– Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish-Extreme |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -18.6 | 20.7 | -16.7 |
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 91.8 percent. The commercials are Bearish-Extreme with a score of 11.7 percent and the small traders (not shown in chart) are Bearish with a score of 28.1 percent.
LIVE CATTLE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 46.1 | 27.3 | 9.5 |
– Percent of Open Interest Shorts: | 15.2 | 54.8 | 12.8 |
– Net Position: | 101,378 | -90,357 | -11,021 |
– Gross Longs: | 151,401 | 89,705 | 31,082 |
– Gross Shorts: | 50,023 | 180,062 | 42,103 |
– Long to Short Ratio: | 3.0 to 1 | 0.5 to 1 | 0.7 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 91.8 | 11.7 | 28.1 |
– Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -0.8 | 2.9 | -9.6 |
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 100.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 96.3 percent.
LEAN HOGS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 23.3 | 38.1 | 9.7 |
– Percent of Open Interest Shorts: | 38.6 | 24.0 | 8.5 |
– Net Position: | -36,114 | 33,233 | 2,881 |
– Gross Longs: | 54,977 | 89,961 | 22,880 |
– Gross Shorts: | 91,091 | 56,728 | 19,999 |
– Long to Short Ratio: | 0.6 to 1 | 1.6 to 1 | 1.1 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 0.0 | 100.0 | 96.3 |
– Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish-Extreme |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -7.4 | 8.7 | -3.7 |
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 19.7 percent. The commercials are Bullish with a score of 79.6 percent and the small traders (not shown in chart) are Bearish with a score of 23.6 percent.
COTTON Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 30.0 | 48.6 | 6.1 |
– Percent of Open Interest Shorts: | 22.5 | 56.7 | 5.5 |
– Net Position: | 14,612 | -15,861 | 1,249 |
– Gross Longs: | 58,770 | 95,264 | 12,016 |
– Gross Shorts: | 44,158 | 111,125 | 10,767 |
– Long to Short Ratio: | 1.3 to 1 | 0.9 to 1 | 1.1 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 19.7 | 79.6 | 23.6 |
– Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish | Bearish |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | 7.6 | -5.9 | -9.2 |
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 with a score of 51.4 percent.
COCOA Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 42.0 | 29.7 | 4.9 |
– Percent of Open Interest Shorts: | 22.7 | 50.7 | 3.3 |
– Net Position: | 65,573 | -71,049 | 5,476 |
– Gross Longs: | 142,385 | 100,654 | 16,614 |
– Gross Shorts: | 76,812 | 171,703 | 11,138 |
– Long to Short Ratio: | 1.9 to 1 | 0.6 to 1 | 1.5 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 100.0 | 0.0 | 51.4 |
– Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | 7.5 | -8.3 | 6.9 |
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 100.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 90.8 percent.
WHEAT Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
– Percent of Open Interest Longs: | 27.2 | 39.1 | 9.9 |
– Percent of Open Interest Shorts: | 51.0 | 16.7 | 8.6 |
– Net Position: | -93,996 | 88,847 | 5,149 |
– Gross Longs: | 107,338 | 154,656 | 39,165 |
– Gross Shorts: | 201,334 | 65,809 | 34,016 |
– Long to Short Ratio: | 0.5 to 1 | 2.4 to 1 | 1.2 to 1 |
NET POSITION TREND: | |||
– Strength Index Score (3 Year Range Pct): | 0.0 | 100.0 | 90.8 |
– Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish-Extreme |
NET POSITION MOVEMENT INDEX: | |||
– 6-Week Change in Strength Index: | -16.7 | 18.9 | -0.5 |
Article By InvestMacro – Receive 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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