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 February 4th 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 slightly higher this week as six out of the eleven softs markets we cover had higher positioning while the other five markets had lower speculator contracts.
Free Reports:
Leading the gains for the softs markets was Soybean Meal (23,817 contracts) with Wheat (23,756 contracts), Corn (18,506 contracts), Soybeans (5,815 contracts), Soybean Oil (5,428 contracts) and Lean Hogs (3,384 contracts) also showing positive weeks.
The markets with the declines in speculator bets this week were Cotton (-8,339 contracts), Coffee (-4,642 contracts), Sugar (-3,675 contracts), Live Cattle (-2,605 contracts) and with Cocoa (-1,578 contracts) also registering lower bets on the week.
Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)
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 Coffee (96 percent), Live Cattle (93 percent) and Corn (93 percent) lead the softs markets this week. Lean Hogs (81 percent) and Soybean Oil (71 percent) come in as the next highest in the weekly strength scores.
On the downside, Cotton (0 percent) and Sugar (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 Wheat (24 percent) and Soybean Meal (27 percent).
Strength Statistics:
Corn (92.7 percent) vs Corn previous week (90.4 percent)
Sugar (0.0 percent) vs Sugar previous week (1.2 percent)
Coffee (95.5 percent) vs Coffee previous week (100.0 percent)
Soybeans (55.3 percent) vs Soybeans previous week (54.0 percent)
Soybean Oil (70.8 percent) vs Soybean Oil previous week (67.8 percent)
Soybean Meal (27.1 percent) vs Soybean Meal previous week (17.4 percent)
Live Cattle (93.4 percent) vs Live Cattle previous week (95.9 percent)
Lean Hogs (81.5 percent) vs Lean Hogs previous week (78.9 percent)
Cotton (0.0 percent) vs Cotton previous week (5.4 percent)
Cocoa (46.1 percent) vs Cocoa previous week (47.7 percent)
Wheat (23.7 percent) vs Wheat previous week (4.8 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Soybeans (34 percent) and Corn (30 percent) lead the past six weeks trends for soft commodities. Soybean Oil (21 percent), Soybean Meal (19 percent) and Wheat (16 percent) are the next highest positive movers in the latest trends data.
Sugar (-30 percent) leads the downside trend scores currently with Lean Hogs (-14 percent), Cotton (-12 percent) and Cocoa (-1 percent) following next with lower trend scores.
Strength Trend Statistics:
Corn (30.1 percent) vs Corn previous week (28.3 percent)
Sugar (-29.8 percent) vs Sugar previous week (-31.2 percent)
Coffee (7.5 percent) vs Coffee previous week (13.9 percent)
Soybeans (33.5 percent) vs Soybeans previous week (33.2 percent)
Soybean Oil (20.7 percent) vs Soybean Oil previous week (8.1 percent)
Soybean Meal (18.9 percent) vs Soybean Meal previous week (8.3 percent)
Live Cattle (13.0 percent) vs Live Cattle previous week (8.0 percent)
Lean Hogs (-13.8 percent) vs Lean Hogs previous week (-21.1 percent)
Cotton (-12.4 percent) vs Cotton previous week (-10.3 percent)
Cocoa (-1.2 percent) vs Cocoa previous week (1.7 percent)
Wheat (15.8 percent) vs Wheat previous week (-9.3 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 Bullish-Extreme with a score of 92.7 percent. The commercials are Bearish-Extreme with a score of 12.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.1 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| CORN Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 31.0 | 38.3 | 5.9 |
| – Percent of Open Interest Shorts: | 8.1 | 56.9 | 10.2 |
| – Net Position: | 462,381 | -374,564 | -87,817 |
| – Gross Longs: | 626,001 | 773,870 | 118,268 |
| – Gross Shorts: | 163,620 | 1,148,434 | 206,085 |
| – Long to Short Ratio: | 3.8 to 1 | 0.7 to 1 | 0.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 92.7 | 12.8 | 0.1 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 30.1 | -27.5 | -35.9 |
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 98.6 percent and the small traders (not shown in chart) are Bearish with a score of 24.0 percent.
Our weekly trend-following model classifies the current market price position as: Downtrend.
| SUGAR Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 22.4 | 53.8 | 7.3 |
| – Percent of Open Interest Shorts: | 25.7 | 50.8 | 7.0 |
| – Net Position: | -33,109 | 29,745 | 3,364 |
| – Gross Longs: | 227,314 | 544,960 | 74,415 |
| – Gross Shorts: | 260,423 | 515,215 | 71,051 |
| – Long to Short Ratio: | 0.9 to 1 | 1.1 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 0.0 | 98.6 | 24.0 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -29.8 | 26.2 | -4.9 |
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 Bullish-Extreme with a score of 95.5 percent. The commercials are Bearish-Extreme with a score of 3.8 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 98.4 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| COFFEE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 42.9 | 31.5 | 5.8 |
| – Percent of Open Interest Shorts: | 5.8 | 71.1 | 3.3 |
| – Net Position: | 71,878 | -76,728 | 4,850 |
| – Gross Longs: | 83,066 | 60,964 | 11,225 |
| – Gross Shorts: | 11,188 | 137,692 | 6,375 |
| – Long to Short Ratio: | 7.4 to 1 | 0.4 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 95.5 | 3.8 | 98.4 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 7.5 | -9.0 | 28.6 |
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 55.3 percent. The commercials are Bearish with a score of 47.5 percent and the small traders (not shown in chart) are Bearish with a score of 28.4 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| SOYBEANS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 20.4 | 55.7 | 4.8 |
| – Percent of Open Interest Shorts: | 16.3 | 56.2 | 8.5 |
| – Net Position: | 37,166 | -4,926 | -32,240 |
| – Gross Longs: | 182,119 | 495,672 | 43,118 |
| – Gross Shorts: | 144,953 | 500,598 | 75,358 |
| – 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): | 55.3 | 47.5 | 28.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 33.5 | -31.5 | -38.8 |
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 Bullish with a score of 70.8 percent. The commercials are Bearish with a score of 33.0 percent and the small traders (not shown in chart) are Bearish with a score of 41.5 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| SOYBEAN OIL Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 21.2 | 54.3 | 5.7 |
| – Percent of Open Interest Shorts: | 11.8 | 64.9 | 4.4 |
| – Net Position: | 53,595 | -60,679 | 7,084 |
| – Gross Longs: | 121,346 | 311,283 | 32,530 |
| – Gross Shorts: | 67,751 | 371,962 | 25,446 |
| – Long to Short Ratio: | 1.8 to 1 | 0.8 to 1 | 1.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 70.8 | 33.0 | 41.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 20.7 | -21.5 | 21.7 |
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 with a score of 27.1 percent. The commercials are Bullish with a score of 71.6 percent and the small traders (not shown in chart) are Bearish with a score of 28.5 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| SOYBEAN MEAL Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 17.4 | 50.1 | 8.3 |
| – Percent of Open Interest Shorts: | 17.5 | 52.7 | 5.6 |
| – Net Position: | -691 | -15,513 | 16,204 |
| – Gross Longs: | 103,159 | 297,388 | 49,293 |
| – Gross Shorts: | 103,850 | 312,901 | 33,089 |
| – Long to Short Ratio: | 1.0 to 1 | 1.0 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 27.1 | 71.6 | 28.5 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 18.9 | -16.4 | -21.5 |
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 93.4 percent. The commercials are Bearish-Extreme with a score of 10.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 11.3 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| LIVE CATTLE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 51.6 | 28.2 | 7.0 |
| – Percent of Open Interest Shorts: | 21.5 | 52.0 | 13.4 |
| – Net Position: | 116,439 | -91,888 | -24,551 |
| – Gross Longs: | 199,414 | 109,040 | 27,075 |
| – Gross Shorts: | 82,975 | 200,928 | 51,626 |
| – Long to Short Ratio: | 2.4 to 1 | 0.5 to 1 | 0.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 93.4 | 10.4 | 11.3 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 13.0 | -12.6 | -10.1 |
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-Extreme with a score of 81.5 percent. The commercials are Bearish-Extreme with a score of 15.6 percent and the small traders (not shown in chart) are Bearish with a score of 48.2 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| LEAN HOGS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 42.8 | 33.2 | 7.4 |
| – Percent of Open Interest Shorts: | 19.8 | 54.6 | 9.0 |
| – Net Position: | 69,445 | -64,565 | -4,880 |
| – Gross Longs: | 129,010 | 100,204 | 22,404 |
| – Gross Shorts: | 59,565 | 164,769 | 27,284 |
| – Long to Short Ratio: | 2.2 to 1 | 0.6 to 1 | 0.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 81.5 | 15.6 | 48.2 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -13.8 | 11.5 | 26.8 |
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 0.0 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 26.0 percent.
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| COTTON Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 22.4 | 50.3 | 5.5 |
| – Percent of Open Interest Shorts: | 39.9 | 33.3 | 4.9 |
| – Net Position: | -50,767 | 49,214 | 1,553 |
| – Gross Longs: | 64,897 | 145,912 | 15,822 |
| – Gross Shorts: | 115,664 | 96,698 | 14,269 |
| – Long to Short Ratio: | 0.6 to 1 | 1.5 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 0.0 | 100.0 | 26.0 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -12.4 | 10.3 | 14.5 |
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 46.1 percent. The commercials are Bullish with a score of 51.6 percent and the small traders (not shown in chart) are Bullish with a score of 62.6 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| COCOA Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 37.7 | 35.2 | 8.5 |
| – Percent of Open Interest Shorts: | 10.2 | 67.4 | 3.9 |
| – Net Position: | 35,390 | -41,309 | 5,919 |
| – Gross Longs: | 48,473 | 45,210 | 10,952 |
| – Gross Shorts: | 13,083 | 86,519 | 5,033 |
| – Long to Short Ratio: | 3.7 to 1 | 0.5 to 1 | 2.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 46.1 | 51.6 | 62.6 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -1.2 | 2.0 | -6.0 |
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 Bearish with a score of 23.7 percent. The commercials are Bullish with a score of 72.0 percent and the small traders (not shown in chart) are Bullish with a score of 76.9 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| WHEAT Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 27.5 | 33.5 | 7.5 |
| – Percent of Open Interest Shorts: | 41.7 | 20.1 | 6.8 |
| – Net Position: | -67,355 | 63,681 | 3,674 |
| – Gross Longs: | 130,876 | 159,160 | 35,860 |
| – Gross Shorts: | 198,231 | 95,479 | 32,186 |
| – Long to Short Ratio: | 0.7 to 1 | 1.7 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 23.7 | 72.0 | 76.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 15.8 | -17.1 | 7.6 |
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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