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 April 29th 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 higher this week as eight out of the eleven softs markets we cover had higher positioning while the other three markets had lower speculator contracts.
Free Reports:
Leading the gains for the softs markets was Cotton (13,340 contracts) with Soybean Oil (9,774 contracts), Coffee (8,233 contracts), Sugar (5,530 contracts), Live Cattle (4,024 contracts), Soybeans (3,789 contracts), Lean Hogs (3,561 contracts) and Cocoa (1,775 contracts) also having positive weeks.
The markets with the declines in speculator bets this week were Corn (-44,414 contracts), Soybean Meal (-22,758 contracts) and with Wheat (-22,839 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 Soybean Oil (81 percent) and Live Cattle (80 percent) lead the softs markets this week. Coffee (74 percent), Soybeans (66 percent) and Corn (60 percent) come in as the next highest in the weekly strength scores.
On the downside, Wheat (0 percent) and Soybean Meal (5 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 Sugar (23 percent) and the Cocoa (28 percent).
Strength Statistics:
Corn (59.7 percent) vs Corn previous week (65.7 percent)
Sugar (23.0 percent) vs Sugar previous week (21.2 percent)
Coffee (73.6 percent) vs Coffee previous week (65.7 percent)
Soybeans (65.7 percent) vs Soybeans previous week (64.8 percent)
Soybean Oil (80.6 percent) vs Soybean Oil previous week (75.2 percent)
Soybean Meal (5.4 percent) vs Soybean Meal previous week (14.7 percent)
Live Cattle (80.2 percent) vs Live Cattle previous week (76.3 percent)
Lean Hogs (54.8 percent) vs Lean Hogs previous week (52.0 percent)
Cotton (30.6 percent) vs Cotton previous week (22.5 percent)
Cocoa (27.7 percent) vs Cocoa previous week (25.8 percent)
Wheat (0.0 percent) vs Wheat previous week (15.7 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Soybean Oil (44 percent) and Cotton (23 percent) lead the past six weeks trends for soft commodities. Soybeans (17 percent), Sugar (2 percent) and Cocoa (1 percent) are the next highest positive movers in the latest trends data.
Wheat (-28 percent) leads the downside trend scores currently with Soybean Meal (-9 percent), Corn (-9 percent) and Coffee (-7 percent) following next with lower trend scores.
Strength Trend Statistics:
Corn (-8.6 percent) vs Corn previous week (-6.6 percent)
Sugar (2.2 percent) vs Sugar previous week (7.8 percent)
Coffee (-6.6 percent) vs Coffee previous week (-14.9 percent)
Soybeans (17.3 percent) vs Soybeans previous week (17.4 percent)
Soybean Oil (44.2 percent) vs Soybean Oil previous week (34.2 percent)
Soybean Meal (-8.8 percent) vs Soybean Meal previous week (5.8 percent)
Live Cattle (-0.4 percent) vs Live Cattle previous week (1.6 percent)
Lean Hogs (0.2 percent) vs Lean Hogs previous week (-5.3 percent)
Cotton (22.8 percent) vs Cotton previous week (19.2 percent)
Cocoa (0.9 percent) vs Cocoa previous week (-1.8 percent)
Wheat (-27.7 percent) vs Wheat previous week (-10.9 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 Bullish with a score of 59.7 percent. The commercials are Bearish with a score of 41.9 percent and the small traders (not shown in chart) are Bullish with a score of 52.1 percent.
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| CORN Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 26.7 | 44.4 | 7.7 |
| – Percent of Open Interest Shorts: | 15.3 | 52.7 | 10.8 |
| – Net Position: | 175,429 | -128,654 | -46,775 |
| – Gross Longs: | 412,036 | 685,641 | 119,389 |
| – Gross Shorts: | 236,607 | 814,295 | 166,164 |
| – Long to Short Ratio: | 1.7 to 1 | 0.8 to 1 | 0.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 59.7 | 41.9 | 52.1 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -8.6 | 7.5 | 12.7 |
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 23.0 percent. The commercials are Bullish-Extreme with a score of 81.2 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.1 percent.
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| SUGAR Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 24.2 | 54.6 | 6.9 |
| – Percent of Open Interest Shorts: | 19.4 | 58.9 | 7.4 |
| – Net Position: | 38,765 | -34,712 | -4,053 |
| – Gross Longs: | 196,828 | 444,878 | 56,409 |
| – Gross Shorts: | 158,063 | 479,590 | 60,462 |
| – 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): | 23.0 | 81.2 | 15.1 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 2.2 | 5.3 | -36.7 |
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 with a score of 73.6 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 67.0 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| COFFEE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 38.2 | 37.0 | 5.9 |
| – Percent of Open Interest Shorts: | 6.5 | 70.6 | 4.0 |
| – Net Position: | 49,289 | -52,194 | 2,905 |
| – Gross Longs: | 59,405 | 57,566 | 9,134 |
| – Gross Shorts: | 10,116 | 109,760 | 6,229 |
| – Long to Short Ratio: | 5.9 to 1 | 0.5 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 73.6 | 27.2 | 67.0 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -6.6 | 6.5 | 0.9 |
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 with a score of 65.7 percent. The commercials are Bearish with a score of 33.5 percent and the small traders (not shown in chart) are Bullish with a score of 59.0 percent.
Our weekly trend-following model classifies the current market price position as: Uptrend.
| SOYBEANS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 24.5 | 50.3 | 5.5 |
| – Percent of Open Interest Shorts: | 16.6 | 55.5 | 8.2 |
| – Net Position: | 59,473 | -38,976 | -20,497 |
| – Gross Longs: | 184,167 | 378,825 | 41,309 |
| – Gross Shorts: | 124,694 | 417,801 | 61,806 |
| – Long to Short Ratio: | 1.5 to 1 | 0.9 to 1 | 0.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 65.7 | 33.5 | 59.0 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 17.3 | -21.2 | 27.9 |
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 80.6 percent. The commercials are Bearish with a score of 20.5 percent and the small traders (not shown in chart) are Bullish with a score of 56.3 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: | 27.6 | 46.0 | 6.6 |
| – Percent of Open Interest Shorts: | 14.8 | 60.7 | 4.7 |
| – Net Position: | 70,165 | -80,644 | 10,479 |
| – Gross Longs: | 151,088 | 251,914 | 35,994 |
| – Gross Shorts: | 80,923 | 332,558 | 25,515 |
| – Long to Short Ratio: | 1.9 to 1 | 0.8 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 80.6 | 20.5 | 56.3 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 44.2 | -45.6 | 37.3 |
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 5.4 percent. The commercials are Bullish-Extreme with a score of 91.8 percent and the small traders (not shown in chart) are Bearish with a score of 44.3 percent.
Our weekly trend-following model classifies the current market price position as: Weak Uptrend.
| SOYBEAN MEAL Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 20.5 | 51.0 | 8.4 |
| – Percent of Open Interest Shorts: | 30.3 | 44.5 | 5.1 |
| – Net Position: | -53,734 | 35,546 | 18,188 |
| – Gross Longs: | 112,251 | 279,114 | 46,066 |
| – Gross Shorts: | 165,985 | 243,568 | 27,878 |
| – Long to Short Ratio: | 0.7 to 1 | 1.1 to 1 | 1.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 5.4 | 91.8 | 44.3 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -8.8 | 8.7 | -2.9 |
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 80.2 percent. The commercials are Bearish with a score of 21.3 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 Uptrend.
| LIVE CATTLE Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 48.9 | 28.3 | 8.0 |
| – Percent of Open Interest Shorts: | 20.1 | 51.5 | 13.7 |
| – Net Position: | 103,030 | -82,863 | -20,167 |
| – Gross Longs: | 174,783 | 101,168 | 28,663 |
| – Gross Shorts: | 71,753 | 184,031 | 48,830 |
| – Long to Short Ratio: | 2.4 to 1 | 0.5 to 1 | 0.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 80.2 | 21.3 | 26.0 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -0.4 | -2.4 | 8.0 |
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 54.8 percent. The commercials are Bearish with a score of 41.2 percent and the small traders (not shown in chart) are Bullish with a score of 75.6 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| LEAN HOGS Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 36.3 | 34.7 | 8.0 |
| – Percent of Open Interest Shorts: | 23.4 | 47.4 | 8.1 |
| – Net Position: | 34,857 | -34,534 | -323 |
| – Gross Longs: | 98,526 | 94,174 | 21,808 |
| – Gross Shorts: | 63,669 | 128,708 | 22,131 |
| – Long to Short Ratio: | 1.5 to 1 | 0.7 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 54.8 | 41.2 | 75.6 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 0.2 | -2.6 | 16.8 |
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 with a score of 30.6 percent. The commercials are Bullish with a score of 72.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.4 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| COTTON Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 31.0 | 48.1 | 5.2 |
| – Percent of Open Interest Shorts: | 36.6 | 41.3 | 6.4 |
| – Net Position: | -11,738 | 14,393 | -2,655 |
| – Gross Longs: | 65,344 | 101,388 | 10,925 |
| – Gross Shorts: | 77,082 | 86,995 | 13,580 |
| – 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): | 30.6 | 72.9 | 0.4 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 22.8 | -19.3 | -26.7 |
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 27.7 percent. The commercials are Bullish with a score of 71.8 percent and the small traders (not shown in chart) are Bullish with a score of 63.9 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| COCOA Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 30.5 | 39.4 | 10.6 |
| – Percent of Open Interest Shorts: | 11.1 | 63.6 | 5.7 |
| – Net Position: | 17,352 | -21,708 | 4,356 |
| – Gross Longs: | 27,337 | 35,318 | 9,480 |
| – Gross Shorts: | 9,985 | 57,026 | 5,124 |
| – Long to Short Ratio: | 2.7 to 1 | 0.6 to 1 | 1.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 27.7 | 71.8 | 63.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 0.9 | -2.1 | 12.7 |
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 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 96.6 percent.
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| WHEAT Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 25.7 | 39.3 | 8.5 |
| – Percent of Open Interest Shorts: | 51.8 | 14.8 | 6.9 |
| – Net Position: | -116,808 | 109,606 | 7,202 |
| – Gross Longs: | 114,740 | 175,679 | 38,188 |
| – Gross Shorts: | 231,548 | 66,073 | 30,986 |
| – Long to Short Ratio: | 0.5 to 1 | 2.7 to 1 | 1.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 0.0 | 100.0 | 96.6 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -27.7 | 25.3 | 33.2 |
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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