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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 25, and it shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes Led by Cocoa & Sugar

The COT soft commodities markets speculator bets were lower this week, as three out of the eleven soft commodities markets we cover had higher positioning while the other eight markets had lower speculator contracts.

Leading the gains was sugar (10,356 contracts), with cocoa (2,359 contracts) and lean hogs (135 contracts) also experiencing a positive week. The markets with the declines in speculator bets this week were corn (-80,988 contracts), soybeans (-73,414 contracts), wheat (-12,652 contracts), soybean meal (-19,017 contracts), cotton (-9,883 contracts), soybean oil (-8,806 contracts), coffee (-409 contracts), and live cattle (-38 contracts).

Cocoa Bullish Bets Hit Highest Since March 2020

Highlighting the COT soft commodities data this week is the multi-year high in bullish bets of cocoa speculator’s positioning. The large speculator bets for cocoa rose this week for the first time in the past four weeks, but the boost pushed the overall net position to its highest level since 2020.

This week’s gain brought the cocoa speculator net position to a total of +61,714 contracts which marks the most bullish level of the past 164 weeks, dating back to March 10 of 2020.

Cocoa trader sentiment and futures prices have been pushed higher recently due to increased demand and because of supply issues arising out of Africa. Nigeria’s exports as well as the Ivory Coast’s exports have been on the decline, while dryer weather conditions have also hampered production on the continent. Meanwhile, the demand for cocoa is being forecast to grow approximately 5% annually for the next decade.

The cocoa futures price fell modestly this week, but it has been on a strong bullish trend since hitting a recent low in September. Last week, the futures price hit its highest level since 2016, right around the 2995 price, before retreating this week to 2937.

Data Snapshot of Commodity Market Traders | Columns Legend

Strength Scores Led by Cocoa & Live Cattle

COT Strength Scores (which are a normalized measure of speculator positions over a three-year range, from 0 to 100, where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that cocoa (100%) and live cattle (93%) were the leaders of the soft commodities this week. Sugar (90%), soybean meal (66%), and coffee (65%) followed behind with the next highest in terms of weekly strength scores.

On the downside, lean hogs (0%), soybean Oil (0%), wheat (0%), and cotton (5%) came in with the lowest strength levels, and they are in Extreme-Bearish territory (below 20%).

Strength statistics:

• Corn (33.2%) vs. corn the previous week (43.5%)
• Sugar (89.8%) vs. sugar the previous week (86.1%)
• Coffee (64.9%) vs. coffee the previous week (65.4%)
• Soybeans (30.1%) vs. soybeans the previous week (58.9%)
• Soybean oil (0.0%) vs. soybean oil the previous week (5.5%)
• Soybean meal (65.7%) vs. soybean meal the previous week (75.6%)
• Live cattle (92.5%) vs. live cattle the previous week (92.5%)
• Lean hogs (0.1%) vs. lean hogs the previous week (0.0%)
• Cotton (4.6%) vs. cotton the previous week (12.1%)
• Cocoa (100.0%) vs. cocoa the previous week (97.0%)
• Wheat (0.0%) vs. wheat the previous week (9.7%)

Cocoa & Coffee Top the Six-Week Strength Trends

COT Strength Score Trends (or otherwise called the move index, which calculates the six-week changes in strength scores) showed that cocoa (38%) and coffee (25%) were the leaders of market trends for the past six weeks. Sugar (17%) and live cattle (7%) came in with the next highest numbers in terms of trend scores.

Soybeans (-25%) led to the downside, with soybean meal (-24%), lean hogs (-19%), and wheat (-14%) following behind with the next lowest in terms of trend scores.

Strength trend statistics:

• Corn (-2.4%) vs. corn the previous week (0.3%)
• Sugar (17.1%) vs. sugar the previous week (10.1%)
• Coffee (24.9%) vs. coffee the previous week (22.5%)
• Soybeans (-25.1%) vs. soybeans the previous week (-1.1%)
• Soybean oil (-12.0%) vs. soybean oil the previous week (-19.5%)
• Soybean meal (-24.2%) vs. soybean meal the previous week (-24.4%)
• Live cattle (7.4%) vs. live cattle the previous week (-7.5%)
• Lean hogs (-18.9%) vs. lean hogs the previous week (-17.5%)
• Cotton (-2.0%) vs. cotton the previous week (-1.1%)
• Cocoa (37.7%) vs. cocoa the previous week (5.9%)
• Wheat (-13.8%) vs. wheat the previous week (2.1%)

Individual Soft Commodities Markets - Corn Futures

The corn large speculator standing this week was a net position of 24,648 contracts in the data reported through Tuesday. This was a weekly lowering of -80,988 contracts from the previous week, which had a total of 105,636 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 33.2%. The commercials are Bullish with a score of 76.8%, and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.9%.

CORN Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	23.9	51.8	8.8
–% of Open Interest Shorts:	21.9	49.0	13.5
– Net Position:	24,648	34,700	-59,348
– Gross Longs:	297,251	644,207	109,017
– Gross Shorts:	272,603	609,507	168,365
– Long to Short Ratio:	1.1 to 1	1.1 to 1	0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	33.2	76.8	17.9
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-2.4	2.1	3.4

Sugar Futures

The sugar large speculator standing this week was a net position of 279,528 contracts in the data reported through Tuesday. This was a weekly gain of 10,356 contracts from the previous week, which had a total of 269,172 net contracts.

This week’s current strength score shows the speculators are currently Bullish-Extreme with a score of 89.8%. The commercials are Bearish-Extreme with a score of 7.3%, and the small traders are Bullish with a score of 75.8%.

SUGAR Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	36.9	39.5	10.6
–% of Open Interest Shorts:	7.8	74.5	4.8
– Net Position:	279,528	-335,640	56,112
– Gross Longs:	354,581	379,027	101,894
– Gross Shorts:	75,053	714,667	45,782
– Long to Short Ratio:	4.7 to 1	0.5 to 1	2.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	89.8	7.3	75.8
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	17.1	-17.1	10.3

Coffee Futures

The coffee large speculator standing this week was a net position of 36,592 contracts in the data reported through Tuesday. This was a weekly lowering of -409 contracts from the previous week, which had a total of 37,001 net contracts.

This week’s current strength score shows the speculators are currently Bullish with a score of 64.9%. The commercials are Bearish with a score of 38.4%, and the small traders are Bearish with a score of 26.1%.

COFFEE Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	30.2	42.3	3.8
–% of Open Interest Shorts:	11.2	61.9	3.3
– Net Position:	36,592	-37,705	1,113
– Gross Longs:	58,266	81,704	7,412
– Gross Shorts:	21,674	119,409	6,299
– Long to Short Ratio:	2.7 to 1	0.7 to 1	1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	64.9	38.4	26.1
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	24.9	-24.6	5.1

Soybeans Futures

The soybeans large speculator standing this week was a net position of 104,096 contracts in the data reported through Tuesday. This was a weekly reduction of -73,414 contracts from the previous week, which had a total of 177,510 net contracts.

This week’s current strength score shows the speculators are currently Bearish with a score of 30.1%. The commercials are Bullish with a score of 70.4%, and the small traders are Bearish with a score of 25.8%.

SOYBEANS Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	25.4	49.0	7.1
–% of Open Interest Shorts:	8.9	61.1	11.5
– Net Position:	104,096	-76,491	-27,605
– Gross Longs:	160,083	309,256	45,031
– Gross Shorts:	55,987	385,747	72,636
– Long to Short Ratio:	2.9 to 1	0.8 to 1	0.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	30.1	70.4	25.8
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-25.1	18.7	16.5

Soybean Oil Futures

The soybean oil large speculator standing this week was a net position of -18,257 contracts in the data reported through Tuesday. This was a weekly decrease of -8,806 contracts from the previous week, which had a total of -9,451 net contracts.

This week’s current strength score shows the speculators are currently Bearish-Extreme with a score of 0.0%. The commercials are Bullish-Extreme with a score of 100.0%, and the small traders are Bearish-Extreme with a score of 0.0%.

SOYBEAN OIL Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	15.7	59.8	6.3
–% of Open Interest Shorts:	19.6	55.4	6.8
– Net Position:	-18,257	20,425	-2,168
– Gross Longs:	73,661	280,735	29,738
– Gross Shorts:	91,918	260,310	31,906
– Long to Short Ratio:	0.8 to 1	1.1 to 1	0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	0.0	100.0	0.0
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-12.0	11.6	-7.0

Soybean Meal Futures

The soybean meal large speculator standing this week was a net position of 111,252 contracts in the data reported through Tuesday. This was a weekly decline of -19,017 contracts from the previous week, which had a total of 130,269 net contracts.

This week’s current strength score shows the speculators are currently Bullish with a score of 65.7%. The commercials are Bearish with a score of 36.4%, and the small traders are Bearish-Extreme with a score of 16.5%.

SOYBEAN MEAL Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	31.6	39.0	10.1
–% of Open Interest Shorts:	6.3	67.8	6.6
– Net Position:	111,252	-126,822	15,570
– Gross Longs:	139,164	171,929	44,665
– Gross Shorts:	27,912	298,751	29,095
– Long to Short Ratio:	5.0 to 1	0.6 to 1	1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	65.7	36.4	16.5
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-24.2	25.9	-13.9

Live Cattle Futures

The live cattle large speculator standing this week was a net position of 102,034 contracts in the data reported through Tuesday. This was a weekly decline of -38 contracts from the previous week, which had a total of 102,072 net contracts.

This week’s current strength score shows the speculators are currently Bullish-Extreme with a score of 92.5%. The commercials are Bearish-Extreme with a score of 9.1%, and the small traders are Bearish with a score of 36.1%.

LIVE CATTLE Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	44.9	25.3	9.7
–% of Open Interest Shorts:	15.7	51.7	12.4
– Net Position:	102,034	-92,450	-9,584
– Gross Longs:	156,838	88,281	33,814
– Gross Shorts:	54,804	180,731	43,398
– Long to Short Ratio:	2.9 to 1	0.5 to 1	0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	92.5	9.1	36.1
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	7.4	-5.3	-12.4

Lean Hogs Futures

The lean hogs large speculator standing this week was a net position of -27,022 contracts in the data reported through Tuesday. This was a weekly rise of 135 contracts from the previous week, which had a total of -27,157 net contracts.

This week’s current strength score shows the speculators are currently Bearish-Extreme with a score of 0.1%. The commercials are Bullish-Extreme with a score of 100.0%, and the small traders are Bullish-Extreme with a score of 98.3%.

LEAN HOGS Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	26.6	37.3	12.4
–% of Open Interest Shorts:	38.5	26.9	10.9
– Net Position:	-27,022	23,686	3,336
– Gross Longs:	60,383	84,742	28,143
– Gross Shorts:	87,405	61,056	24,807
– Long to Short Ratio:	0.7 to 1	1.4 to 1	1.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	0.1	100.0	98.3
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-18.9	16.5	19.3

Cotton Futures

The cotton large speculator standing this week was a net position of -5,413 contracts in the data reported through Tuesday. This was a weekly reduction of -9,883 contracts from the previous week, which had a total of 4,470 net contracts.

This week’s current strength score shows the speculators are currently Bearish-Extreme with a score of 4.6%. The commercials are Bullish-Extreme with a score of 94.6%, and the small traders are Bearish-Extreme with a score of 10.5%.

COTTON Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	31.3	49.2	6.3
–% of Open Interest Shorts:	34.5	45.4	6.9
– Net Position:	-5,413	6,321	-908
– Gross Longs:	52,624	82,680	10,665
– Gross Shorts:	58,037	76,359	11,573
– Long to Short Ratio:	0.9 to 1	1.1 to 1	0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	4.6	94.6	10.5
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-2.0	1.4	3.2

Cocoa Futures

The cocoa large speculator standing this week was a net position of 61,714 contracts in the data reported through Tuesday. This was a weekly lift of 2,359 contracts from the previous week, which had a total of 59,355 net contracts.

This week’s current strength score shows the speculators are currently Bullish-Extreme with a score of 100.0%. The commercials are Bearish-Extreme with a score of 0.0%, and the small traders are Bearish with a score of 41.9%.

COCOA Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	42.2	31.1	4.7
–% of Open Interest Shorts:	22.9	51.8	3.3
– Net Position:	61,714	-66,251	4,537
– Gross Longs:	135,292	99,730	15,048
– Gross Shorts:	73,578	165,981	10,511
– Long to Short Ratio:	1.8 to 1	0.6 to 1	1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	100.0	0.0	41.9
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	37.7	-38.2	4.4

Wheat Futures

The wheat large speculator standing this week was a net position of -83,188 contracts in the data reported through Tuesday. This was a weekly reduction of -12,652 contracts from the previous week, which had a total of -70,536 net contracts.

This week’s current strength score shows the speculators are currently Bearish-Extreme with a score of 0.0%. The commercials are Bullish-Extreme with a score of 100.0%, and the small traders are Bullish-Extreme with a score of 100.0%.

WHEAT Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
–% of Open Interest Longs:	27.8	37.7	11.8
–% of Open Interest Shorts:	50.5	17.1	9.6
– Net Position:	-83,188	75,369	7,819
– Gross Longs:	101,941	137,977	43,119
– Gross Shorts:	185,129	62,608	35,300
– Long to Short Ratio:	0.6 to 1	2.2 to 1	1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	0.0	100.0	100.0
– Strength Index Reading (3 Year Range):	Bearish-Extreme	Bullish-Extreme	Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-13.8	9.3	26.0

 

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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 three 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 non-reportable 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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