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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 December 12th and 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 Wheat

Soft Commodities Speculator Net Position Changes 2

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.

Leading the gains for the softs markets was Wheat (27,046 contracts) with Corn (9,224 contracts), Cotton (7,547 contracts), Coffee (2,308 contracts), Live Cattle (1,300 contracts) and Cocoa (392 contracts) also having positive weeks.

The markets with the declines in speculator bets this week were Sugar (-58,077 contracts), Soybean Meal (-31,907 contracts), Soybean Oil (-7,060 contracts), Lean Hogs (-3,765 contracts) and Soybeans (-2,759 contracts).


Dec-12-2023 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,650,245 23 151,599 3 -175,326 98 23,727 28
Gold 469,939 22 188,233 60 -212,808 42 24,575 46
Silver 134,281 25 28,458 59 -47,496 36 19,038 72
Copper 176,034 23 -4,004 29 5,131 76 -1,127 11
Palladium 21,309 72 -10,638 6 10,920 97 -282 25
Platinum 74,004 62 7,709 33 -11,713 69 4,004 22
Natural Gas 1,412,602 90 -111,617 32 88,022 71 23,595 36
Brent 126,671 7 -17,577 78 15,753 24 1,824 37
Heating Oil 302,940 37 27,120 72 -41,287 43 14,167 40
Soybeans 718,648 38 17,539 1 -216 97 -17,323 62
Corn 1,251,100 8 -101,215 8 131,530 94 -30,315 81
Coffee 210,390 25 36,568 65 -38,176 38 1,608 33
Sugar 781,527 21 107,392 29 -129,631 70 22,239 31
Wheat 347,460 35 -40,021 40 48,543 63 -8,522 29

 


Strength Scores led by Cocoa & Coffee

Soft Commodities Speculator Strength Scores 2

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 (79 percent) and Coffee (65 percent) lead the softs markets this week. Soybean Meal (49 percent) comes in as the next highest in the weekly strength scores.

On the downside, Soybeans (1 percent), Lean Hogs (6 percent), Corn (8 percent), Soybean Oil (15 percent) and Cotton (19 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Corn (7.9 percent) vs Corn previous week (6.6 percent)
Sugar (29.4 percent) vs Sugar previous week (50.5 percent)
Coffee (64.9 percent) vs Coffee previous week (62.6 percent)
Soybeans (0.5 percent) vs Soybeans previous week (1.6 percent)
Soybean Oil (14.8 percent) vs Soybean Oil previous week (18.9 percent)
Soybean Meal (48.6 percent) vs Soybean Meal previous week (66.4 percent)
Live Cattle (20.7 percent) vs Live Cattle previous week (19.3 percent)
Lean Hogs (6.3 percent) vs Lean Hogs previous week (9.4 percent)
Cotton (19.3 percent) vs Cotton previous week (13.7 percent)
Cocoa (78.6 percent) vs Cocoa previous week (78.2 percent)
Wheat (39.7 percent) vs Wheat previous week (20.9 percent)

 

Wheat & Coffee top the 6-Week Strength Trends

Soft Commodities Strength Score Trends 6 Week 2

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Wheat (21 percent) and Coffee (15 percent) lead the past six weeks trends for soft commodities.

Sugar (-38 percent) leads the downside trend scores currently with Soybean Meal (-19 percent), Soybean Oil (-18 percent) and Live Cattle (-12 percent) following next with lower trend scores.

Strength Trend Statistics:
Corn (-1.9 percent) vs Corn previous week (-8.8 percent)
Sugar (-38.4 percent) vs Sugar previous week (-21.4 percent)
Coffee (14.7 percent) vs Coffee previous week (16.5 percent)
Soybeans (0.5 percent) vs Soybeans previous week (-6.3 percent)
Soybean Oil (-17.9 percent) vs Soybean Oil previous week (-17.3 percent)
Soybean Meal (-19.4 percent) vs Soybean Meal previous week (5.7 percent)
Live Cattle (-12.3 percent) vs Live Cattle previous week (-20.9 percent)
Lean Hogs (-8.4 percent) vs Lean Hogs previous week (-3.3 percent)
Cotton (-6.4 percent) vs Cotton previous week (-12.1 percent)
Cocoa (-2.2 percent) vs Cocoa previous week (-10.3 percent)
Wheat (20.5 percent) vs Wheat previous week (-4.9 percent)


Individual Soft Commodities Markets:

CORN Futures:

CORN Futures COT ChartThe CORN large speculator standing this week totaled a net position of -101,215 contracts in the data reported through Tuesday. This was a weekly increase of 9,224 contracts from the previous week which had a total of -110,439 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 7.9 percent. The commercials are Bullish-Extreme with a score of 93.6 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 80.5 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

CORN Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 21.3 46.8 10.6
– Percent of Open Interest Shorts: 29.4 36.3 13.0
– Net Position: -101,215 131,530 -30,315
– Gross Longs: 266,655 585,265 132,780
– Gross Shorts: 367,870 453,735 163,095
– Long to Short Ratio: 0.7 to 1 1.3 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 7.9 93.6 80.5
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -1.9 2.6 -6.3

 


SUGAR Futures:

SUGAR Futures COT ChartThe SUGAR large speculator standing this week totaled a net position of 107,392 contracts in the data reported through Tuesday. This was a weekly fall of -58,077 contracts from the previous week which had a total of 165,469 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 29.4 percent. The commercials are Bullish with a score of 69.7 percent and the small traders (not shown in chart) are Bearish with a score of 31.2 percent.

Price Trend-Following Model: Weak Uptrend (Possible Trend Change)

Our weekly trend-following model classifies the current market price position as: Weak Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

SUGAR Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 25.7 52.2 9.5
– Percent of Open Interest Shorts: 11.9 68.8 6.6
– Net Position: 107,392 -129,631 22,239
– Gross Longs: 200,473 408,051 74,109
– Gross Shorts: 93,081 537,682 51,870
– Long to Short Ratio: 2.2 to 1 0.8 to 1 1.4 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 29.4 69.7 31.2
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -38.4 39.5 -29.9

 


COFFEE Futures:

COFFEE Futures COT ChartThe COFFEE large speculator standing this week totaled a net position of 36,568 contracts in the data reported through Tuesday. This was a weekly gain of 2,308 contracts from the previous week which had a total of 34,260 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 64.9 percent. The commercials are Bearish with a score of 37.9 percent and the small traders (not shown in chart) are Bearish with a score of 33.3 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

COFFEE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 31.9 37.5 5.5
– Percent of Open Interest Shorts: 14.5 55.6 4.7
– Net Position: 36,568 -38,176 1,608
– Gross Longs: 67,149 78,878 11,508
– Gross Shorts: 30,581 117,054 9,900
– Long to Short Ratio: 2.2 to 1 0.7 to 1 1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 64.9 37.9 33.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 14.7 -16.2 25.3

 


SOYBEANS Futures:

SOYBEANS Futures COT ChartThe SOYBEANS large speculator standing this week totaled a net position of 17,539 contracts in the data reported through Tuesday. This was a weekly reduction of -2,759 contracts from the previous week which had a total of 20,298 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 0.5 percent. The commercials are Bullish-Extreme with a score of 96.6 percent and the small traders (not shown in chart) are Bullish with a score of 62.3 percent.

Price Trend-Following Model: Weak Downtrend (Possible Trend Change)

Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

SOYBEANS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 15.0 53.5 7.3
– Percent of Open Interest Shorts: 12.6 53.6 9.7
– Net Position: 17,539 -216 -17,323
– Gross Longs: 107,860 384,698 52,732
– Gross Shorts: 90,321 384,914 70,055
– Long to Short Ratio: 1.2 to 1 1.0 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 0.5 96.6 62.3
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 0.5 0.6 -6.9

 


SOYBEAN OIL Futures:

SOYBEAN OIL Futures COT ChartThe SOYBEAN OIL large speculator standing this week totaled a net position of -5,804 contracts in the data reported through Tuesday. This was a weekly lowering of -7,060 contracts from the previous week which had a total of 1,256 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 14.8 percent. The commercials are Bullish-Extreme with a score of 83.0 percent and the small traders (not shown in chart) are Bearish with a score of 32.6 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

SOYBEAN OIL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 18.6 49.7 6.9
– Percent of Open Interest Shorts: 19.8 49.5 5.9
– Net Position: -5,804 699 5,105
– Gross Longs: 86,954 232,182 32,465
– Gross Shorts: 92,758 231,483 27,360
– Long to Short Ratio: 0.9 to 1 1.0 to 1 1.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 14.8 83.0 32.6
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -17.9 16.1 -0.8

 


SOYBEAN MEAL Futures:

SOYBEAN MEAL Futures COT ChartThe SOYBEAN MEAL large speculator standing this week totaled a net position of 84,744 contracts in the data reported through Tuesday. This was a weekly decrease of -31,907 contracts from the previous week which had a total of 116,651 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 48.6 percent. The commercials are Bearish with a score of 49.8 percent and the small traders (not shown in chart) are Bullish with a score of 57.0 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

SOYBEAN MEAL Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.3 38.0 10.9
– Percent of Open Interest Shorts: 10.7 60.3 6.2
– Net Position: 84,744 -107,389 22,645
– Gross Longs: 136,307 183,339 52,503
– Gross Shorts: 51,563 290,728 29,858
– Long to Short Ratio: 2.6 to 1 0.6 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 48.6 49.8 57.0
– Strength Index Reading (3 Year Range): Bearish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -19.4 17.7 15.5

 


LIVE CATTLE Futures:

LIVE CATTLE Futures COT ChartThe LIVE CATTLE large speculator standing this week totaled a net position of 38,758 contracts in the data reported through Tuesday. This was a weekly advance of 1,300 contracts from the previous week which had a total of 37,458 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 20.7 percent. The commercials are Bullish-Extreme with a score of 81.1 percent and the small traders (not shown in chart) are Bullish with a score of 64.6 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

LIVE CATTLE Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 26.8 38.9 11.4
– Percent of Open Interest Shorts: 12.2 51.8 13.2
– Net Position: 38,758 -34,044 -4,714
– Gross Longs: 71,116 103,176 30,336
– Gross Shorts: 32,358 137,220 35,050
– Long to Short Ratio: 2.2 to 1 0.8 to 1 0.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 20.7 81.1 64.6
– Strength Index Reading (3 Year Range): Bearish Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -12.3 12.0 8.7

 


LEAN HOGS Futures:

LEAN HOGS Futures COT ChartThe LEAN HOGS large speculator standing this week totaled a net position of -28,455 contracts in the data reported through Tuesday. This was a weekly fall of -3,765 contracts from the previous week which had a total of -24,690 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 6.3 percent. The commercials are Bullish-Extreme with a score of 99.7 percent and the small traders (not shown in chart) are Bullish with a score of 63.5 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

LEAN HOGS Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 28.5 40.8 8.5
– Percent of Open Interest Shorts: 43.5 23.5 10.8
– Net Position: -28,455 32,876 -4,421
– Gross Longs: 54,212 77,622 16,150
– Gross Shorts: 82,667 44,746 20,571
– Long to Short Ratio: 0.7 to 1 1.7 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 6.3 99.7 63.5
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -8.4 11.5 -11.7

 


COTTON Futures:

COTTON Futures COT ChartThe COTTON large speculator standing this week totaled a net position of 14,104 contracts in the data reported through Tuesday. This was a weekly lift of 7,547 contracts from the previous week which had a total of 6,557 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 19.3 percent. The commercials are Bullish-Extreme with a score of 80.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 16.3 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

COTTON Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 33.7 44.7 5.6
– Percent of Open Interest Shorts: 26.5 51.9 5.6
– Net Position: 14,104 -14,147 43
– Gross Longs: 66,280 88,023 11,017
– Gross Shorts: 52,176 102,170 10,974
– Long to Short Ratio: 1.3 to 1 0.9 to 1 1.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 19.3 80.8 16.3
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bearish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -6.4 7.1 -12.0

 


COCOA Futures:

COCOA Futures COT ChartThe COCOA large speculator standing this week totaled a net position of 67,303 contracts in the data reported through Tuesday. This was a weekly lift of 392 contracts from the previous week which had a total of 66,911 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 78.6 percent. The commercials are Bearish with a score of 21.1 percent and the small traders (not shown in chart) are Bearish with a score of 30.0 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.

COCOA Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.6 27.0 5.5
– Percent of Open Interest Shorts: 17.6 51.2 4.4
– Net Position: 67,303 -70,652 3,349
– Gross Longs: 118,747 79,020 16,150
– Gross Shorts: 51,444 149,672 12,801
– Long to Short Ratio: 2.3 to 1 0.5 to 1 1.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 78.6 21.1 30.0
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -2.2 1.5 7.2

 


WHEAT Futures:

WHEAT Futures COT ChartThe WHEAT large speculator standing this week totaled a net position of -40,021 contracts in the data reported through Tuesday. This was a weekly gain of 27,046 contracts from the previous week which had a total of -67,067 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 39.7 percent. The commercials are Bullish with a score of 62.8 percent and the small traders (not shown in chart) are Bearish with a score of 29.1 percent.

Price Trend-Following Model: Weak Downtrend (Possible Trend Change)

Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.

WHEAT Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 31.2 38.9 8.1
– Percent of Open Interest Shorts: 42.7 25.0 10.5
– Net Position: -40,021 48,543 -8,522
– Gross Longs: 108,383 135,276 28,033
– Gross Shorts: 148,404 86,733 36,555
– Long to Short Ratio: 0.7 to 1 1.6 to 1 0.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 39.7 62.8 29.1
– Strength Index Reading (3 Year Range): Bearish Bullish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 20.5 -14.9 -41.2

 


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*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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