COT Soft Commodities Charts: Speculator Bets led by Corn & Wheat

<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Open-Interest-Comparison-1.png"><img data-dominant-color="372a21" data-has-transparency="true" style="–dominant-color: #372a21;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217012" src="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Open-Interest-Comparison-1.png" alt="" width="566" height="352" srcset="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Open-Interest-Comparison-1.png 566w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Open-Interest-Comparison-1-160×100.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Open-Interest-Comparison-1-150×93.png 150w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Open-Interest-Comparison-1-400×250.png 400w" sizes="(max-width: 566px) 100vw, 566px" /></a></p>
<p>Here are the latest charts and statistics for the <a href="https://www.investmacro.com/cot-reports/">Commitment of Traders (COT) reports</a> data published by the Commodities Futures Trading Commission (CFTC).</p>
<p>The latest COT data is updated through <b>Tuesday December 5th</b> and shows a quick view of how large traders (<a href="https://investmacro.com/cot-reports/">for-profit speculators</a> and commercial entities) were positioned in the futures markets.</p>
<h2>Weekly Speculator Changes led by Corn &amp; Wheat</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Net-Position-Changes-1.png"><img data-dominant-color="0a0d0a" data-has-transparency="true" style="–dominant-color: #0a0d0a;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217015" src="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Net-Position-Changes-1.png" alt="" width="566" height="352" srcset="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Net-Position-Changes-1.png 566w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Net-Position-Changes-1-160×100.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Net-Position-Changes-1-150×93.png 150w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Net-Position-Changes-1-400×250.png 400w" sizes="(max-width: 566px) 100vw, 566px" /></a></p>
<p>The COT <a href="https://investmacro.com/softs/">soft commodities markets</a> speculator bets were slightly lower this week as five out of the eleven softs markets we cover had higher positioning while the other six markets had lower speculator contracts.</p>
<p>Leading the gains for the softs markets was Corn (46,709 contracts) with Wheat (30,137 contracts), Coffee (3,702 contracts), Lean Hogs (586 contracts) and Cotton (373 contracts) also showing positive weeks.</p>
<p>The markets with the declines in speculator bets this week were Sugar (-39,607 contracts) with Soybeans (-30,399 contracts), Soybean Meal (-13,977 contracts), Soybean Oil (-12,783 contracts), Cocoa (-4,735 contracts) and Live Cattle (-2,399 contracts) also registering lower bets on the week.</p>
<hr />
<div>Data Snapshot of Commodity Market Traders | <a href="https://www.investmacro.com/wp-content/uploads/2021/04/Data_Tables_Labels-2.png"><u>Columns Legend</u></a></div>
<div>
<table border="1">
<thead>
<tr>
<th>Dec-05-2023</th>
<th>OI</th>
<th>OI-Index</th>
<th>Spec-Net</th>
<th>Spec-Index</th>
<th>Com-Net</th>
<th>COM-Index</th>
<th>Smalls-Net</th>
<th>Smalls-Index</th>
</tr>
</thead>
<tbody>
<tr>
<td>WTI Crude</td>
<td>1,650,437</td>
<td>23</td>
<td>168,990</td>
<td>8</td>
<td>-194,626</td>
<td>93</td>
<td>25,636</td>
<td>32</td>
</tr>
<tr>
<td>Gold</td>
<td>487,469</td>
<td>30</td>
<td>203,544</td>
<td>67</td>
<td>-226,945</td>
<td>36</td>
<td>23,401</td>
<td>43</td>
</tr>
<tr>
<td>Silver</td>
<td>139,753</td>
<td>32</td>
<td>36,303</td>
<td>70</td>
<td>-52,014</td>
<td>31</td>
<td>15,711</td>
<td>54</td>
</tr>
<tr>
<td>Copper</td>
<td>176,373</td>
<td>24</td>
<td>-1,994</td>
<td>30</td>
<td>2,139</td>
<td>73</td>
<td>-145</td>
<td>18</td>
</tr>
<tr>
<td>Palladium</td>
<td>21,271</td>
<td>72</td>
<td>-11,252</td>
<td>2</td>
<td>11,277</td>
<td>99</td>
<td>-25</td>
<td>40</td>
</tr>
<tr>
<td>Platinum</td>
<td>75,508</td>
<td>67</td>
<td>5,133</td>
<td>27</td>
<td>-9,183</td>
<td>74</td>
<td>4,050</td>
<td>22</td>
</tr>
<tr>
<td>Natural Gas</td>
<td>1,339,392</td>
<td>76</td>
<td>-111,079</td>
<td>32</td>
<td>89,350</td>
<td>71</td>
<td>21,729</td>
<td>32</td>
</tr>
<tr>
<td>Brent</td>
<td>124,294</td>
<td>5</td>
<td>-23,462</td>
<td>67</td>
<td>21,587</td>
<td>36</td>
<td>1,875</td>
<td>38</td>
</tr>
<tr>
<td>Heating Oil</td>
<td>307,563</td>
<td>39</td>
<td>32,795</td>
<td>82</td>
<td>-51,939</td>
<td>27</td>
<td>19,144</td>
<td>60</td>
</tr>
<tr>
<td>Soybeans</td>
<td>715,603</td>
<td>37</td>
<td>20,298</td>
<td>2</td>
<td>-2,961</td>
<td>96</td>
<td>-17,337</td>
<td>62</td>
</tr>
<tr>
<td>Corn</td>
<td>1,256,256</td>
<td>9</td>
<td>-110,439</td>
<td>7</td>
<td>137,754</td>
<td>95</td>
<td>-27,315</td>
<td>85</td>
</tr>
<tr>
<td>Coffee</td>
<td>208,686</td>
<td>24</td>
<td>34,260</td>
<td>63</td>
<td>-35,882</td>
<td>40</td>
<td>1,622</td>
<td>33</td>
</tr>
<tr>
<td>Sugar</td>
<td>853,428</td>
<td>38</td>
<td>165,469</td>
<td>50</td>
<td>-188,821</td>
<td>52</td>
<td>23,352</td>
<td>33</td>
</tr>
<tr>
<td>Wheat</td>
<td>405,309</td>
<td>69</td>
<td>-67,067</td>
<td>21</td>
<td>72,571</td>
<td>81</td>
<td>-5,504</td>
<td>43</td>
</tr>
</tbody>
</table>
</div>
<p>&nbsp;</p>
<hr />
<h2>Strength Scores led by Cocoa &amp; Soybean Meal</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Strength-Scores-1.png"><img data-dominant-color="141f30" data-has-transparency="true" style="–dominant-color: #141f30;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217014" src="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Strength-Scores-1.png" alt="" width="574" height="352" srcset="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Strength-Scores-1.png 574w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Strength-Scores-1-160×98.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Speculator-Strength-Scores-1-150×92.png 150w" sizes="(max-width: 574px) 100vw, 574px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Scores</a> (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 (78 percent) and Soybean Meal (66 percent) lead the softs markets this week. Coffee (63 percent) and Sugar (50 percent) come in as the next highest in the weekly strength scores.</p>
<p>On the downside, Soybeans (2 percent), Corn (7 percent), Lean Hogs (9 percent), Cotton (14 percent), Soybean Oil (19 percent) and Live Cattle (19 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
Corn (6.6 percent) vs Corn previous week (0.0 percent)<br />
Sugar (50.5 percent) vs Sugar previous week (64.8 percent)<br />
Coffee (62.6 percent) vs Coffee previous week (58.8 percent)<br />
Soybeans (1.6 percent) vs Soybeans previous week (13.5 percent)<br />
Soybean Oil (18.9 percent) vs Soybean Oil previous week (26.3 percent)<br />
Soybean Meal (66.4 percent) vs Soybean Meal previous week (74.2 percent)<br />
Live Cattle (19.3 percent) vs Live Cattle previous week (21.9 percent)<br />
Lean Hogs (9.4 percent) vs Lean Hogs previous week (8.9 percent)<br />
Cotton (13.7 percent) vs Cotton previous week (13.4 percent)<br />
Cocoa (78.2 percent) vs Cocoa previous week (83.0 percent)<br />
Wheat (20.9 percent) vs Wheat previous week (0.0 percent)</p>
<p>&nbsp;</p>
<h2>Coffee &amp; Soybean Meal top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Strength-Score-Trends-6-Week-1.png"><img data-dominant-color="160f0f" data-has-transparency="true" style="–dominant-color: #160f0f;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-217013" src="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Strength-Score-Trends-6-Week-1.png" alt="" width="551" height="352" srcset="https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Strength-Score-Trends-6-Week-1.png 551w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Strength-Score-Trends-6-Week-1-160×102.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Soft-Commodities-Strength-Score-Trends-6-Week-1-150×96.png 150w" sizes="(max-width: 551px) 100vw, 551px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Score Trends</a> (or move index, calculates the 6-week changes in strength scores) showed that Coffee (16 percent) and Soybean Meal (6 percent) lead the past six weeks trends for soft commodities.</p>
<p>Live Cattle (-21 percent) leads the downside trend scores currently with Sugar (-21 percent), Soybean Oil (-17 percent) and Cotton (-12 percent) following next with lower trend scores.</p>
<p align="center"><strong>Strength Trend Statistics:</strong><br />
Corn (-8.8 percent) vs Corn previous week (-13.4 percent)<br />
Sugar (-21.4 percent) vs Sugar previous week (-8.3 percent)<br />
Coffee (16.5 percent) vs Coffee previous week (31.5 percent)<br />
Soybeans (-6.3 percent) vs Soybeans previous week (9.3 percent)<br />
Soybean Oil (-17.3 percent) vs Soybean Oil previous week (-15.5 percent)<br />
Soybean Meal (5.7 percent) vs Soybean Meal previous week (30.5 percent)<br />
Live Cattle (-20.9 percent) vs Live Cattle previous week (-41.5 percent)<br />
Lean Hogs (-3.3 percent) vs Lean Hogs previous week (-8.5 percent)<br />
Cotton (-12.1 percent) vs Cotton previous week (-20.4 percent)<br />
Cocoa (-10.3 percent) vs Cocoa previous week (0.2 percent)<br />
Wheat (-4.9 percent) vs Wheat previous week (-19.4 percent)</p>
<hr />
<h5>Individual Soft Commodities Markets:</h5>
<h3><strong>CORN Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/C-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/C-12-08-2023.png" alt="CORN Futures COT Chart" width="720" height="660" /></a>The CORN large speculator standing this week equaled a net position of -110,439 contracts in the data reported through Tuesday. This was a weekly increase of 46,709 contracts from the previous week which had a total of -157,148 net contracts.</p>
<p>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 6.6 percent. The commercials are Bullish-Extreme with a score of 94.5 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 85.3 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>CORN Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">21.7</td>
<td width="189">46.7</td>
<td width="187">11.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">30.5</td>
<td width="189">35.7</td>
<td width="187">13.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-110,439</td>
<td width="189">137,754</td>
<td width="187">-27,315</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">272,899</td>
<td width="189">586,174</td>
<td width="187">137,666</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">383,338</td>
<td width="189">448,420</td>
<td width="187">164,981</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.3 to 1</td>
<td width="187">0.8 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">6.6</td>
<td width="189">94.5</td>
<td width="187">85.3</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bullish-Extreme</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-8.8</td>
<td width="189">8.0</td>
<td width="187">11.8</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>SUGAR Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/SB-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/SB-12-08-2023.png" alt="SUGAR Futures COT Chart" width="720" height="660" /></a>The SUGAR large speculator standing this week equaled a net position of 165,469 contracts in the data reported through Tuesday. This was a weekly lowering of -39,607 contracts from the previous week which had a total of 205,076 net contracts.</p>
<p>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 50.5 percent. The commercials are Bullish with a score of 51.6 percent and the small traders (not shown in chart) are Bearish with a score of 32.7 percent.</p>
<h3>Price Trend-Following Model: Weak Uptrend (Possible Trend Change)</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>SUGAR Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">29.2</td>
<td width="189">48.4</td>
<td width="187">8.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">9.8</td>
<td width="189">70.5</td>
<td width="187">6.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">165,469</td>
<td width="189">-188,821</td>
<td width="187">23,352</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">249,241</td>
<td width="189">413,191</td>
<td width="187">76,231</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">83,772</td>
<td width="189">602,012</td>
<td width="187">52,879</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.0 to 1</td>
<td width="189">0.7 to 1</td>
<td width="187">1.4 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">50.5</td>
<td width="189">51.6</td>
<td width="187">32.7</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-21.4</td>
<td width="189">25.4</td>
<td width="187">-31.1</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>COFFEE Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/KC-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/KC-12-08-2023.png" alt="COFFEE Futures COT Chart" width="720" height="660" /></a>The COFFEE large speculator standing this week equaled a net position of 34,260 contracts in the data reported through Tuesday. This was a weekly increase of 3,702 contracts from the previous week which had a total of 30,558 net contracts.</p>
<p>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 62.6 percent. The commercials are Bearish with a score of 40.2 percent and the small traders (not shown in chart) are Bearish with a score of 33.5 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>COFFEE Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">32.3</td>
<td width="189">36.8</td>
<td width="187">5.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">15.9</td>
<td width="189">54.0</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">34,260</td>
<td width="189">-35,882</td>
<td width="187">1,622</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">67,450</td>
<td width="189">76,883</td>
<td width="187">11,747</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">33,190</td>
<td width="189">112,765</td>
<td width="187">10,125</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.0 to 1</td>
<td width="189">0.7 to 1</td>
<td width="187">1.2 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">62.6</td>
<td width="189">40.2</td>
<td width="187">33.5</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">16.5</td>
<td width="189">-17.7</td>
<td width="187">21.6</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>SOYBEANS Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/S-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/S-12-08-2023.png" alt="SOYBEANS Futures COT Chart" width="720" height="660" /></a>The SOYBEANS large speculator standing this week equaled a net position of 20,298 contracts in the data reported through Tuesday. This was a weekly decline of -30,399 contracts from the previous week which had a total of 50,697 net contracts.</p>
<p>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 1.6 percent. The commercials are Bullish-Extreme with a score of 95.6 percent and the small traders (not shown in chart) are Bullish with a score of 62.3 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>SOYBEANS Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">16.3</td>
<td width="189">55.9</td>
<td width="187">7.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">13.5</td>
<td width="189">56.3</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">20,298</td>
<td width="189">-2,961</td>
<td width="187">-17,337</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">116,761</td>
<td width="189">399,901</td>
<td width="187">53,751</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">96,463</td>
<td width="189">402,862</td>
<td width="187">71,088</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.2 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">0.8 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">1.6</td>
<td width="189">95.6</td>
<td width="187">62.3</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-6.3</td>
<td width="189">7.9</td>
<td width="187">-13.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>SOYBEAN OIL Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/BO-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/BO-12-08-2023.png" alt="SOYBEAN OIL Futures COT Chart" width="720" height="660" /></a>The SOYBEAN OIL large speculator standing this week equaled a net position of 1,256 contracts in the data reported through Tuesday. This was a weekly fall of -12,783 contracts from the previous week which had a total of 14,039 net contracts.</p>
<p>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 18.9 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 30.5 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>SOYBEAN OIL Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">19.2</td>
<td width="189">48.8</td>
<td width="187">6.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">19.0</td>
<td width="189">50.0</td>
<td width="187">5.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">1,256</td>
<td width="189">-5,792</td>
<td width="187">4,536</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">92,474</td>
<td width="189">234,618</td>
<td width="187">31,193</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">91,218</td>
<td width="189">240,410</td>
<td width="187">26,657</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.0 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">1.2 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">18.9</td>
<td width="189">79.6</td>
<td width="187">30.5</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-17.3</td>
<td width="189">14.3</td>
<td width="187">8.2</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>SOYBEAN MEAL Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/SM-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/SM-12-08-2023.png" alt="SOYBEAN MEAL Futures COT Chart" width="720" height="660" /></a>The SOYBEAN MEAL large speculator standing this week equaled a net position of 116,651 contracts in the data reported through Tuesday. This was a weekly lowering of -13,977 contracts from the previous week which had a total of 130,628 net contracts.</p>
<p>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 66.4 percent. The commercials are Bearish with a score of 32.4 percent and the small traders (not shown in chart) are Bullish with a score of 53.5 percent.</p>
<h3>Price Trend-Following Model: Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>SOYBEAN MEAL Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">30.8</td>
<td width="189">35.6</td>
<td width="187">9.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">8.3</td>
<td width="189">62.3</td>
<td width="187">5.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">116,651</td>
<td width="189">-138,507</td>
<td width="187">21,856</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">159,725</td>
<td width="189">184,597</td>
<td width="187">51,421</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">43,074</td>
<td width="189">323,104</td>
<td width="187">29,565</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">3.7 to 1</td>
<td width="189">0.6 to 1</td>
<td width="187">1.7 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">66.4</td>
<td width="189">32.4</td>
<td width="187">53.5</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">5.7</td>
<td width="189">-6.8</td>
<td width="187">7.7</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>LIVE CATTLE Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/LC-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/LC-12-08-2023.png" alt="LIVE CATTLE Futures COT Chart" width="720" height="660" /></a>The LIVE CATTLE large speculator standing this week equaled a net position of 37,458 contracts in the data reported through Tuesday. This was a weekly lowering of -2,399 contracts from the previous week which had a total of 39,857 net contracts.</p>
<p>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 82.4 percent and the small traders (not shown in chart) are Bullish with a score of 65.8 percent.</p>
<h3>Price Trend-Following Model: Strong Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>LIVE CATTLE Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">26.5</td>
<td width="189">40.3</td>
<td width="187">11.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">12.4</td>
<td width="189">52.7</td>
<td width="187">13.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">37,458</td>
<td width="189">-32,960</td>
<td width="187">-4,498</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">70,378</td>
<td width="189">106,961</td>
<td width="187">31,558</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">32,920</td>
<td width="189">139,921</td>
<td width="187">36,056</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.1 to 1</td>
<td width="189">0.8 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">19.3</td>
<td width="189">82.4</td>
<td width="187">65.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-20.9</td>
<td width="189">19.7</td>
<td width="187">17.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>LEAN HOGS Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/LH-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/LH-12-08-2023.png" alt="LEAN HOGS Futures COT Chart" width="720" height="660" /></a>The LEAN HOGS large speculator standing this week equaled a net position of -24,690 contracts in the data reported through Tuesday. This was a weekly gain of 586 contracts from the previous week which had a total of -25,276 net contracts.</p>
<p>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 9.4 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 62.0 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>LEAN HOGS Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">28.5</td>
<td width="189">40.2</td>
<td width="187">8.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">41.3</td>
<td width="189">24.9</td>
<td width="187">11.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-24,690</td>
<td width="189">29,445</td>
<td width="187">-4,755</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">54,967</td>
<td width="189">77,503</td>
<td width="187">17,073</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">79,657</td>
<td width="189">48,058</td>
<td width="187">21,828</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.6 to 1</td>
<td width="187">0.8 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">9.4</td>
<td width="189">96.6</td>
<td width="187">62.0</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-3.3</td>
<td width="189">7.8</td>
<td width="187">-21.5</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>COTTON Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/CT-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/CT-12-08-2023.png" alt="COTTON Futures COT Chart" width="720" height="660" /></a>The COTTON large speculator standing this week equaled a net position of 6,557 contracts in the data reported through Tuesday. This was a weekly rise of 373 contracts from the previous week which had a total of 6,184 net contracts.</p>
<p>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 13.7 percent. The commercials are Bullish-Extreme with a score of 86.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 8.4 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>COTTON Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">31.9</td>
<td width="189">45.4</td>
<td width="187">5.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">28.5</td>
<td width="189">48.1</td>
<td width="187">6.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">6,557</td>
<td width="189">-5,291</td>
<td width="187">-1,266</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">62,704</td>
<td width="189">89,387</td>
<td width="187">11,020</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">56,147</td>
<td width="189">94,678</td>
<td width="187">12,286</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.1 to 1</td>
<td width="189">0.9 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">13.7</td>
<td width="189">86.8</td>
<td width="187">8.4</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bearish-Extreme</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-12.1</td>
<td width="189">14.2</td>
<td width="187">-29.1</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>COCOA Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/CC-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/CC-12-08-2023.png" alt="COCOA Futures COT Chart" width="720" height="660" /></a>The COCOA large speculator standing this week equaled a net position of 66,911 contracts in the data reported through Tuesday. This was a weekly decrease of -4,735 contracts from the previous week which had a total of 71,646 net contracts.</p>
<p>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 78.2 percent. The commercials are Bearish with a score of 21.8 percent and the small traders (not shown in chart) are Bearish with a score of 27.3 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>COCOA Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">43.4</td>
<td width="189">26.1</td>
<td width="187">5.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">19.6</td>
<td width="189">50.9</td>
<td width="187">4.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">66,911</td>
<td width="189">-69,993</td>
<td width="187">3,082</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">122,246</td>
<td width="189">73,390</td>
<td width="187">15,894</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">55,335</td>
<td width="189">143,383</td>
<td width="187">12,812</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.2 to 1</td>
<td width="189">0.5 to 1</td>
<td width="187">1.2 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">78.2</td>
<td width="189">21.8</td>
<td width="187">27.3</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-10.3</td>
<td width="189">10.0</td>
<td width="187">1.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>WHEAT Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/W-12-08-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/W-12-08-2023.png" alt="WHEAT Futures COT Chart" width="720" height="660" /></a>The WHEAT large speculator standing this week equaled a net position of -67,067 contracts in the data reported through Tuesday. This was a weekly boost of 30,137 contracts from the previous week which had a total of -97,204 net contracts.</p>
<p>This week’s current stren