Soybeans COT Report for the week ending April 17, 2026

Executive summary

For the week ending Tuesday, April 14th, Managed Money trimmed their bullish exposure in Soybeans for the fourth consecutive week, primarily through long liquidation. Their net long position, while still substantial at +168,081 contracts, has fallen from a recent peak of over +211,000 contracts in mid-March. This reduction occurred as prices softened during the reporting period. Commercials (Producers/Merchants) slightly reduced their large net short hedge, while Swap Dealers added to their net long position. Open interest remained high but was essentially flat, indicating a pause in market participation growth after a period of expansion. The market appears to be in a consolidative phase, with speculators taking some profits off the table following the strong rally from February to mid-March.

Positioning

• Managed Money (Speculators): Net long position now stands at +168,081 contracts. This is a historically significant bullish stance, but it represents a continued pullback from the cycle high of +211,454 contracts seen on March 13th.
• Producer/Merchant (Commercials): Net short position is -286,600 contracts. This heavy short reflects aggressive producer hedging, though it has eased slightly from levels above -300,000 contracts in March.
• Swap Dealers: Hold a significant net long position of +113,597 contracts, which increased this week.

Flows and week-over-week changes

• Managed Money: Net sold 13,224 contracts this week. This was driven almost entirely by long liquidation, with their gross long position falling by 14,325 contracts, while shorts were trimmed by a minor 1,101 contracts. This indicates a reduction in bullish conviction rather than a new build-up of bearish bets.
• Producer/Merchant: Were marginal net buyers, reducing their net short position by 1,459 contracts. They added 6,627 long contracts and 5,168 short contracts, suggesting active hedging on both sides of the market.
• Swap Dealers: Increased their net long position by 2,710 contracts, adding 2,488 longs while trimming 222 shorts.

Commercials vs speculators

The classic positioning dynamic remains firmly in place. Speculators, led by Managed Money, are positioned for higher prices with a large +168k net long. Conversely, Commercials are heavily hedged against a price decline with their -286.6k net short position. The recent trend shows speculators are moderating their extreme bullishness, while commercials have slightly eased their hedging pressure from the most intense levels seen in March. This suggests a market finding a near-term equilibrium, with both sides slightly reducing their risk at current price levels.

Open interest and participation

• Total open interest was nearly flat for the week, rising by just 167 contracts to a total of 999,909. This follows several weeks of decline from a peak of over 1,016,000 in mid-March, suggesting new capital is not actively entering the market at this moment.
• The number of traders in the Managed Money category is high, with 90 long-only and 38 short-only funds, indicating broad participation.
• Concentration among the largest traders is moderate. The top 4 largest traders hold 14.2% of the total short side, which does not indicate an excessive concentration risk.

Price context

The positioning changes should be viewed in the context of price action during the reporting period (from Tuesday, April 7 close to Tuesday, April 14 close). - During this period, the front-month contract price fell from 1166.75 to 1156.50. - The liquidation of over 14,000 long contracts by Managed Money is consistent with this price decline, as funds took profits or reduced risk in a softening market. - This continues the broader trend observed since mid-March, where prices peaked at 1227.50 alongside peak speculative long positioning. The subsequent price consolidation has been matched by a steady, but not panicked, reduction in the Managed Money net long.

Risks and watchpoints

• Speculative Exhaustion: The key watchpoint is whether the Managed Money long liquidation continues. With a net position still well over +150k contracts, there is significant potential for further selling pressure if prices break below the recent support range near 1150.
• Commercial Buying: The large commercial short position acts as a potential source of underlying support. A significant price dip would likely prompt these entities to buy back hedges, cushioning the fall.
• Range Break: The market has been consolidating for several weeks. A decisive price break above recent resistance (around 1175) could reignite speculative buying, while a break below support (around 1150) could accelerate the ongoing long liquidation. The flat open interest suggests the market is waiting for a fresh catalyst.