๐ฝ๐ซ๐ฌ BIG inflows into Corn, Soybeans, and Sugar last COT week.
Largest agriculture fund flows:
๐ฝ Corn: +$1.9B
๐ซ Soybeans: +$2.2B
๐ฌ Sugar No. 11: +$1.2B
Meanwhile:
๐ข๏ธ Brent saw massive liquidation
๐ Funds kept selling Wheat๐พ
๐ Trump-Xi + WASDE ahead
Funds are still aggressively leaning into the ag trade - longest since March 2022.
๐จ Hedge funds are now +$36.5B net long agriculture futures.
Thatโs the largest bullish ag bet in FOUR YEARS, within striking distance of the *record* +$40.1B peak from February 2022. ๐
Big catalysts ahead: ๐ฑ Trump-Xi summit, ๐ May WASDE + first new crop balance sheets, and ๐ข๏ธ Continued U.S.-Iran / Crude Oil volatility.
Crowded trades can reverse fast.
Is this the top?
๐ Risk-On, Dollar Down, Ags Up! ๐ฝ
Record-high stock markets and a weak U.S. dollar - down for seven consecutive sessions - have boosted #agriculture markets this week as investors hope for a sustained U.S.-Iran ceasefire.
Commodity prices climbed again in November. ๐ฑ๐
The Bloomberg Commodity Index - a diversified basket of agriculture, energy, and metals futures contracts - rose +2.9% ... following October's strong +4.9% gain.
Peak Trading Research