CFTC positioning · Managed money · Corn · Soybeans · Sugar · Agricultural commodities
The latest CFTC data show that last week's sharp shift in agricultural positioning was not a one-off. Managed money added substantially to bullish exposure across corn, soybeans, sugar and cotton in the week to 25 August. Corn produced the most important move, with the futures-only net long rising by almost 136,000 contracts in a single week. Sugar attracted another large increase after already recording the biggest positioning shift in the previous report. Funds are no longer beginning to build bullish exposure. They are already heavily positioned. That changes the question as the US crop approaches harvest: do the fundamentals justify the scale of the buying that has already occurred?
TL;DR
- Corn: futures-only net long rose to 317,448, a 135,756-contract bullish weekly shift. Including options, net length reached 376,513.
- Soybeans: futures-only net length increased to 200,679, up 48,897; futures + options reached 198,254.
- Sugar: futures-only net length climbed to 198,017, another 59,404-contract increase.
- Chicago wheat: funds remain net short 13,597, but another 11,731 contracts of bearish exposure disappeared.
- Cotton: net length increased to 88,293 futures-only.
- Live cattle: bullish positioning eased to +59,729, while lean hogs became more bearish at −36,098.
- The positioning story has moved from funds making their move to how much exposure has now accumulated.
The CFTC report was released on Friday, 28 August and reflects positions as of Tuesday, 25 August.
The Positioning Board
| Market | Futures Only Net | WoW | Futures + Options Net | WoW |
|---|---|---|---|---|
| Corn | +317,448 | +135,756 | +376,513 | +126,008 |
| Soybeans | +200,679 | +48,897 | +198,254 | +46,592 |
| Sugar No. 11 | +198,017 | +59,404 | +207,082 | +55,732 |
| Soybean Meal | +95,953 | +12,638 | +97,036 | +14,013 |
| Cotton No. 2 | +88,293 | +15,621 | +95,841 | +17,174 |
| Soybean Oil | +85,116 | −6,117 | +88,442 | −9,795 |
| Live Cattle | +59,729 | −3,238 | +57,441 | −4,073 |
| Coffee C | +31,188 | −424 | +26,693 | −47 |
| Cocoa | −10,458 | −1,087 | −14,627 | −1,014 |
| Chicago SRW Wheat | −13,597 | +11,731 | −14,171 | +12,314 |
| Lean Hogs | −36,098 | −7,101 | −31,135 | −7,649 |
Source: CFTC Disaggregated Commitments of Traders, positions as of 25 August 2026. Weekly changes calculated from reported managed-money positions.
A note on methodology
Cropwire, published by Bloodstone Research, tracks CFTC futures-only positioning as its primary week-on-week series. We also show futures-and-options combined positioning to provide a broader measure of managed-money exposure and comparability with commonly cited market data.
The distinction is material. In corn, managed money was net long 317,448 contracts futures-only, compared with 376,513 when options were included.
Neither supersedes the other: they measure different pools of exposure. This week's signal, however, is consistent across both — funds increased bullish corn positioning substantially.
Corn: The Move Accelerates
Corn is now the dominant positioning story in US agriculture.
Managed money held 411,762 long futures against 94,314 shorts, leaving a futures-only net long of 317,448.
A week earlier, it was +181,692.
That is a 135,756-contract bullish shift in seven days.
The composition matters. Funds added 90,287 outright longs while simultaneously covering 45,469 shorts. This was not simply short covering: fresh bullish capital entered while bearish exposure was removed.
Including options, managed money reached +376,513 net long, up 126,008 in the week.
Two reports ago, the futures-only corn position was roughly +126,000. It has therefore moved by approximately 192,000 contracts in the bullish direction in two reporting weeks.
The initial buying coincided with deteriorating US crop conditions and questions over whether earlier expectations for an exceptionally large crop would survive the final stages of the growing season.
But the positioning itself is now part of the equation.
Further deterioration can reinforce the trade. Better-than-expected harvest evidence would arrive against a much larger pool of speculative length capable of being reduced.
Soybeans Build; Wheat Shorts Retreat
Soybeans tell a similar story.
Managed money held 239,335 futures longs against 38,656 shorts, producing a net long of 200,679.
That increased by 48,897 contracts in a week, with funds adding 41,889 longs while cutting 7,008 shorts. The combined futures-and-options position reached +198,254.
Like corn, this was genuine two-sided bullish repositioning rather than simple short covering.
The difference is what comes next.
As soybean development progresses towards maturity, crop-condition uncertainty increasingly gives way to realised yield. Funds now enter that transition with substantial exposure already established.
Chicago wheat remains different.
Managed money's futures-only net short narrowed from −25,328 to −13,597, while the combined short fell to −14,171.
The bearish position has almost disappeared, but wheat has not yet developed anything resembling the speculative length in corn or soybeans.
That means the positioning response to new information remains asymmetric: bullish surprises in wheat can still force remaining shorts out, while disappointment in corn increasingly has a large long position to work against.
Softs: Sugar Keeps Running
Sugar remains the standout outside grains.
Managed money's futures-only net long increased another 59,404 contracts to +198,017.
Combined futures-and-options exposure reached +207,082.
Together with the roughly 95,000-contract bullish move in the previous report, sugar has added more than 154,000 contracts of futures-only net length in two weeks.
Cotton also strengthened, with futures-only net length rising 15,621 to +88,293.
Coffee was almost unchanged at +31,188, suggesting funds are maintaining rather than materially increasing bullish exposure despite the competing forces of Brazil's supply outlook and low certified Arabica inventories.
Cocoa remains the exception. Managed money moved slightly further bearish to −10,458 futures-only, and −14,627 including options.
The softs positioning spectrum is therefore unusually wide: heavy length in sugar, increasing length in cotton, moderate stable exposure to coffee and an outright short in cocoa.
Soy Products and Livestock Diverge
The soybean complex contains its own split.
Soybean meal net length increased 12,638 contracts to +95,953, while soybean oil remained heavily long but declined 6,117 to +85,116.
Funds are therefore adding exposure to beans and meal while taking some risk out of oil.
Livestock is similarly divided.
Live cattle remains substantially bullish at +59,729 futures-only, but the position fell by another 3,238 contracts. Tight US cattle supply continues to provide structural support, yet funds are gradually reducing exposure.
Lean hogs moved the opposite way, with the managed-money net short expanding 7,101 contracts to −36,098.
The cattle-versus-hogs positioning gap remains pronounced.
Bloodstone View
Last week's CFTC report showed agricultural funds making their move.
This week's shows conviction.
Corn's futures-only net long has risen from roughly 126,000 contracts two reporting weeks ago to 317,448. Sugar has added more than 154,000 contracts of bullish net positioning over the same period. Soybeans have crossed 200,000 contracts net long.
None of this means those markets must reverse.
Large speculative positions can become larger when fundamentals continue to validate them.
What changes is the distribution of risk.
When funds are lightly positioned, bullish information can attract substantial new capital. When they are already heavily long, some of that buying has occurred before the next fundamental signal arrives.
Corn illustrates the transition.
The first question was whether funds would respond to deteriorating US crop conditions.
They did.
The next is whether harvest evidence justifies the scale of the position they have built.
Wheat remains structurally different because managed money is still slightly net short. Sugar increasingly resembles corn: the positioning move itself has become large enough to influence how subsequent fundamental information should be interpreted.
The CFTC data tell us what capital has done.
The physical data now have to tell us whether it was justified.
What We're Watching
Corn and soybeans: Harvest evidence now matters more than another week of speculative enthusiasm. Large fund positions raise the importance of any surprise in realised yields.
Sugar: More than 154,000 contracts of bullish positioning have been added in two reports. Fundamental confirmation becomes increasingly important.
Wheat: The Chicago short is close to disappearing. A move through neutral would mark a significant change in positioning.
Cotton: Fund length is building quickly enough that US crop and export data deserve closer attention.
Livestock: Cattle length continues to retreat while hog shorts increase, widening the contrast in speculative conviction.
The Bottom Line
Friday's report takes the positioning story one stage further.
Corn's futures-only managed-money net long reached 317,448 contracts; including options, 376,513.
Soybeans crossed 200,000 futures-only.
Sugar approached 200,000 after another major week of buying.
Meanwhile wheat shorts continued to disappear, cattle length weakened and hog shorts grew.
The funds have made their move.
Now the crop has to justify it.
Data: US Commodity Futures Trading Commission, Disaggregated Commitments of Traders — Futures Only and Options and Futures Combined, positions as of 25 August 2026.
This document is published by Bloodstone Research for informational and institutional research purposes only. It does not constitute investment advice, an investment recommendation, an offer or solicitation to buy or sell any financial instrument, commodity or security, or a forecast of future performance. Market conditions and data may change without notice. Readers should conduct their own analysis and, where appropriate, seek independent professional advice before making investment decisions. For institutional enquiries contact research@bloodstonecapital.co.uk.