Soybeans COT: Specs hit a 5-year long extreme

Soybean speculators reached the 94th percentile of their 5-year range against commercials at the 3rd, a new Reversal risk (down) signal. Why it matters: When specs crowd one side while hedgers are at the opposite extreme, there are fewer fresh buyers left. Downside reversal risk rises if the trend stalls. Soybeans positioning z-score (5y)Speculators, this week+1.21Speculators, last week+1.15Commercials, this week-1.36Commercials, last week-1.28 The details ▸Specs...