Large speculators in the global soybean market have maintained an extremely high net-long position, suggesting a consensus of bullish sentiment that could usher in a period of significant price volatility for Brazil, the world’s largest exporter of the commodity. Data from the latest weekly Commitments of Traders (COT) report released by the U.S. Commodity Futures Trading Commission (CFTC) shows that non-commercial traders, often proxies for large hedge funds, are holding 216,046 long contracts compared to just 38,183 short contracts, representing a massive net-long position of nearly 178,000 contracts on the Chicago Board of Trade (CBOT) futures.