Large speculators are keeping a massive, near-historic bet on rising soybean prices, with the latest Commitments of Traders (COT) report showing non-commercial traders holding a net-long position of 175,646 futures contracts as of July 21. This substantial positioning, where long contracts stood at 255,148 versus 79,502 short contracts, confirms that professional money managers see a persistent bullish trend in the global soybean market, a critical factor for **Brazilian agribusiness** and the country’s trade balance.