Large speculators have built a deeply entrenched bullish position in soybean futures, signaling strong conviction in the price direction of the critical global commodity that heavily influences Brazil's agribusiness sector. The latest data from the Commodity Futures Trading Commission's (CFTC) Commitments of Traders (COT) report shows non-commercial traders holding a net-long position of 175,646 contracts as of July 21, 2026. This figure represents the difference between 255,148 long contracts and 79,502 short contracts held by hedge funds and other managed money in the market for the agricultural commodity.