ICE: Brent crude net longs hit four-week high of 233,029 contracts

The rebuild in Brent length stands out less for its size than for its breadth: sugar positioning hit the same four-week high, while cocoa shorts were trimmed to a four-week low. That pattern suggests speculative capital rotating back into softs and energy together rather than a single-commodity story. Whether the cocoa short-covering continues, or was merely a one-week adjustment, is the open question worth watching.