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The time frame for the current Commitments of Traders report is from Wednesday October 28 through Tuesday November 3.

Soybeans:

For the week, January soybeans lost 12.50 cents, March -18.50, May -19.25. The COT report revealed that managed money liquidated 11,337 of their long positions and added 12,121 to their short positions. Commercial interests added 2,204 to their long positions and liquidated 20,328 of their short positions. As of the latest report, managed money is short soybeans by a ratio of 1.31:1, which is a complete reversal from the previous week when they were long by a ratio of 1.05:1. Two weeks ago, managed money was long soybeans by ratio of 1.18:1.

Soybean meal:

For the week, December soybean meal lost $8.70, March -8.30, May -7.70. The COT report revealed that managed money liquidated 575 contracts of their long positions and added 6,780 to their short positions. Commercial interests added 8,633 to their long positions and liquidated 5,577 of their short positions. As of the latest report, managed money is long soybean meal by a ratio of 1.06:1, down from 1.24:1 from the previous week and a substantial reduction in the ratio two weeks ago of 1.75:1.

Soybean oil:

For the week, December soybean oil lost 16 points, March -20, May -21. The COT report revealed that managed money liquidated 4,856 of their long positions and added 2,025 to their short positions. Commercial interests added 9,919 to their long positions and also added 4,413 to their short positions. As of the latest report, managed money is long soybean oil by a ratio of 1.24:1, down from 1.39:1 the previous week and the ratio two weeks ago of 1.46:1.

Corn:

For the week, December corn lost 9.25 cents, March -9.75, May -9.00. The COT report revealed that managed money liquidated 9,356 of their long positions and also liquidated 201 contracts of their short positions. Commercial interests added 10,291 to their long positions and also added 13,236 of their short positions. As of the latest report, managed money is long corn by a ratio of 1.11:1, down from 1.15:1 the previous week and the ratio two weeks ago of 1.16:1.

Chicago wheat:

For the week, December Chicago wheat advanced 1.25 cents, March, unchanged, May +0.25. The COT report revealed that managed money added 5,563 to their long positions and liquidated 8,806 of their short positions. Commercial interests liquidated 1,662 of their long positions and added 7,838 to their short positions. As of the latest report, managed money is short Chicago wheat by ratio of 1.24:1, down from 1.49:1 the previous week and a substantial reduction from the ratio two weeks ago of 2.00:1.

Kansas City wheat:

For the week, December Kansas City wheat lost 3.50 cents, March -4.25, May -3.75. The COT report revealed that managed money liquidated 2,063 of their long positions and added 1,941 to their short positions. Commercial interests added 4,094 to their long positions and liquidated 1,450 of their short positions. As of the latest report, managed money is short Kansas City wheat by a ratio of 1.44:1, up from 1.31:1 the previous week and a substantial increase from the ratio two weeks ago of 1.22:1.

Cotton:

For the week, December cotton lost 1.66 cents, March -1.26, May -1.13. The COT report revealed that managed money liquidated 877 of their long positions and also liquidated 2,009 of their short positions. Commercial interests liquidated 47 of their long positions and added 2,307 to their short positions. As of the latest report, managed money remains long cotton by a ratio of 5.02:1, up from 4.34:1 the previous week   and slightly lower than the ratio two weeks ago of 5.11:1.

OIA finds it remarkable that managed money is long cotton by 5.02:1, which is the largest ratio of long to short positions of any commodity we cover and yet the December contract is just 1.80 cents above the contract low of 59.86. The large contingent of long positions will provide substantial fuel for the downside once the contract low is broken.

Sugar:

For the week, March sugar lost 10 points, May -4, July -6. The COT report revealed that managed money added 8,563 to their long positions and liquidated 10,456 of their short positions. Commercial interests added 10,570 to their long positions and also added 35,905 to their short positions. As of the latest report, managed money is long sugar by a ratio of 3.34:1, up from 2.69:1 the previous week and the ratio two weeks ago of 2.60:1.

Coffee:

For the week, December coffee lost 3.20 cents, March -3.10, May -2.95. The COT report revealed that managed money liquidated 310 of their long positions and added 3,425 to their short positions. Commercial interests added 2,901 to their long positions and liquidated 446 of their short positions. As of the latest report, managed money is short coffee by a ratio of 1.67:1, up from 1.52:1 the previous week and the ratio two weeks ago of 1.21:1.

Cocoa:

For the week, December cocoa lost $18.00, March -13.00, May -9.00. The COT report revealed that managed money added 9,287 to their long positions and also added 5,306 to their short positions. Commercial interests liquidated 7,458 of their long positions and added 261 to their short positions. As of the latest report, managed money is long cocoa by a ratio of 2.65:1, down from 2.98:1 the previous week and 3.09:1 the ratio of  two weeks ago.

The March 2016-March 2017 cocoa spread made a major high of $98.00 premium to March 2016 on November 2, which is the highest price for the spread going back to April 1, 2015. On August 13, 2015 this spread traded at a low of $14.00 premium to March 2016 and the closing price for the March 2016 contract was $3,068 while the closing price on November 2 when the spread made its high was $3,295.

In summary, the spread is widening as prices advance. This is bullish and we believe that cocoa is likely to move to a higher level in the first quarter of 2016. December and March cocoa remain on short and intermediate term buy signals.

Live cattle: On November 5, December and February live cattle generated short-term sell signals, which reversed the October 19 short-term buy signal. Both contracts remain on intermediate term sell signals.

For the week, December live cattle lost 6.80 cents, February -6.27, April -5.50. The COT report revealed that managed money added 551 contracts to their long positions and also added 4,563 to their short positions. Commercial interests liquidated 2,407 of their long positions and added 1,148 to their short positions. As of the latest report, managed money is long live cattle by a ratio of 1.12:1, down from 1.23:1 the previous week, but above the ratio two weeks ago of 1.06:1.

Lean hogs:

For the week, December lean hogs lost 4.20 cents, February -4.45, April -3.57. The COT report revealed that managed money added 409 contracts to their long positions and also added 11,996 to their short positions. Commercial interests added 317 contracts to their long positions and liquidated 8,147 of their short positions. As of the latest report, managed money is long lean hogs by a ratio of 1.78:1, down sharply from the previous week of 2.93:1 and less than half the ratio (the high ratio for 2015 of 3.64:1) the ratio of two weeks ago.

On October 26, OIA announced that December lean hogs generated a short-term sell signal and an intermediate term sell signal on October 28.

WTI crude oil:

For the week, December WTI crude oil lost $2.30, January -2.00, February -1.93. The COT report revealed that managed money added 8,526 to their long positions and liquidated 18,020 of their short positions. Commercial interests liquidated 16,846 of their long positions and added 566 to their short positions. As of the latest report, managed money is long WTI crude oil by a ratio of 2.43:1, up from 2.04:1 the previous week, but down slightly from the ratio two weeks ago of 2.50:1.

On Friday, November 6, the December 2015-March 2016 spread widened to a new high of $2.80 premium to March 2016, which is the highest the spread has traded going back one year. The recent low occurred on September 15 when the December 2015 contracts traded at a $1.86 discount to March 2016. The closing price on September 15 for the December contract was $45.53 and the closing price on Friday was $44.29. In summary, the December contract’s discount to March 2016 and the back months has widened, which indicates near-term pressure on the market. This is a typical seasonal behavior, and may last until January or February. December WTI remains on short and intermediate term sell signals.

Heating oil:

For the week, December heating oil lost 2.71 cents, January -3.36, February -3.68. The COT report revealed that managed money liquidated 355 of their long positions and also liquidated 4,656 of their short positions. Commercial interests liquidated 12,365 of their long positions and also liquidated 9,970 of their short positions. As of the latest report, managed money is short heating oil by a ratio of 2.51:1, down from 2.70:1 the previous week, but up slightly from the ratio two weeks ago of 2.48:1.

Gasoline: On November 3, December and January gasoline generated short-term buy signals, but remains on intermediate term sell signals.

For the week, December gasoline lost 21 ticks, January -1.81 cents, February -2.34. The COT report revealed that managed money added 3,856 to their long positions and liquidated 2,147 of their short positions. Commercial interests added 965 to their long positions and also added 10,144 to their short positions. As of the latest report, managed money is long gasoline by a ratio of 1.45:1, up from 1.29:1 the previous week and the ratio two weeks ago of 1.32:1.

Natural gas:

For the week, December natural gas advanced 5.00 cents, January +4.2, February +4.4. The COT report revealed that managed money added 4,040 to their long positions and also added 22,934 contracts to their short positions. Commercial interests added 5,322 to their long positions and also added 9,996 to their short positions. As of the latest report, managed money a short natural gas by a ratio 2.28:1, up from 2.20:1 the previous week and 2.18:1 the ratio two weeks ago.

The current short ratio of 2.28:1 is the highest recorded during 2015.

Copper: On November 2, December copper generated a short-term sell signal and remains on an intermediate term sell signal.

For the week, December copper lost 7.55 cents. The COT report revealed that managed money liquidated 4,339 of their long positions and added 6,741 to their short positions. Commercial interests added 2,840 to their long positions and liquidated 5,305 of their short positions. As of the latest report, managed money is short copper by a ratio of 1.09:1, which is a complete reversal from the previous week when they were long by a ratio of 1.29:1. Two weeks ago, managed money was long copper by ratio of 1.24:1.

Palladium:

For the week, December palladium lost $64.30. The COT report revealed that managed money added 269 contracts to their long positions and also added 664 to their short positions. Commercial interests liquidated 255 of their long positions and added 283 to their short positions. As of the latest report, managed money is long palladium by a ratio of 5.49:1, down from 6.97:1 the previous week and 6.20:1 the ratio of two weeks ago.

Platinum:

For the week, January platinum lost $49.10. The COT report revealed that managed money liquidated 310 contracts of their long positions and also liquidated 1,556 of their short positions. Commercial interests added 221 contracts to their long positions and also added 681 to their short positions. As of the latest report, managed money is long platinum by a ratio of 3.29:1, up from the ratio of the previous week of 2.89:1 and a substantial increase from the ratio two weeks ago of 2.45:1.

Gold: On November 4, December gold generated an intermediate term sell signal after generating a short-term sell signal on October 30.

For the week, December gold lost 53.70. The COT report revealed that managed money liquidated 30,958 of their long positions and added 15,927 contracts to their short positions. Commercial interests added 2,073 to their long positions and liquidated 11,647 of their short positions. As of the latest report, managed money is long gold by a ratio of 2.36:1, down sharply from the previous week of 4.40:1 and the ratio two weeks ago of 3.92:1.

Silver: On November 2, December silver generated a short-term sell signal, but remains on an intermediate term buy signal

For the week, December silver lost 87.6 cents. The COT report revealed that managed money liquidated 4,320 of their long positions and added 437 to their short positions. Commercial interests liquidated 643 of their long positions and also liquidated 565 of their short positions. As of the latest report, managed money is long silver by a ratio of 5.73:1, down from the previous week of 6.43:1, but up from the ratio two weeks ago of 4.68:1.

Canadian dollar:

For the week, the December Canadian dollar lost 1.28 cents. The COT report revealed that leverage funds liquidated 2,077 of their long positions and added 3,687 to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 2.91:1, up from the previous week of 2.17:1 and the ratio two weeks ago of 2.82:1.

Australian dollar:

For the week, the December Australian dollar lost 91 pips. The COT report revealed that leverage funds added 3,792 to their long positions and also added 4,236 to their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 2.00:1, down from the previous week of 2.19:1 and the ratio two weeks ago of 2.60:1.

Swiss franc:

For the week, the December Swiss franc lost 1.82 cents. The COT report revealed that leverage funds added 4,478 to their long positions and also added 12,860 to their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 1.66:1 up from the previous week of 1.16:1 and the ratio two weeks ago of 1.36:1.

British pound: On November 6, the December British pound generated a short-term sell signal, which reverses the October 15 short-term buy signal. The December pound remains on an intermediate term sell signal.

For the week, the December British pound lost 3.86 cents. The COT report revealed that leverage funds liquidated 2,559 of their long positions and added 3,355 to their short positions. As of the latest report, leverage funds are long the British pound by a ratio of 1.89:1 down from the previous week of 2.30:1 and the ratio two weeks ago of 1.92:1.

Euro:

For the week, the December euro lost 2.59 cents. The COT report revealed that leverage funds liquidated 4,523 of their long positions and added a massive 30,640 contracts to their short positions. As of the latest report, leverage funds are short the euro by a ratio of 4.05:1, up sharply from the previous week of 2.92:1 and almost double the ratio two weeks ago of 2.18:1.

Yen: On November 5, the December yen generated an intermediate term sell signal after generating a short-term sell signal on October 23.

For the week, the December yen lost 172 pips. The COT report revealed that leverage funds added 5,309 to their long positions and also added 9,255 to their short positions. As of the latest report, leverage funds are short the yen by a ratio of 2.72:1, down from the previous week of 2.94:1, but up substantially from the ratio two weeks ago of 1.89:1.

Dollar index:

For the week, the December dollar index advanced 2.25 points. The COT report revealed that leverage funds added 488 to their long positions and liquidated 2,670 of their short positions. As of the latest report, leverage funds are long the dollar index by ratio of 1.82:1, up sharply from the previous week of 1.41:1, but down from the ratio two weeks ago of 2.05:1.

S&P 500 (250 x):

For the week, the December S&P 500 futures contract gained 20.00 points. The COT report revealed that leverage funds liquidated 1,482 of their long positions and added 3,200 to their short positions. As of the latest report, leverage funds are short the S&P 500 futures contract by a ratio of 1.09:1, which is a complete reversal from the previous week when they were long by 1.47:1 and the ratio two weeks ago of 1.87:1.

10 Year Treasury Note: On November 4, the December 10 year treasury note generated an intermediate term sell signal after generating a short-term sell signal on October 29.

For the week, the December 10 year treasury note lost 1-206. The COT report revealed that leverage funds liquidated 77,334 their long positions and also liquidated 25,593 of their short positions. As of the latest report, leverage funds are short the 10 year note by a ratio of 1.64:1, up from the previous week of 1.43:1, but down from the ratio two weeks ago of 1.77:1.