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This week’s report was delayed due to the Monday release of the Commitment of Traders Report.

The time frame for this week’s Commitments of Traders report is from Wednesday, November 19 through Tuesday, November 25.

This past week the Greenhaven Continuous Commodity Index made a new multi-year low of 23.93, which was the lowest print since the lows of 23.88 and 23.83 made during May and June 2010 respectively. GCC is an equally weighted index of 17 commodities.  

Soybeans:

For the week, January soybeans lost 23.00 cents, March 2015 -23.50, May 2015 -23.00.The COT report revealed that managed money added 4,759 contracts to their long positions and added 281 to their short positions. Commercial interests added 4,031 contracts to their long positions and added 853 contracts to their short positions. As of the latest report, managed money is long soybeans by ratio of 1.76:1, which is up from the previous week of 1.69:1, but down from the ratio of 2 weeks ago of 1.86:1.

Soybean meal:

For the week, January soybean meal lost 90 cents, March 2015 – $3.80, May 2015 – 5.60.The COT report revealed that managed money added 451 contracts to their long positions and also added 2,103 contracts to their short positions. Commercial interests liquidated 240 contracts of their long positions and added 8,324 to their short positions. As of the latest report, managed money is long soybean meal by ratio of 3.69:1, which is down from the previous week of 4.00:1 and down substantially from the ratio of 2 weeks ago of 4.85:1.

Soybean oil:

For the week, January soybean oil lost 51 points, March 2015 -51, May 2015 -62.The COT report revealed that managed money added 5,135 contracts to their long positions and liquidated 8,117 of their short positions. Commercial interests liquidated 6,190 contracts of their long positions and also liquidated 2,745 of their short positions. As of the latest report, managed money is long soybean oil by ratio of 1.38:1, which is up from the previous week of 1.11:1 and the ratio of 2 weeks ago of 1.16:1.

Corn:

For the week, March corn advanced 3.00 cents, May 2015+3.50, July 2015 +2.50.The COT report revealed that managed money liquidated 3,596 contracts of their long positions and also liquidated 12,906 of their short positions. Commercial interests liquidated 33,325 contracts of their long positions and also liquidated 16,190 of their short positions. As of the latest report, managed money is long corn by ratio of 2.88:1, which is up from the previous week of 2.59:1 and the ratio of 2 weeks ago of 2.59:1.

Chicago wheat:

For the week, March Chicago wheat advanced 25.00 cents, May 2015+24.00, July 2015 +23.00.The COT report revealed that managed money liquidated 2,583 contracts of their long positions and also liquidated 3,044 of their short positions. Commercial interests liquidated 8,641 contracts of their long positions and also liquidated 9,967 of their short positions. As of the latest report, managed money remains short Chicago wheat by ratio of 1.15:1, which is the same as the previous week of 1.15:1, but down from the ratio of 2 weeks ago of 1.36:1.

Kansas City wheat: On November 26, March Kansas City wheat generated an intermediate term buy signal after generating a short-term buy signal on November 14.

For the week, March Kansas City wheat advanced 33.00 cents, May 2015+31.50, July 2015 +26.75.The COT report revealed that managed money added 680 contracts to their long positions and liquidated 508 of their short positions. Commercial interests liquidated 1,852 contracts of their long positions and liquidated 290 of their short positions. As of the latest report, managed money is long Kansas City wheat by ratio of 1.62:1, which is up from the previous week of 1.56:1 and the ratio of 2 weeks ago of 1.44:1.

Thus far in the 4th quarter, January soybean meal is the out performer with a gain of 23.17%, March Chicago wheat +17.94%, March corn +16.57%, March Kansas City wheat +13.93%, January soybeans +10.28%, January soybean oil -1.10%.

Year to date, January soybean meal is the out performer with a gain of 4.51%, March Kansas City wheat -5.29%, March Chicago wheat -10.83%, January soybeans -10.92%, March corn -15.67%, January soybean oil 19.86%.

Cotton:

For the week, March cotton advanced 56 points, May 2015+50, July 2015 +43.The COT report revealed that managed money liquidated 2,928 contracts of their long positions and added 1,139 to their short positions. Commercial interests added 786 contracts to their long positions and liquidated 3,876 of their short positions. As of the latest report, managed money is short cotton by ratio of 1.08:1, which is a complete reversal from the previous week when they were long by a ratio of 1.01:1. Two weeks ago, managed money was long cotton by ratio of 1.70:1.

Sugar #11:

For the week, March 2015 sugar lost 50 points, May 2015-50, July 2015 -49.The COT report revealed that managed money added 685 contracts to their long positions and liquidated 13,932 of their short positions. Commercial interests added 1,643 contracts to their long positions and also added 13,013 contracts to their short positions. As of the latest report, managed money is short sugar by ratio of 1.22:1, which is down from the previous week of 1.31:1 and the ratio of 2 weeks ago of 1.34:1.

Coffee:

For the week, March coffee lost 3.25 cents, May 2015-3.20, July 2015 -3.20.The COT report revealed that managed money added 183 contracts to their long positions and liquidated 1,328 of their short positions. Commercial interests liquidated 102 contracts of their long positions and added 2,090 to their short positions. As of the latest report, managed money is long coffee by ratio of 7.37:1, which is up from the previous week of 6.00:1 and the ratio of 2 weeks ago of 6.29:1.

Cocoa:

For the week, March cocoa advanced $21.00, May 2015+ 21.00, July 2015+21.00. The COT report revealed that managed money added 1,042 contracts to their long positions and also added 267 to their short positions. Commercial interests liquidated 713 contracts of their long positions and added 2,812 contracts to their short positions. As of the latest report, managed money is long cocoa by ratio of 3.43:1 which is exactly the same as the previous week of 3.43:1, but above the ratio of 2 weeks ago of 3.11:1.

Thus far in the 4th quarter, March cotton is the out performer with a loss of 0.61%, March coffee -5.06%, March sugar -5.23%, March cocoa -12.76%.

Year to date, March coffee is the out performer with a gain of 52.34%, March cocoa +5.96%, March sugar -12.17%, March cotton -23.91%.

Live cattle:

For the week, February live cattle lost 2.93 cents, April 2015 -1.42, June 2015 -1.50.The COT report revealed that managed money liquidated 743 contracts of their long positions and also liquidated 1,026 of their short positions. Commercial interests liquidated 339 contracts of their long positions and added 1,002 contracts to their short positions.As of the latest report, managed money is long live cattle by ratio of 12.40:1, which is up from the previous week of 11.28:1 and up substantially from the ratio of 2 weeks ago of 9.81:1.

Lean hogs:

For the week, February lean hogs lost 2.23 cents, April 2015-1.35, June 2015 -1.65.The COT report revealed that managed money added 471 contracts to their long positions and also added 903 contracts to their short positions. Commercial interests added 590 contracts to their long positions and liquidated 2,360 of their short positions. As of the latest report, managed money remains long lean hogs by ratio of 4.22:1, which is down from the previous week of 4.43:1, but up from the ratio of 2 weeks ago of 3.87:1.

Thus far in the 4th quarter, February live cattle is the out performer with a gain of 3.58%, December live cattle +3.40%, February lean hogs -3.4%, December lean hogs -5.25%.

Year to date, February live cattle is the out performer with a gain of 28.24%, December live cattle +28.09%, December lean hogs +12.20%, February lean hogs +9.03%.

WTI crude oil:

For the week, January WTI crude oil lost $10.36, February 2015 -10.33, March 2015 -10.26.The COT report revealed that managed money liquidated 6,873 contracts of their long positions and added 7,114 contracts to their short positions. Commercial interests liquidated 16,876 contracts of their long positions and also liquidated 14,973 contracts of their short positions. As of the latest report, managed money remains long WTI crude oil by ratio of 3.19:1, which is down from the previous week of 3.62:1 and the ratio of 2 weeks ago of 3.97:1.

On Friday, January WTI crude oil made a low of 65.69, which is the lowest print since the October 2009 contract made a low of 65.05 during September 2009. After topping during July 2014 at 107.68 on the continuation chart, WTI has fallen for 5 consecutive months. There has been only one other time in recent history that prices have fallen for 5 consecutive months. This occurred beginning in July 2008 and continued until January 2009, which was 7 consecutive months of price declines.During this time, WTI crude oil fell from a high of $147.27 to 33.20.

According to the November 18 COT report, managed money was long WTI crude oil by a ratio of 3.62:1. In short, there are large numbers of professional money managers who have been long crude oil and will be forced to  liquidate positions. For those who remain stubbornly long, once WTI begins to rally, this class of speculator will be looking to trim losses, which will keep a lid on rallies. It has been reported from a variety of sources that investors are buying oil ETF’s in an attempt to pick a bottom in the market. When the public tries to pick a bottom in a market, it is guaranteed the market will continue to fall. Stand aside.

Heating oil:

For the week, January heating oil lost 22.01 cents, February 2015 -22.66, March 2015 -22.95. The COT report revealed that managed money liquidated 7,360 contracts of their long positions and also liquidated 3,253 of their short positions. Commercial interests added 1,518 contracts to their long positions and liquidated 8,282 of their short positions. As of the latest report, managed money remain short heating oil by ratio of 1.73:1, which is an increase from the previous week of 1.47:1 and the ratio of 2 weeks ago of 1.63:1.

On Friday, January heating oil made a low of 2.1520, which is the lowest print since 1.9895 made during September 2010. As of the November 18 COT report, managed money was short heating oil by a ratio of 1.47:1.

Gasoline:

For the week, January gasoline lost 21.63 cents, February 2015 -22.05, March 2015 -22.28.The COT report revealed that managed money liquidated 4,467 contracts of their long positions and also liquidated 4,272 contracts of their short positions. Commercial interests liquidated 22,731 contracts of their long positions and also liquidated 19,865 of their short positions. As of the latest report, managed money remains long gasoline by ratio of 2.57:1, which is up from the previous week of 2.34:1 and the ratio of 2 weeks ago of 1.94:1.

On Friday, January gasoline made a low of 1.8183, which took out major support of 1.8241 made during August 2010, and nearly touched support of 1.8124 made during the month of December 2009. The next area of major support is the July and September 2009 lows of 1.6010.

Natural gas:

For the week, January natural gas lost 32.9 cents, February 2015 -30.2, March 2015 -27.9.The COT report revealed that managed money added 14,416 contracts to their long positions and also added 786 to their short positions. Commercial interests liquidated 1,706 contracts of their long positions and added 6,111 to their short positions. As of the latest report, managed money remains long natural gas by ratio of 1.16:1, which is an increase from the previous week of 1.10:1 and the ratio of 2 weeks ago of 1.05:1.

Thus far in the 4th quarter, January ethanol is the out performer with a gain of 12.86%, January natural gas -3.74%, January heating oil -18.25%, January gasoline -22.56%, January WTI crude oil -25.44%, January Brent crude oil -25.89%.

Year to date, January ethanol is the out performer with a gain of 7.42%, January natural gas -6.89%, January heating oil -26.68%, January WTI crude oil -26.95%, January gasoline -28.72%, January Brent crude oil -32.83%.

Copper:

For the week, March copper lost 18.30 cents.The COT report revealed that managed money added 3,637 contracts to their long positions and also added 4,166 to their short positions. Commercial interests liquidated 4,793 other long positions and also liquidated 7,116 of their short positions. As of the latest report, managed money is short copper by ratio of 1.05:1, which is about the same as the previous week of 1.05:1 and exactly the same as 2 weeks ago of 1.05:1.

This past week, March copper broke major support at 2.9275, which was the low made during March 2014.The March 2015 contract made a low of 2.8435, which is slightly below the July 2010 low of 2.8445 on the copper continuation chart. The next area of potential support remains at the June 2010 low of 2.7200. After this, the low of 2.6400 made during October 2009.The fundamentals in copper could get ugly because it is well-known that copper has been used as collateral for a variety of loans in China.

As a result, as prices continue their descent, copper could flow out of the woodwork and stocks could rise dramatically.During the past couple of months, copper stocks at the London Metal Exchange and the Commodity Exchange have been rising, and we expect this to continue. On November 5, copper generated a short-term sell signal and had been on and intermediate term sell signal since September 10.

Palladium:

For the week, March palladium advanced $17.00. The COT report revealed that managed money added 990 contracts to their long positions and liquidated 558 of their short positions. Commercial interests liquidated 262 contracts of their long positions and added 716 to their short positions. As of the latest report, managed money is long palladium by ratio of 13.24:1, which is up substantially from the previous week of 9.21:1 and the ratio of 2 weeks ago of 10.21:1.

Platinum:

For the week, January 2015 platinum lost $16.00. The COT report revealed that managed money added 798 contracts to their long positions and liquidated 1,224 of their short positions. Commercial interests added 613 contracts to their long positions and also added 1,378 to their short positions. As of the latest report, managed money is long platinum by ratio of 1.90:1, which is up slightly from the previous week of 1.71:1, but down from the ratio of 2 weeks ago of 2.04:1.

Gold:

For the week, February 2015 gold lost $22.90. The COT report revealed that managed money liquidated 5,567 contracts of their long positions and also liquidated 11,617 of their short positions. Commercial interests liquidated 19,802 contracts of their long positions and also liquidated 23,292 of their short positions. As of the latest report, managed money is long gold by ratio of 1.91:1, which is up from the previous week of 1.68:1 and the ratio of 2 weeks ago of 1.38:1.

Silver:

For the week, March silver lost 90.3 cents. The COT report revealed that managed money liquidated 1,652 contracts of their long positions and also liquidated 6,776 of their short positions. Commercial interests liquidated 2,335 contracts of their long positions and added 1,788 to their short positions. As of the latest report, managed money is long silver by ratio of 1.32:1, which is up from the previous week of 1.13:1 and the ratio of 2 weeks ago of 1.05:1.

Thus far in the 4th quarter, March palladium is the out performer with a gain of 4.21%, February gold -3.44%, March copper -4.87%, January platinum -7.38%, March silver -8.85%.

Year to date, March palladium is the out performer with a gain of 11.70%, February gold – 3.20%, January platinum -12.60%, March copper -14.68%, March silver -20.59%.

Canadian dollar:

For the week, the December Canadian dollar lost 1.52 cents.The COT report revealed that leveraged funds added 664 contracts to their long positions and liquidated 3,251 of their short positions. As of the latest report, managed money is short the Canadian dollar by ratio of 3.06:1, which is down from the previous week of 3.41:1 and the ratio of 2 weeks ago of 3.37:1.

Australian dollar:

For the week, the December Australian dollar lost 1.50 cents.The COT report revealed that leveraged funds added 2,763 contracts of their long positions and also added 3,610 to their short positions. As of the latest report, leveraged funds are short the Australian dollar by ratio of 1.53:1, which is down slightly from the previous week of 1.56:1, but up from the ratio of 2 weeks ago of 1.47:1.

Swiss franc:

For the week, the December Swiss franc gained 40 pips.The COT report revealed that leveraged funds liquidated 1,182 contracts of their long positions and added 435 to their short positions. As of the latest report, leveraged funds are short the Swiss franc by ratio of 3.74:1, which is up from the previous week of 3.23:1 and the ratio of 2 weeks ago of 3.32:1.

British pound:

For the week, the December British pound lost 26 pips.The COT report revealed that leveraged funds liquidated 10,264 contracts of their long positions and added 3,146 contracts to their short positions. As of the latest report, leveraged funds are short the British pound by ratio 1.16:1, which is a complete reversal from the previous week when they were long by ratio 1.15:1. Two weeks ago leveraged funds were long the British pound by ratio of 1.49:1.

This is the first time in over one year that leveraged funds have been short the British pound.

Euro:

For the week, the December euro advanced 47 pips. The COT report revealed that leveraged funds added 543 contracts to their long positions and liquidated 5,344 of their short positions. As of the latest report, leveraged funds are short the euro by ratio 3.44:1, which is down from the previous week of 3.58:1, but up from the ratio of 2 weeks ago of 3.35:1.

Yen:

For the week, the December yen lost 67 pips. The COT report revealed that leveraged funds added 376 contracts to their long positions and also added 4,790 to their short positions. As of the latest report, leveraged funds are short the yen by ratio 2.96:1, which is up from the previous week of 2.87:1 and the ratio of 2 weeks ago of 2.61:1.

Dollar index:

For the week, the December dollar index gained 1 point and made a new contract high of 88.510. The COT report revealed that leveraged funds added 1,792 contracts to their long positions and also added 4,401 contracts to their short positions. As of the latest report, leveraged funds are short the dollar index by ratio of 1.13:1, which is up from the previous week of 1.05:1 and about the same as the ratio of 2 weeks ago of 1.14:1.

Thus far in the 4th quarter, the December dollar index is the out performer with a gain of 2.27%, December Swiss franc -1.23%, December euro -1.56%, December Canadian dollar -1.89%, December Australian dollar -2.29%, December British pound -3.55%, December yen -7.67%.

Year to date, the December dollar index is the out performer with a gain of 9.61%, December Australian dollar -2.59%, December British pound -5.43%, December Canadian dollar -6.34%, December Swiss franc -8.33%, December euro -9.86%, December yen -11.57%.

S&P 500 (250 x):

For the week, the December S&P 500 futures contract gained 4.50 points.The COT report revealed that leveraged funds added 4,800 contracts to their long positions and also added 5,248 to their short positions. As of the latest report, leveraged funds are short the S&P 500 futures contract by ratio of 1.36:1, which is down from the previous week of 1.50:1 and the ratio of 2 weeks ago of 1.67:1.

Thus far in the 4th quarter, the NASDAQ 100 cash index is the out performer with a gain of 7.12%, Russell 2000 cash index +6.50%, S&P 400 cash index +5.23%, S&P 500 cash index +4.83%, Dow Jones Industrial Average cash index +4.61%, New York Composite cash index +2.36%.

Year to date, the NASDAQ 100 cash index is the out performer with a gain of 20.76%, S&P 500 cash index +11.86%, Dow Jones Industrial Average cash index +7.55%, S&P 400 cash index +7.46%, New York Composite cash index +5.34%, Russell 2000 cash index +0.83%.