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The time frame for this week’s Commitments of Traders report is from Wednesday, November 26 through Tuesday, December 2.

The World Agriculture Supply Demand report (WASDE) will be released on December 10 at noon Eastern standard time.

Soybeans: On December 3, January soybeans generated a short-term sell signal and remains on an intermediate term sell signal.

For the week, January soybeans advanced 20.00 cents, March 2015 +19.50, May 2015+19.00. The COT report revealed that managed money liquidated 10,106 contracts of their long positions and added 7,095 to their short positions. Commercial interests added 2,697 contracts to their long positions and liquidated 18,805 of their short positions. As of the latest report, managed money is long soybeans by ratio 1.45:1, which is down from the previous week of 1.76:1 and the ratio of 2 weeks ago of 1.69:1.

The current ratio of 1.45:1 is the lowest since the October 28 COT tabulation date when managed money was long soybeans by ratio of 1.31:1.

On Friday, January soybeans closed 10.36, which is the highest weekly close since the week of November 17 (10.39).The market has to overcome the weekly high of 10.54 3/4 made during the week of November 24. After this, the high of 10.86 1/4 made during the week of November 10.

Soybean meal:

For the week, January soybean meal advanced 10 cents, March 2015 + $3.10, May 2015+6.50. The COT report revealed that managed money liquidated 3,863 contracts of their long positions and added 1,183 contracts to their short positions. Commercial interests liquidated 4,505 contracts of their long positions and also liquidated 12,431 of their short positions. As of the latest report, managed money is long soybean meal by ratio 3.36:1, which is down from the previous week of 3.69:1 and the ratio of 2 weeks ago of 4.00:1.

The current ratio of 3.36:1 is the lowest since the COT tabulation date of October 28 when managed money was long soybean meal by ratio of 3.16:1.

Soybean oil: On December 1, January soybean oil generated a short-term sell signal and remains on an intermediate term sell signal.

For the week, January soybean oil lost 21 points, March 2015 -11, May 2015-6. The COT report revealed that managed money liquidated 2,743 contracts of their long positions and added 6,518 to their short positions. Commercial interests added 11,737 contracts to their long positions and liquidated 15,324 their short positions. As of the latest report, managed money is long soybean oil by ratio of 1.18:1, which is down from the previous week of 1.38:1, but up slightly from the ratio of 2 weeks ago of 1.11:1.

Corn:

For the week, March corn advanced 6.25 cents, May +6.50, July +6.25. The COT report revealed that managed money liquidated 5,442 contracts of their long positions and added 2,801 to their short positions. Commercial interests liquidated 3,970 of their long positions and also liquidated 16,117 of their short positions. As of the latest report, managed money is long corn by ratio of 2.75:1, which is down slightly from the previous week of 2.88:1, but up from the ratio of 2 weeks ago of 2.59:1.

This week, March corn made a news high weekly close of 3.95, which takes out the recent previous high weekly close of November 10 (3.94 1/4). The weekly close is the highest since the week of July 7, 2014 (3.96 ).

Chicago wheat:

For the week, March Chicago wheat advanced 15.50 cents, May +14.50, July +13.25. The COT report revealed that managed money added 2,719 contracts to their long positions and liquidated 5,478 of their short positions. Commercial interests added 4,677 contracts to their long positions and also added 11,401 to their short positions. As of the latest report, managed money remain short Chicago wheat by ratio of 1.05:1, which is down from the previous week of 1.15:1 and the ratio of 2 weeks ago of 1.15:1.

The current ratio of 1.05:1 is the lowest since the rally in Chicago wheat began in late September. Remarkably, managed money is stubbornly refusing to liquidate even though Chicago wheat prices have advanced from a low of 4.80 on September 25 to a high of 6.11 3/4 on Tuesday, December 2.On October 17, OIA announced that Chicago wheat had generated a short-term buy signal and on November 14 generated an intermediate term buy signal.

March Chicago wheat closed at 5.94 this week, which is the highest weekly close since June 30, 2014 (6.27 1/2).

Kansas City wheat:

For the week, March Kansas City wheat lost 0.75 cents, May +2.25, July +7.75. The COT report revealed that managed money liquidated 159 contracts of their long positions and also liquidated 8,638 of their short positions. Commercial interests liquidated 3,065 contracts of their long positions and added 6,759 to their short positions. As of the latest report, managed money remains long Kansas City wheat by ratio of 2.65:1, which is a huge jump from the previous week of 1.62:1 and the ratio of 2 weeks ago of 1.56:1.

Note the increase in this week’s ratio was due to the liquidation of short positions, not the addition of new long positions.

Thus far in the 4th quarter January soybean meal is the out performer with a gain of 23.20%, March Chicago wheat +21.10%, March corn + 18.44%, March Kansas City wheat +13.80%, January soybeans +12.46%, January soybean oil -1.75%.

Year to date, January soybean meal is the out performer with a gain of 4.54%, March Kansas City wheat -5.40%, March Chicago wheat -8.44%, January soybeans -9.16%, March corn -14.32%, January soybean oil -20.38%.

Cotton:

For the week, March cotton lost 44 points, May -42, July -61. The COT report revealed that managed money added 734 contracts to their long positions and also added 415 to their short positions. Commercial interests added 1,485 contracts to their long positions and also added 1,176 to their short positions. As of the latest report, managed money is short cotton by ratio 1.08:1, which is exactly the same as the previous week (1.08:1), however this is a complete reversal from 2 weeks ago when managed money was long cotton by ratio 1.01:1.

Sugar #11:

For the week, March sugar lost 45 points, May -47, July -46. The COT report revealed that managed money added 2,473 contracts to their long positions and also added 18,694 to their short positions. Commercial interests added 8,968 contracts to their long positions and liquidated 19,481 of their short positions. As of the latest report, managed money is short sugar by ratio of 1.31:1, which is up from the previous week of 1.22:1 and the same as 2 weeks ago of 1.31:1.

Coffee:

For the week, March coffee lost 7.35 cents, May -7.25, July -7.15. The COT report revealed that managed money liquidated 801 contracts of their long positions and added 1,251 to their short positions. Commercial interests added 2,958 contracts to their long positions and liquidated 994 of their short positions. As of the latest report, managed money is long coffee by ratio of 5.98:1, which is down substantially from the previous week of 7.37:1 but about the same as the ratio of 2 weeks ago of 6.00:1.

This past week, March coffee closed at 1.8010, which is the lowest weekly close since July 14, 2014 (1.7965).

Cocoa: March cocoa will generate a short-term buy signal if the low the day is above OIA’s key pivot point for December 5 of 2876.

For the week, March cocoa advanced $47.00, May +40.00, July +39.00. The  COT report revealed that managed money liquidated 18 contracts of their long positions and added 3,096 to their short positions. Commercial interests liquidated 197 contracts of their long positions and added 85 to their short positions. As of the latest report, managed money is long cocoa by ratio of 3.17:1, which is down from the previous week of 3.43:1 and the ratio of 2 weeks ago of 3.43:1.

The current ratio of 3.17:1 is the lowest since the COT report of November 11 when managed money was long cocoa by ratio of 3.11:1.

Thus far in the 4th quarter March cotton is the out performer with a loss of 1.34%, March sugar -7.96%, March coffee -8.79%, March cocoa -11.32%.

Year to date, March coffee is the out performer with a gain of 46.36%, March cocoa +7.72%, March sugar -14.70%, March cotton -24.47%.

Live cattle: On December 3, February live cattle generated a short-term sell signal, but remains on an intermediate term buy signal.

For the week, February live cattle lost 4.35 cents, April -4.70, June -2.78. The COT report revealed that managed money added 812 contracts to their long positions and also added 2,440 to their short positions. Commercial interests liquidated 1,453 contracts of their long positions and also liquidated 1,693 of their short positions. As of the latest report, managed money is long live cattle by ratio of 9.97:1, which is down substantially from the previous week of 12.40:1 and the ratio of 2 weeks ago of 11.28:1.

This past week, February live cattle closed at 1.64 875, which is the lowest weekly close since the week of October 13 (1.64025)

Lean hogs:

For the week, February lean hogs lost 2.60 cents, April -4.65, June -4.25. The COT report revealed that managed money added 1,392 contracts to their long positions and liquidated 222 of their short positions. Commercial interests liquidated 967 of their long positions and also liquidated 1,098 contracts of their short positions. As of the latest report, managed money is long lean hogs by ratio of 4.36:1, which is up from the previous week of 4.22:1, but down from the ratio of 2 weeks ago of 4.43:1.

Thus far in the 4th quarter, April live cattle is the out performer with a gain of 1.42%, February live cattle +0.81%, April lean hogs -4.27%, February lean hogs -5.54%.

Year to date, February live cattle is the out performer with a gain of 24.81%, April live cattle +23.53%, February lean hogs +6.30%, April lean hogs +6.10%.

WTI crude oil:

For the week, January WTI crude oil lost 31 cents, February -30, March -33. The COT report revealed that managed money liquidated 15,703 contracts of their long positions and also liquidated 13,552 of their short positions. Commercial interests added 11,717 contracts to their long positions and also added 15,292 to their short positions. As of the latest report, managed money is long WTI crude oil by ratio of 4.12:1, which is up substantially from the previous week of 3.19:1 and the ratio of 2 weeks ago of 3.62:1.

Heating oil:

For the week, January heating oil lost 5.34 cents, February -4.58, March -4.20. The COT report revealed that managed money added 1,715 contracts to their long positions and liquidated 1,261 of their short positions. Commercial interests liquidated 7,246 contracts of their long positions and also liquidated 10,560 of their short positions. As of the latest report, managed money is short heating oil by ratio of 1.60:1, which is down from the previous week of 1.73:1 but up from the ratio of 2 weeks ago of 1.47:1.

Gasoline:

For the week, January gasoline lost 5.42 cents, February -4.79, March -4.39. The COT report revealed that managed money liquidated 1,860 contracts of their long positions and also liquidated 5,182 of their short positions. Commercial interests added 3,055 to their long positions and also added 2,467 to their short positions. As of the latest report, managed money is long gasoline by ratio of 3.14:1, which is up from the previous week of 2.57:1 and up substantially from the ratio of 2 weeks ago of 2.34:1.

Remarkably, the current ratio of 3.14:1 is the highest since the July 8, 2014 COT report when managed money was long gasoline by ratio of 3.51:1.

This past week, January gasoline made a new contract low of 1.7560, which is the lowest print on monthly continuation chart since October 2009 when November gasoline made a low of 1.6885.It is remarkable that managed money is attempting to pick a bottom in the most vicious bear market in the petroleum complex since 2008-2009. As the pattern of the COT reports show, managed money has been increasing their long exposure during the past 3 reporting weeks: from 2.34:1, 2 weeks ago to 3.14:1 in the current report. In our view, this indicates that gasoline prices have lower to go until the bottom pickers are blown out of the market.

Natural gas: On December 1, January natural gas generated a short and intermediate term sell signal.

For the week, January natural gas lost 28.6 cents, February -26.2, March -25.4. The COT report revealed that managed money liquidated 30,861 contracts of their long positions and added 6,755 to their short positions. Commercial interests added 7,581 contracts to their long positions and also added 5,763 to their short positions. As of the latest report, managed money is now short natural gas by a ratio of 1.01:1, which is a complete reversal from the previous week when managed money was long natural gas by ratio of 1.16:1. Two weeks ago, managed money was long natural gas by ratio of 1.10:1.

Thus far in the 4th quarter, January ethanol is the out performer with a gain of 12.34%, January natural gas -10.79%, January heating oil -21.41%, January gasoline -26.02%, January WTI crude oil -27.12%, January Brent crude oil -28.40%.

Year to date, January ethanol is the out performer with a gain of 6.92%, January natural gas -13.71%, January WTI crude oil -28.59%, January heating oil -29.51%, January gasoline -31.90%, January Brent crude oil -35.10%.

Copper:

For the week, March copper advanced 5.65 cents. The COT report revealed that managed money liquidated 3,403 contracts of their long positions and added 706 to their short positions. Commercial interests added 3,635 to their long positions and liquidated 1,126 of their short positions. As of the latest report, managed money is short copper by ratio of 1.17:1, which is above the previous week’s ratio 1.05:1 and the ratio of 2 weeks ago of 1.05:1.

Palladium:

For the week, March palladium lost $10.60. The COT report revealed that managed money added 204 contracts to their long positions and also added 30 to their short positions. Commercial interests liquidated 530 of their long positions and also liquidated 867 of their short positions. As of the latest report, managed money is long palladium by ratio of 13.09:1, which is down from the previous week of 13.24:1 but up substantially from the ratio of 2 weeks ago of 9.21:1.

Platinum:

For the week, January platinum advanced $8.20. The COT report revealed that managed money added 370 contracts to their long positions and liquidated 3,145 of their short positions. Commercial interests liquidated 574 contracts of their long positions and added 1,634 to their short positions. As of the latest report, managed money is long platinum by ratio of 2.40:1, which is up substantially from the previous week of 1.90:1 and the ratio of 2 weeks ago of 1.71:1.

Gold:

For the week, February gold advanced $14.90. The COT report revealed that managed money added 3,805 contracts to their long positions and liquidated 10,379 of their short positions. Commercial interests liquidated 6,008 contracts of their long positions and added 2,559 to their short positions. As of the latest report, managed money is long gold by ratio of 2.40:1, which is up from the previous week of 1.91:1 and up dramatically from the ratio of 2 weeks ago of 1.68:1.

The current ratio of 2.40:1 is the highest since the COT report of August 26, 2014 when managed money was long gold by ratio of 3.20:1.

Silver:

For the week, March silver gained 70.2 cents. The COT report revealed that managed money liquidated 1,510 contracts of their long positions and also liquidated 7,245 of their short positions. Commercial interests added 1,667 contracts to their long positions and also added 1,812 to their short positions. As of the latest report, managed money is long silver by ratio of 1.55:1, which is up from the previous week of 1.32:1 and the ratio of 2 weeks ago of 1.13:1.

Thus far in the 4th quarter, March palladium is the out performer with a gain of 3.25%, February gold -1.61%, March copper -3.70%, March silver -4.63%, January platinum -6.06%.

Year to date, March palladium is the out performer with a gain of 10.91%, February gold 1.34%, January platinum -11.34%, March copper -13.32%, March silver -16.61%.

Canadian dollar:

For the week, the December Canadian dollar advanced 4 pips. The COT report revealed that leveraged funds liquidated 3,087 contracts of their long positions and also liquidated 3,609 of their short positions. As of the latest report, leveraged funds are short the Canadian dollar by ratio of 3.52:1, which is up from the previous week of 3.06:1 and the ratio of 2 weeks ago of 3.41:1.

Australian dollar:

For the week, the December Australian dollar lost 1.78 cents. The COT report revealed that leveraged funds added 493 contracts to their long positions and also added 8,039 to their short positions. As of the latest report, leveraged funds are short the Australian dollar by ratio of 1.83:1, which is up from the previous week of 1.53:1 and the ratio of 2 weeks ago of 1.56:1.

Swiss franc:

For the week, the December Swiss franc lost 1.28 cents. The COT report revealed that leveraged funds added 460 contracts to their long positions and liquidated 257 of their short positions. As of the latest report, leveraged funds are short the Swiss franc by ratio of 3.51:1, which is down from the previous week of 3.74:1 but up from the ratio of 2 weeks ago of 3.23:1.

British pound:

For the week, the December British pound lost 37 pips. The COT report revealed that leveraged funds liquidated 1,418 contracts of their long positions and added 80 contracts to their short positions. As of the latest report, leveraged funds are short the British pound by ratio of 1.20:1, which is up from the previous week of 1.16:1 and a complete reversal from 2 weeks ago when leveraged funds were long the British pound by ratio of 1.15:1.

Euro:

For the week, the December euro lost 1.47 cents. The COT report revealed that leveraged funds added 2,140 contracts to their long positions and liquidated 6,008 contracts of their short positions. As of the latest report, leveraged funds are short the euro by ratio 3.20:1, which is down from the previous week of 3.44:1 and the ratio of 2 weeks ago of 3.58:1.

Yen:

For the week, the December yen lost 187 pips. The COT report revealed that leveraged funds liquidated 2,768 contracts of their long positions and also liquidated 2,415 of their short positions. As of the latest report, leveraged funds are short the yen by ratio of 3.12:1, which is up from the previous week of 2.96:1 and the ratio of 2 weeks ago of 2.87:1.

Dollar index:

For the week, the December dollar index advanced 95 points. The COT report revealed that leveraged funds added 937 contracts to their long positions and liquidated 84 of their short positions. As of the latest report, leveraged funds are short the dollar index by ratio of 1.10:1, which is down from the previous week of 1.13:1 but up from the ratio of 2 weeks ago of 1.05:1.

Thus far in the 4th quarter, the December dollar index is the out performer with a gain of 3.89%, December Canadian dollar -1.84%, December Swiss franc -2.45%, December euro -2.74%, December British pound -3.77%, December Australian dollar -4.34%, December yen -9.72%.

Year-to-date, the December dollar index is the out performer with a gain of 10.81%, December Australian dollar -4.63%, December British pound -5.66%, December Canadian dollar -6.30%, December Swiss franc -9.47%, December euro -10.92%, December yen -13.53%.

10 year Treasury Note:

This past week, the March 10 year note made a high of 127-155, which is slightly below the high of 127-160 made during the week of October 20. It closed at 125-290 on Friday, which is fractionally below the previous lowest weekly close of 125-300 made during the week of November 3. According to OIA protocols, March notes will generate a short-term sell signal if the high of the day is below OIA’s key pivot point for December 5 of 125-302. Preliminary stats from the exchange show that open interest increased by 34,985 contracts on volume of 1,685,038 contracts, which relative to volume is approximately 20% below average and an open interest increase on a price decline is bearish.According to the current COT report, managed money is short 10 year notes by ratio of 1.48:1.

S&P 500 (250 x):

For the week, the December S&P 500 futures contract advanced 9.80 points. The COT report revealed that leveraged funds added 1,364 contracts to their long positions and also added 2,051 to their short positions. As of the latest report, leveraged funds are short the S&P 500 futures contract by ratio of 1.37:1, which is about the same as the previous week of 1.36:1 and below the ratio of 2 weeks ago of 1.50:1.

Thus far in the 4th quarter, the Russell 2000 cash index is the out performer with a gain of 7.33%, NASDAQ 100 cash index +6.47%, Dow Jones Industrial Average cash index +5.37%, S&P 400 cash index +5.35%, S&P 500 cash index +5.23%, New York Composite cash index +2.50%.

Year to date, the NASDAQ 100 cash index is the out performer with a gain of 20.03%, S&P 500 cash index +12.28%, Dow Jones Industrial Average cash index +8.34%, S&P 400 and +7.58%, New York Composite cash index +5.48%, Russell 2000 cash index +1.61%.