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The time frame for the current Commitments of Traders report is from Wednesday, January 21 through Tuesday, January 27.

Soybeans:

For the week, March soybeans lost 11.75 cents, May-11.75, July -12.50. The COT report revealed that managed money liquidated 11,699 contracts of their long positions and added 9,756 to their short positions. Commercial interests added 36,091 contracts to their long positions and also added 11,668 contracts to their short positions. As of the latest report, managed money is now short soybeans by ratio of 1.06:1, which is a complete reversal from the previous week when they were long by ratio 1.18:1 and the ratio of two weeks ago of 1.43:1.

Soybean Meal:

For the week, March soybean meal lost $1.60, May +30 cents, July -10. The COT report revealed that managed money added 1,688 contracts to their long positions and liquidated 2,672 contracts of their short positions.Commercial interests added 5,257 contracts to their long positions and also added 12,437 to their short positions. As of the latest report, managed money is long soybean meal by a ratio of 2.22:1, which is up from the previous week of 2.01:1 and the ratio two weeks ago of 2.16:1.

Soybean Oil:

For the week, March soybean oil lost 1.60 cents, May -1.55, July -1.53. The COT report revealed that managed money liquidated 10,518 contracts of their long positions and added 18,255 to their short positions. Commercial interest added 17,206 contracts to their long positions and liquidated 14,627 contracts of their short positions. As of the latest report, managed money is long soybean oil by ratio of 1.47:1, which is down substantially from the previous week of 2.60:1 and the ratio two weeks ago a 2.44:1.

The current ratio of 1.47:1 is the lowest since the COT tabulation date of December 23, 2014 when managed money was long by a ratio of 1.39:1.In previous weekend reports, we speculated that the massive increase in the net long position of managed money in soybean oil was due to index fund buying. However, the massive shift in the net long position in this week’s report disproves this.

Corn:

For the week, March corn lost 16.75 cents, May -16.75, July -16.75. The COT report revealed that managed money liquidated 22,272 contracts of their long positions and added 10,461 to their short positions. Commercial interests added 2,762 contracts to their long positions and liquidated 21,527 contracts of their short positions. As of the latest report, managed money is long corn by ratio 2.46:1, which is down from the previous week of 2.98:1 and down substantially from the ratio two weeks ago a 3.15: 1.

Chicago wheat:

For the week, March Chicago wheat lost 27.25 cents, May -26.00, July -25.00. The COT report revealed that managed money liquidated 4,678 contracts of their long positions and added 6,629 contracts to their short positions. Commercial interest added 75 contacts to their long positions and liquidated 2,898 of their short positions. As of the latest report, managed money is short Chicago wheat by ratio of 1.18:1, which is up from the previous week of 1.02:1 and a complete reversal from the ratio of two weeks ago when managed money was long by ratio of 1.15:1.

Kansas City wheat:

For the week, March Kansas City wheat lost 23.75 cents, May -26.75, July -26.00. The COT report revealed that managed money liquidated 527 contracts of their long positions and added 4,019 to their short positions. Commercial interest added 5,275 contracts to their long positions and also added 719 contracts to their short positions. As of the latest report, managed money is long Kansas City wheat by ratio of 1.56:1, which is down from the previous week of 1.95:1 and down dramatically from the ratio two weeks ago at 2.45:1.

Year to date, March soybean meal is the out performer with a loss of 5.09%, March soybeans -6.11%, March soybean oil -6.66%, March corn -6.80%, March Kansas City wheat -13.77 present, March Chicago wheat -14.75%.

Cotton:

For the week, March cotton advanced 2.06 cents, May +1.82, July +1.74. The COT report revealed that managed money added 2,364 contracts to their long positions and also added 3,540 to their short positions. Commercial interest added 2,652 contracts to their long positions and liquidated 53 of their short positions. As of the latest report, managed money is short cotton by a ratio of 1.11:1, which is the same as the previous week of 1.11:1, but a complete reversal from two weeks ago when managed money was long cotton by a ratio of 1.15:1.

Sugar #11:

For the week, March sugar lost 38 points, May -45, July -45. The COT report revealed that manage money liquidated 1,455 contracts of their long positions and liquidated a massive 33,651  of their short positions. Commercial interests added 11,559 contracts to their long positions and also added a large 34,721 to their short positions. As of the latest report, managed money is now long sugar by ratio of 1.02:1, which is a complete reversal from the previous week when managed money was short by ratio of 1.19:1 and the ratio two weeks ago 1.31:1.

Note the first net long position held by managed money in many months is the result of shorts liquidating, not new buying.

Coffee: 

For the week, March coffee lost 55 ticks, May -50, July -45. The COT report revealed that managed money liquidated 1,220 contracts of their long positions and added 4,106 to their short positions. Commercial interest added 1,382 contracts to their long positions and liquidated 3,288 of their short positions. As of the latest report, managed money as long coffee by ratio 2.13:1, which is down substantially from the previous week of 2.90:1 and down dramatically from the ratio two weeks ago of 3.52:1.

During the past three COT reporting periods (January 13, January 20, January 27), commercial interests have been adding to their long positions and liquidating short positions. The January 13 report showed that commercials added 4,777 contracts to long positions and also added 1,757 contracts to shorts. The January 20 report revealed that commercial interests added 1,236 contracts to long positions and liquidated 3,051 of their short positions. In summary, commercial interests have added 7,395 contracts to their long positions and liquidated 4,582 of their short positions during the past three reporting periods.

We think it is only a matter of time before coffee begins its move higher. March coffee remains on a short and intermediate term sell signal. Stand aside.

Cocoa:

For the week, March cocoa lost $62.00, May -58.00, July -58.00. The COT report revealed that managed money liquidated 15,757 contracts of their long positions and also liquidated 4,489 of their short positions. Commercial interests added 10,101 contracts to their long positions and liquidated 12,385 contracts of their short positions. As of the latest report, managed money is long cocoa by a stratospheric ratio of 5.28:1, which is up from the previous week of 4.76:1 and up dramatically from the ratio of two weeks ago of 4.31:1.

The ratio of 5.28:1 was the result of a large liquidation of short positions, which represented a large percentage of outstanding short positions held by managed money. Note that commercial interests were doing the opposite of managed money. Note that managed money is much more bullish on cocoa compared to coffee despite cocoa’s massive under performance year to date.

Year to date, March sugar is the out performer with a gain of 1.86%, March cotton -1.51%, March coffee -2.82%, March cocoa -7.46%.

Live Cattle:

For the week, February live cattle advanced 4.50 cents, April +3.47, June +1.85. The COT report revealed that managed money liquidated 4,908 contracts of their long positions and added 2,662 to their short positions. Commercial interests added 2,703 contracts to their long positions and liquidated 4,179 of their short positions. As of the latest report, managed money is long live cattle by ratio of 9.73:1, which is down dramatically from the previous week of 16.53:1 and the ratio of two weeks ago of 15.47:1.

Lean Hogs:

For the week, February lean hogs lost 1.83 cents, April +1.60, June +3.90. The COT report revealed that managed money added 1,463 contracts to their long positions and also added 635 to their short positions. Commercial interest liquidated 2,306 contracts of their long positions and also liquidated 6,314 of their short positions. As of the latest report, managed money is long lean hogs by ratio 2.27:1, which is the same as the previous week’s ratio of 2.27:1, but slightly above the ratio of two weeks ago of 2.21:1.

Year to date, February live cattle is the out performer with a loss of 6.17%, April live cattle -6.98%, April lean logs -12.85%, February lean logs -16.72%.

WTI crude oil:

For the week, March WTI crude oil advanced $2.65, April +1.88, May +2.19. The COT report revealed that managed money added 15,339 contracts to their long positions and also added 17,301 to their short positions. Commercial interest added 31,710 contracts to their long positions and also added 40,313 to their short positions. As of the latest report, managed money as long WTI crude oil by ratio of 2.75:1, which is down from the previous week of 3.08:1 and down from the ratio of two weeks ago a 3.03:1.

The current ratio of 2.75 is the lowest of the bear market.

Heating Oil:

For the week, March heating oil advanced 7.97 cents, April +8.52, May 8.68. The COT report revealed that managed money liquidated 2,581 contracts of their long positions and also liquidated 1,767 contracts of their short positions. Commercial interests added 10,356 contracts to their long positions and also added 15,573 to their short positions. As of the latest report, managed money is short heating oil by ratio 1.76:1, which is up from the previous week of 1.69:1 and the ratio two weeks ago of 1.59:1.

Gasoline:

For the week, March gasoline advanced 10.63 cents, April +11.86, May +11.85. The COT report revealed that managed money added 7,845 contracts to their long positions and liquidated 5,765 their short positions. Commercial interest liquidated 5,292 contracts of their long positions and added 4,072 to their short positions. As of the latest report, managed money is long gasoline by a ratio of 2.86:1, which is up substantially from the previous week of 2.18:1 and the ratio two weeks ago at 2.14:1.

Natural Gas:

For the week, March natural gas declined 26.7 cents, April -23.6, May -23.2. The COT report revealed that managed money liquidated 5,072 contracts of their long positions and added 2,870 to their short positions. Commercial interest liquidated 5,646 contracts of their long positions and also liquidated 3,938 of their short positions. As of the latest report, managed money is short natural gas by a ratio of 1.26:1, which is up from the previous week of 1.22:1 and the ratio two weeks ago of 1.19:1.

Year to date, March gasoline is the out performer with a loss of 2.40%, March heating oil -6.44%, March natural gas -8.48%, March Brent crude oil -10.64%, March WTI crude oil -12.16%, March ethanol -15.98%.

Copper:

For the week, March copper lost 70 ticks. The COT report revealed that managed money liquidated 56 contracts of their long positions and added 4,888 to their short positions. Commercial interests added 3,589 contacts to their long positions and also added 462 to their short positions. As of the latest report, managed money is short copper by a ratio of 1.37:1, which is up substantially from the previous week of 1.23:1 and the ratio of two weeks ago of 1.26:1.

The current ratio of 1.37:1 is the highest since OIA announced that March copper generated a short-term sell signal on November 5. On November 5, March copper closed at $3.0040. On January 27, the day of the COT tabulation copper closed at 2.4795.

Palladium:

For the week, March palladium lost $2.70. The COT report revealed that managed money added 101 contracts to their long positions and also added 19 contracts to their short positions. Commercial interests added 120 contracts to their long positions and liquidated 714 of their short positions. As of the latest report, managed money as long palladium by ratio 8.70:1, which is down slightly from the previous week of 8.73:1 and down dramatically from the ratio of two weeks ago of 11.76:1.

Platinum:

For the week, April platinum lost $30.50. The COT report revealed that managed money liquidated 1,392 contracts of their long positions and also liquidated 2,672 of their short positions. Commercial interest liquidated 592 contracts of their long positions and added 725 to their short positions. As of the latest report, managed money is long platinum by ratio 3.75:1, which is up dramatically from the previous week of 2.99:1 and the ratio two weeks ago 2.34:1.

Gold:

For the week, April gold lost $14.40. The COT report revealed that managed money added 17,508 contracts of their long positions and liquidated 6,388 of their short positions. Commercial interest liquidated 4,696 contracts of their long positions and added 6,178 to their short positions. As of the latest report, managed money as long gold by a stratospheric 8.71:1, which is up dramatically from the previous week of 5.93:1 and slightly more than double the ratio two weeks ago of 4.37:1.

The current ratio of 8.71:1 exceeds that of the COT report of July 8, 2014 when managed money was long by a ratio of 7.39:1.Additionally it exceeds the ratio of 8.49:1 made during the COT tabulation date of March 18, 2014. In reviewing our records for 2014, the current ratio of 8.71:1 is the highest for 2014 and 2015. 

Silver:

For the week, March silver lost $1.092. The COT report revealed that managed money added 1,714 contracts to their long positions and liquidated 4,164 of their short positions. Commercial interest liquidated 433 contracts of their long positions and added 1,887 to their short positions. As of the latest report, managed money as long silver by a ratio of 6.43:1, which is up dramatically from the previous week of 4.02:1 and more than 2 1/4 times the ratio of two weeks ago of 2.74:1.

Year to date, March silver is the out performer with a gain of 10.08%, April Gold +8.52%, April platinum +2.51%, March palladium -3.23%, March copper -11.41%.

Canadian dollar:

For the week, the March Canadian dollar lost 1.60 cents. The COT report revealed that leverage funds added 3,644 contracts to their long positions and also added 1,866 to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 2.41:1, which is down from the previous week of 2.84:1 and the ratio two weeks ago up 2.72:1.

Australian dollar:

For the week, the March Australian dollar lost 1.39 cents. The COT report revealed that leverage funds added 7,326 contracts to their long positions and also added 3,500 to their short positions. As of the latest report, leveraged funds are short the Australian dollar by a ratio of 2.65:1, which is down dramatically from the previous week of 4.03:1 and the ratio two weeks ago a 3.26:1.

Swiss Franc:

For the week, the March Swiss franc lost 5.11 cents. The COT revealed that leveraged funds added 836 contracts to their long positions and liquidated 2,050 of their short positions. As of the latest report, leveraged funds are short the Swiss franc by a ratio of 1.74:1, which is down from the previous week of 2.09:1 and down dramatically from the ratio of two weeks ago of 4.60:1.

British Pound:

For the week, the March British pound advanced 42 pips. The COT report revealed that leveraged funds added 1,004 contracts to their long positions and also added 1,885 to their short positions. As of the latest report, leveraged funds are short the British pound by a ratio of 1.71:1, which is exactly the same as the previous week of 1.71:1, but above the ratio two weeks ago of 1.33:1.

Euro:

For the week, the March euro advanced 45 pips. The COT report revealed that leveraged funds liquidated 4,520 of their long positions and also liquidated 10,274 of their short positions. As of the latest report, leveraged funds are short the euro by a ratio of 5.98:1, which is up in the previous week of 5.46:1 and the ratio of two weeks ago a 5.43:1.

Yen:

For the week, the March Yen advanced 15 pips. The COT report revealed that leveraged funds added 385 contracts to their long positions and liquidated 13,565 of their short positions. As of the latest report, leveraged funds are short by a ratio of 4.94:1, which is down substantially from the previous week of 5.98:1 and down dramatically from the high ratio of 8.17:1.

Dollar index:

For the week, the March dollar index lost six points. The COT report revealed that leveraged funds liquidated 5,665 contracts of their long positions and also liquidated 1,539 of their short positions. As of the latest report, leverage funds are long the dollar index by a ratio of 1.13:1, which is down from the previous week of 1.25:1 and the ratio two weeks ago of 1.26:1.

Year to date, the March Swiss franc is the out performer with a gain of 8.48%, March dollar index +4.82%, March Yen +2.10%, March British pound -3.32%, March Australian dollar -4.43%, March euro -6.72%, March Canadian dollar -8.42%.

S&P 500 (250 x): On January 6, the March S&P E mini generated a short term sell signal. An intermediate term sell signal will be generated if the high of the day is below OIA’s key pivot point for January 31 of 2005.70.

For the week, the March S&P 500 futures contracts lost 55.50 points. The COT report revealed that leveraged funds added 1,550 contracts to their long positions and also added 560 to their short positions. As of the latest report, leveraged funds are long the S&P 500 futures contract by a ratio of 1.17:1, which is up in the previous week of 1.06:1 and a complete reversal from the ratio of two weeks ago when leverage funds were short the S&P 500 futures contract by a ratio of 1.24:1.

Year to date, the S&P 400 cash index is the out performer with a loss of 1.19%, NASDAQ 100 cash index -2.07%, New York Composite cash index -2.79%, S&P 500 cash index -3.10%, Russell 2000 cash index -3.26%, Dow Jones Industrial Average cash index – 3.69%.