For Bloomberg access:{OIAR<GO>}

The time frame for the current Commitments of Traders report is from Wednesday, February 4 through Tuesday, February 10.

Soybeans:

For the week, March soybeans gained 17.00 cents, May +14.75, July +14.50. The COT report revealed that managed money liquidated 12,080 contracts of their long positions and added 7,221 to their short positions. Commercial interests added 4,748 contracts to their long positions and liquidated 4,764 of their short positions. As of the latest report, managed money is now short soybeans by a ratio of 1.09:1, which is a complete reversal from the previous week when they were long by a ratio of number 1.13:1. Two weeks ago, managed money was short by a ratio of 1.06:1.

Managed money is being whipsawed by the market and the weekly changes in net long/short positions reveal this. March soybeans remain on a short and intermediate term sell signal, and therefore should be traded from the short side only.

Soybean meal:

For the week, March soybean meal gained $2.90, May +2.90, July +2.90. The COT report revealed that managed money liquidated 9,527 contracts of their long positions and added 4,559 to their short positions. Commercial interest added 2,524 contracts to their long positions and liquidated 12,798 of their short positions. As of the latest report, managed money as long soybean meal by a ratio of 1.46:1, which is down substantially from the previous week of 1.89:1 and the ratio of two weeks ago of 2.22:1.

The current ratio of 1.46:1 is the lowest of the current bear market and is lower than the ratio derived from the COT report of October 7, 2014 when managed money was long by a ratio of 1.78:1. On October 1, March soybean meal made its contract low of $292.10. In short, managed money is now more bearish on soybean meal than they were when prices were considerably lower. This is a bit troubling because it signifies that managed money is overly bearish at this juncture, which may be a harbinger of a rally.

Soybean oil:

For the week, March soybean oil gained 58 points, May +55, July +54. The COT report revealed that managed money liquidated 3.347 contracts of their long positions and also liquidated 13,943 of their short positions. Commercial interest liquidated 5.657 of their long positions and added 1.532 to their short positions. As of the latest report, managed money is now long soybean oil by ratio 1.17:1, which is a complete reversal from the previous week when they were short by ratio of 1.02:01. Two weeks ago managed money was long soybean oil by ratio 1.47:1.

Corn:

For the week, March corn gained 1.50 cents, May +1.25, July +1.25. The COT report revealed that managed money liquidated 20,490 contracts of their long positions and also liquidated 14,409 of their short positions. Commercial interests added 17,982 contracts to their long positions and also added 10,777 to short positions. As of the latest report, managed money is long corn by ratio 1.66:1, which is up fractionally from the previous week of 1.64:1, but down substantially from the ratio two weeks ago of 2.46:1.

The current ratio of 1.66:1 is the lowest since the COT report of October 21, 2014 when managed money was long corn by a ratio of 1.61:1.

Chicago wheat:

For the week, March Chicago wheat gained 6.00 cents, May +0.25, July +1.00. The COT report revealed that managed money liquidated 3,351 of their long positions and also liquidated 5,979 of their short positions. Commercial interests liquidated 10,638 contracts of their long positions and also liquidated 3,696 of their short positions. As of the latest report, managed money is short Chicago wheat by ratio of 1.38:1, which is down slightly from the previous week of 1.40:1, but above the ratio of two weeks ago of 1.18:1.

Kansas City wheat:

For the week, March Kansas City wheat gained 1.00 cent, May +1.25, July +1.25. The COT report revealed that managed money liquidated 775 of their long positions and also liquidated 1,246 of their short positions. Commercial interests liquidated 5,095 of their long positions and also liquidated 3,493 of their short positions. As of the latest report, managed money is long Kansas City wheat by ratio 1.50:1, which is up slightly from the previous week of 1.46: 1, but down from the ratio of two weeks ago of 1.56:1.

Year-to-date, March soybean oil is the out performer with a gain of 0.81%, March corn -2.46%, March soybeans -3.22%, March soybean meal -4.40%, March Chicago wheat -9.62%, March Kansas City wheat -10.18%.

Cotton:

For the week, March cotton gained 1.11 cents, May +1.69, July +1.40. The COT report revealed that managed money added 1,199 contracts to their long positions and liquidated 13,111 of their short positions. Commercial interest liquidated 1,857 of their long positions and added 23,526 to their short positions. As of the latest report, managed money is long cotton by a ratio of 1.74:1, which is up substantially from the previous week of 1.20:1, and a complete reversal from two weeks ago when managed money was short cotton by ratio 1.11:1.

Note that the increase in this week’s ratio was due primarily to the substantial liquidation of short positions, rather than the addition of long positions.

Sugar #11:

For the week, March sugar gained 37 points, May +26, July + 24. The COT report revealed that managed money liquidated 2,188 of their long positions and added 418 to their short positions. Commercial interests added 8,278 to their long positions and also added 4,218 to their short positions. As of the latest report, managed money is short sugar by ratio 1.21:1, which is up fractionally from the previous week of 1.19:1, and a complete reversal from two weeks ago when managed money was long sugar by ratio 1.02:1.

Coffee:

For the week, March coffee lost 3.65 cents, May -3.10, July -3.10. The COT report revealed that managed money added 2,973 to their long positions and also added 2,209 to their short positions. Commercial interests liquidated 2,917 of their long positions and added 910 to their short positions. As of the latest report, managed money is long coffee by ratio 1.76:1, which is down from the previous week of 1.81:1 and the ratio two weeks ago of 2.13:1.

The current ratio of 1.76:1 is the lowest since the COT report of February 11, 2014 when managed money was long coffee by ratio 1.67:1.

Cocoa: On February 12, May cocoa generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, March cocoa gained $194.00, May +149.00, July +140.00. The COT report revealed that managed money liquidated 5,769 contracts of their long positions and also liquidated 2,040 of their short positions. Commercial interests liquidated 2,495 of their long positions and also liquidated 2,577 of their short positions. As of the latest report, managed money is long cocoa by ratio 3.90:1, which is up in the previous week of 3.75:1, but down sharply from the ratio two weeks ago a 5.28:1.

Year to date, May cotton is the out performer with a gain of 4.03%, May sugar +2.48%, May cocoa +2.03%, May coffee -2.04%.

Live cattle:

For the week, April live cattle gained 2.20 cents, June +1.77, August +88 points. The COT report revealed that managed money liquidated 2,235 of their long positions and added 1,863 to their short positions. Commercial interests liquidated 484 of their long positions and also liquidated 3,698 of their short positions. As of the latest report, managed money is long live cattle by ratio of 4.37:1, which is down from the previous week’s ratio of 5.13:1 and down dramatically from the ratio two weeks ago of 9.73:1.

The current ratio of 4.37:1 is the lowest recorded during the current bear market.

Lean Hogs:

For the week, April lean hogs lost 3.25 cents, June -93 points, August -30. The COT report revealed that managed money added 2,061 to their long positions and also added 854 to their short positions. Commercial interests liquidated 249 of their long positions and also liquidated 2,336 of their short positions. As of the latest report, managed money is long lean hogs by ratio 2.31:1, which is exactly the same as the previous week of 2.31:1, and slightly above the ratio two weeks ago at 2.27:1.

Year to date, June live cattle was the out performer with a the loss of 6.14%, April live cattle -6.40%, June lean hogs -12.50%, April lean hogs -20.36%.

WTI crude oil: On February 13, March and April WTI crude oil generated short-term buy signals, but remain on  intermediate term sell signals.

For the week, March WTI crude oil gained $1.09, April +1.17, May +1.30. The COT report revealed that managed money liquidated 10,512 contracts of their long positions and also liquidated 12,119 of their short positions.Commercial interests liquidated 1,796 of their long positions and also liquidated 12,568 of their short positions. As of the latest report, managed money is long WTI crude oil by ratio 2.85:1, which is up from the previous week of 2.65:1 and the ratio two weeks ago up 2.75:1.

Heating oil:

For the week, March heating oil gained 13.23  cents, April +10.82, May+.9.93. The COT report revealed that managed money liquidated 5,078 of their long positions and also liquidated 1,074 of their short positions. Commercial interests added 11,521 to their long positions and also added 13,490 to their short positions. As of the latest report, managed money is short heating oil by a ratio of 1.99:1, which is up in the previous week of 1.75:1 in the ratio two weeks ago of 1.76:1.

The current ratio of 1.99:1 is the highest of the bear market, which began in July 2014. In short, managed money is not liquidating as the market is moving higher.

Gasoline:

For the week, March gasoline gained 6.71 cents, April +5.55, May +5.23. The COT report revealed that managed money added 2,601 to their long positions and also added 1,071 to their short positions. Commercial interests liquidated 508 contracts of their long positions and liquidated 3,870 of their short positions. As of the latest report, managed money is long gasoline by ratio 2.70:1, which is unchanged from the previous week of 2.70:1, but below the ratio two weeks: 2.86:1.

Natural gas:

For the week, March natural gas gained 22.5 cents, April +21.0, May +20.8. The COT report revealed that managed money added 2,476 to their long positions and liquidated 1,330 of their short positions. Commercial interest liquidated 13,249 of their long positions also liquidated 12,427 of their short positions. As of the latest report, managed money is short natural gas by ratio 1.29:1, which is down slightly from the previous week of 1.31:1, but up slightly from the ratio of two weeks ago of 1.26:1.

Year to date, March heating oil is the out performer with a gain of 9.25%, March gasoline +7.74%, April Brent crude oil -2.39%, March WTI crude oil -3.32%, March natural gas -4.24%, March ethanol -11.37%.

Copper:

For the week, March copper gained 1.95 cents. The COT report revealed that managed money liquidated 1,210 of their long positions and added 2,558 to their short positions. Commercial interests liquidated 1,585 of their long positions and added 771 to their short positions. As of the latest report, managed money is short copper by ratio 1.39:1, which is above the previous week’s ratio of 1.27:1 and the ratio of two weeks ago of 1.37:1.

Palladium:

For the week, March palladium gained $13.15. The COT report revealed that managed money liquidated 336 of their long positions and added 400 to their short positions. Commercial interests liquidated 44 of their long positions and added 9 contracts to their short positions.As of the latest report, managed money is long palladium by a ratio of 6.73:1, which is down from the previous week of 7.89:1 and the ratio two weeks ago of 8.70:1.

Platinum: 

For the week, April platinum lost $14.10. The COT report revealed that managed money liquidated 577 of their long positions and added 506 to their short positions. Commercial interests added 866 to their long positions and liquidated 1,621 of their short positions.As of the latest report, managed money is long platinum by a ratio of 3.03:1, which is down from the previous week of 3.25:1 and the ratio of two weeks ago of 3.75:1.

Gold:

For the week, April gold lost $7.50. The COT report revealed that managed money liquidated 26,475 of their long positions and added 2,314 to their short positions. Commercial interests liquidated 4,030 of their long positions and also liquidated 16,110 of their short positions. As of the latest report, managed money as long gold by a ratio of 6.61:1, which is down sharply from the previous week of 8.81:1 and the ratio of two weeks ago of 8.71:1.

Silver:

For the week, March silver gained 60.0 cents. The COT report revealed that managed money added 648 contracts to their long positions and also added 1,603 to their short positions. Commercial interests liquidated 170 contracts of their long positions and also liquidated 852 of their short positions.As of the latest report, managed money is long silver by a ratio of 4.56:1, which is down from the previous week of 5.29:1 and the ratio of two weeks ago of 6.43:1.

Year to date, March silver is the out performer with a gain of 10.34%, April gold +3.70%, April platinum +0.17%, March palladium -0.81%, March copper -7.87%.

Canadian dollar:

For the week, the March Canadian dollar gained 39 pips. The COT report revealed that leverage funds liquidated 4,944 of their long positions and added 4,252 to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 4.29:1, which is up substantially from the previous week of 2.79:1 and the ratio of two weeks ago of 2.41:1.

Australian dollar:

For the week, the March Australian dollar lost 27 pips. The COT report revealed that leverage funds liquidated 4,346 of their long positions and also liquidated 5,578 of their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 3.65:1, which is up from the previous week of 3.10:1 and the ratio of two weeks ago of 2.65:1.

Swiss Franc:

For the week, the March Swiss franc lost 73 pips. The COT report revealed that leverage funds liquidated 3,518 of their long positions and also liquidated 2,801 of their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 1.80:1, which is up from the previous week of 1.47:1 and the ratio of two weeks ago of 1.74:1.

British Pound: On February 13, the March British pound generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, the March British pound gained 1.60 cents. The COT report revealed that leverage funds liquidated 2,076 of their long positions and also liquidated 2,803 of their short positions. As of the latest report, leverage funds are short the British pound by a ratio of 1.73:1, which is up slightly from the previous week of 1.71:1 and the ratio of two weeks ago of 1.71:1.

Euro:

For the week, the March euro gained 72 pips. The COT report revealed that leverage funds added 1,262 to their long positions and also added 4,686 to their short positions. As of the latest report, leverage funds are short the euro by a ratio of 7.05:1, which is down from the previous week of 7.22:1, but up substantially from the ratio of two weeks ago of 5.98:1.

Yen: On February 11, the March Yen generated a short term sell signal, which reversed the short-term buy signal of January 14. It remains on an intermediate term sell signal.

For the week, the March yen gained 24 pips. The COT report revealed that leverage funds added 1,477 to their long positions and also added 5,903 to their short positions. As of the latest report, leverage funds are short the yen by a ratio of 5.51:1, which is down from the previous week of 5.68:1, but up from the ratio of two weeks ago of 4.94:1.

Dollar index:

For the week, the March dollar index lost 58 points. The COT report revealed that leverage funds liquidated 9,007 of their long positions and also liquidated 10,998 of their short positions. As of the latest report, leverage funds are long the dollar index by a ratio of 1.36:1, which is up from the previous week of 1.16:1 and the ratio of two weeks ago 1.12:1.

Year to date, the March Swiss Franc is the out performer with a gain of 6.54%,March dollar index +3.99%, March Yen +0.83%, March British pound -1.16%, March Australian dollar -4.59%, March euro -5.87%, March Canadian dollar -6.66%.

S&P 500 (250 x): On February 11, the March S&P 500 E mini generated a short-term buy signal, which reverses the short term sell signal of January 6. It remains on an intermediate term buy signal.

For the week, the March  S&P 500 futures contract gained 40.40 points. The COT report revealed that leverage funds added 511 contracts to their long positions and liquidated 1,204 of their short positions. As of the latest report, leverage funds are long the S&P 500 futures contract by ratio of 1.46:1, which is up from the previous week of 1.12:1 and the ratio of two weeks ago of 1.17:1.

Year to date, the NASDAQ 100 cash index is the out performer with a gain of 3.49%, S&P 400 cash index +3.47%, New York Composite cash index +1.88, S&P 500 cash index +1.85%, Russell 2000 cash index +1.53%, Dow Jones Industrial Average cash index +1.10%.