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The time frame for the current Commitments of Traders report is from Wednesday, April 15 through Tuesday, April 21.

Soybeans:

For the week, May soybeans advanced 1.00 cents, July -0.75, new crop November -0.25. The COT report revealed that managed money added 5,982 to their long positions and liquidated 23,164 contracts of their short positions. Commercial interest liquidated 34,983 contracts of their long positions and also liquidated 10,947 of their short positions. As of the latest report, managed money is short soybeans by ratio of 1.36:1, which is down sharply from the previous week of 1.81:1 (the high short ratio thus far in the bear market), but up slightly from the ratio of two weeks ago of 1.32:1.

Soybean meal:

For the week, May soybean meal lost 40 cents, July -1.40, new crop December -1.20. The COT report revealed that managed money added 5,295 contracts to their long positions and liquidated 1,859 of their short positions. Commercial interests added 13 contracts to their long positions and also added 7,200 to their short positions. As of the latest report, managed money is short soybean meal by ratio of 1.20:1, which is down from the previous week’s ratio of 1.38:1 (the high short ratio thus far in the bear market), but a complete reversal from the ratio of two weeks ago when managed money was long soybean meal by a ratio of 1.03:1.

Soybean oil:

For the week, May soybean oil gained 15 points, July +13, new crop December +27. The COT report revealed that managed money liquidated 2,464 of their long positions and also liquidated 6,277 of their short positions. Commercial interests liquidated 3,629 of their long positions and added 9,369 to their short positions. As of the latest report, managed money is long soybean oil by a ratio of 1.42:1, which is up from the previous week up 1.30:1 and the ratio of two weeks ago of 1.11:1.

Corn:

For the week, May corn lost 15.25 cents, July -17.00, new crop December -15.00. The COT report revealed that managed money liquidated 10,978 contracts of their long positions and added 5,621 to their short positions. Commercial interests liquidated 7,822 of their long positions and also liquidated 28,038 of their short positions. As of the latest report, managed money is short corn by a ratio of 1.51:1, which is an increase from the previous week of 1.38:1 and up sharply from the ratio of two weeks ago of 1.03:1.

The current short ratio of 1.51:1 is the highest recorded during the course of the bear market, and is a complete reversal from the ratio recorded per the October 7, 2014 COT report when managed money was long corn by ratio of 1.22:1. Managed money currently is massively short corn even though the July contract is trading 6.56% above the October 1, 2014 contract low of 3.47 when managed money was net long. 

Chicago wheat:

For the week, May Chicago wheat lost 8.50 cents, July -0.75, new crop December +1.25. The COT report revealed that managed money liquidated 3,707 of their long positions and added 9,153 to their short positions. Commercial interests liquidated 3,382 of their long positions and also liquidated 5,471 of their short positions. As of the latest report, managed money is short Chicago wheat by a ratio of 2.95:1, which is up from the previous week of 2.57:1 and the ratio two weeks ago a 2.33:1.

The current short ratio of 2.95:1 is the highest recorded during the bear market, and this includes when Chicago wheat made its continuation contract low of 4.66 1/4 on September 25, 2014. OIA recorded a short ratio of 1.77:1 in the COT report of September 30, 2014 when prices were approximately 18 cents lower.

To put the ratios in perspective consider the net short position of managed money in the September 30, 2014 report was 66,611 contracts and in the current report is 95,820. In summary, managed money is far more bearish today than they were back in late September when prices were trading approximately 4% lower. The contract low for July 2015 Chicago wheat occurred on March 6, 2015 (4.84 1/2). Although, the fundamentals for Chicago wheat look terrible, we strongly suggest that clients taper their bearishness and not press the short side.

Kansas City wheat:

For the week, May Kansas City wheat lost 7.00 cents, July -7.25, new crop December -6.50. The COT report revealed that managed money added 1,829 contracts to their long positions and also added 11,817 to their short positions. Commercial interests added 1,155 to their long positions and liquidated 5,154 of their short positions. As of the latest report, managed money is short Kansas City wheat by ratio of 1.42:1, which is up substantially from the previous week of 1.06:1 and a complete reversal from two weeks ago when managed money was long Kansas City wheat by ratio of 1.33:1.

The current ratio is the highest recorded during the bear market. Additionally, May, July and December 2015 Kansas City wheat recorded new contract lows of 5.00 3/4, 5.06 1/4 and 5.36 1/4 respectively.

Year to date, July soybean oil is the out performer with a loss of 2.12%, July soybeans -6.39%, July soybean meal -7.66%, July corn -10.36%, July Chicago wheat -18.24%, July Kansas City wheat -20.17%.

Thus far in the second quarter, July soybean oil is the out performer with the gain of 4.05%, July soybeans -0.72%, July soybean meal -3.66%, July corn -3.77%, July Chicago wheat -4.96%, July Kansas City wheat -9.98%.

Cotton: On April 21, July cotton generated a short-term sell signal, and this was reversed on April 24 when July cotton generated a short-term buy signal. July cotton remains on intermediate-term buy signal. 

For the week, July cotton advanced 3.05 cents, new crop December +1.98, March 2016 +1.68. The COT report revealed that managed money liquidated 11,990 contracts of their long positions and added 3,416 to their short positions. Commercial interests added 414 contracts to their long positions and liquidated 16,002 of their short positions. As of the latest report, managed money is long cotton by a ratio of 2.44:1, which is down sharply from the previous week of 3.46:1 and only slightly lower than the ratio of two weeks ago of 2.48:1.

The July 2015-December 2015 spread closed at a 72 point premium to July in this week’s trading.

Sugar #11: On April 21, July sugar generated a short-term sell signal, which reversed the April 17 short-term buy signal. July sugar remains on an intermediate term sell signal.

For the week, May sugar gained 1 point, July +1, October +1. The COT report revealed that managed money added 3023 contracts to their long positions and liquidated 13,144 other short positions. Commercial interest liquidated 11,892 contracts of their long positions and also liquidated 6735 of their short positions. As of the latest report, managed money is short sugar by ratio of 1.49:1, which is down from the previous week of 1.62:1 and the ratio two weeks ago of 1.76:1.

Coffee:

For the week, July coffee gained 75 ticks, September +80, December +1.10 cents. The COT report revealed that managed money added 2,269 to their long positions and liquidated 2,101 of their short positions. Commercial interests liquidated 8,208 of their long positions and also liquidated 3,387 of their short positions. As of the latest report, managed money is short coffee by a ratio of 1.12:1, which is down from the previous week of 1.26:1 and the ratio of two weeks ago of 1.16:1.

Cocoa:

For the week, July cocoa advanced $44.00, September +39.00, December +36.00. The COT report revealed that managed money liquidated 3,145 of their long positions and also liquidated 5,827 of their short positions. Commercial interest liquidated 7,436 of their long positions and also liquidated 4,072 of their short positions. As of the latest report, managed money is long cocoa by a ratio of 2.15:1, which is up from the previous week of 1.79:1 and the ratio of two weeks ago of 1.68:1.

Year to date, July cotton is the out performer with a gain of 7.00%, July cocoa -0.14%, July sugar -13.51%, July coffee -17.31%.

Thus far in the second quarter, July sugar is the out performer with the gain of 9.37%, July cocoa +6.89%, July cotton +4.54%, July coffee +4.45%.

Live cattle:

For the week, June live cattle advanced 2.20 cents, August +3.05, October +2.97. The COT report revealed that managed money liquidated 2,354 of their long positions and also liquidated 743 of their short positions. Commercial interests added 27 contracts to their long positions and liquidated 1,907 of their short positions. As of the latest report, managed money is long live cattle by ratio of 6.12:1, which is up from the previous week of 5.97:1 and up substantially from the ratio of two weeks ago of 5.30:1.

With the sharp rally on Thursday and Friday, we suspect that managed money is more net long than indicated by the current COT report tabulated on Tuesday of last week. The relatively large net long position of managed money will provide fuel for a continued downside move in the live cattle market.

Lean hogs: On April 24, June and July lean hogs generated short-term buy signals and remain on intermediate term sell signals.

For the week, June lean hogs advanced 3.18 cents, August +3.25, October +1.05. The COT report revealed that managed money added 2.389 contracts to their long positions and also added 1,241 to their short positions. Commercial interests added 122 contracts to their long positions and also added 764 to their short positions. As of the latest report, managed money is long lean hogs by ratio of 1.25:1, which is approximately the same as the previous week of 1.23:1, but up from the low ratio reported two weeks ago of 1.16:1.

Year to date, August live cattle is the out performer with a loss of 1.84%,June live cattle -2.81%, August lean hogs -10.45%, June lean hogs -13.22%.

Thus far in the second quarter, June lean hogs is the out performer with a gain of 4.47%, August lean hogs +3.79%, August live cattle -0.07%, June live cattle -0.90%.

WTI crude oil:

For the week, June WTI crude oil lost 17 cents, July +43, August +71. The COT report revealed that managed money liquidated 2,571 contracts of their long positions and also liquidated 23,301 of their short positions.Commercial interests liquidated 13,504 contracts of their long positions and added 2,317 to their short positions. As of the latest report, managed money is long WTI crude oil by ratio of 4.21:1, which is up substantially from the previous week of 3.29:1 and the ratio of two weeks ago a 2.82:1.

The current ratio of 4.21:1 is the highest since the COT tabulation date of December 23, 2014 when managed money was long WTI crude oil by a ratio of 4.56:1. The trading range on the continuation chart during the span of the COT report was 54.05-58.98.

Heating oil:

For the week, May heating oil advanced 4.59 cents, June +4.59, July +4.38. The COT report revealed that managed money added 1,734 contracts to their long positions and liquidated 1,110 of their short positions.Commercial interests liquidated 7,033 of their long positions and added 3,053 to their short positions. As of the latest report, managed money is short heating oil by a ratio of 1.66:1, which is down from the previous week of 1.79:1 and down sharply from the high short ratio thus far in the bear market of 2.36:1.

Gasoline:

For the week, May gasoline advanced 7.80 cents, June +7.18, July +6.39. The COT report revealed that managed money added 3,002 contracts to their long positions and liquidated 4,617 of their short positions. Commercial interests liquidated 2,630 of their long positions and added 3,770 to their short positions. As of the latest report, managed money is long gasoline by ratio of 1.60:1, which is up from the previous week of 1.37:1, but down slightly from the ratio of two weeks ago of 1.63:1.

Natural gas:

For the week, May natural gas lost 10.3 cents, June -11.1, July -11.3. The COT report revealed that managed money liquidated 248 contracts of their long positions and also liquidated 350 of their short positions. Commercial interests liquidated 3,586 of their long positions and also liquidated 710 of their short positions. As of the latest report, managed money is short natural gas by a ratio of 1.66:1, which is fractionally higher than the previous week of 1.65:1 and the ratio two weeks ago 1.60:1.

Year to date, June gasoline is the out performer with a gain of 14.87%, June Brent crude oil +13.45%, June heating oil +6.59%, June WTI crude oil +1.42%, June ethanol -1.60%, June natural gas -13.02%.

Thus far in the second quarter, June Brent crude oil is the out performer with a gain of 18.19%, June WTI crude oil +15.89%, June gasoline +13.92%, June heating oil +12.68%, June ethanol +7.67%, June natural gas -4.28%.

The current short ratio of 1.66:1 is the highest recorded in at least one year. 

Copper: On April 22, July copper generated a short-term sell signal, but remains on an intermediate term buy signal.

For the week, July copper lost 1.70 cents. The COT report revealed that managed money liquidated 3,743 of their long positions and also liquidated 3,042 of their short positions.Commercial interests liquidated 1,770 of their long positions also liquidated 1,505 of their short positions. As of the latest report, managed money is long copper by a ratio of 1.55:1, which is up slightly from the previous week of 1.51:1 and the ratio of two weeks ago of 1.52:1.

Palladium:

For the week, June palladium lost $12.70. The COT report revealed that managed money liquidated 824 contracts of their long positions and also liquidated 459 of their short positions. Commercial interests added 558 contracts to their long positions and also added 2,114 to their short positions. As of the latest report, managed money is long palladium by a ratio of 7.77:1, which is up from the previous week of 6.79:1 and the ratio of two weeks ago of 5.10:1.

Platinum:

For the week, July platinum lost $46.10. The COT report revealed that managed money liquidated 219 contracts of their long positions and added 1,622 to their short positions. Commercial interests liquidated 220 contracts of their long positions and also liquidated 1,299 of their short positions. As of the latest report, managed money is long platinum by a ratio of 1.78:1, which is down from the previous week of 1.97:1 and the ratio of two weeks ago of 2.06:1.

Gold:

For the week, June gold lost $28.10. The COT report revealed that managed money liquidated 2,180 of their long positions and also liquidated 2,256 of their short positions. Commercial interests liquidated 2,119 of their long positions and also liquidated 8,872 of their short positions. As of the latest report, managed money is long gold by a ratio of 1.80:1, which is up slightly from the previous week of 1.77:1, but down from the ratio of two weeks ago of 1.98:1.

Silver: On April 21, July silver generated a short-term sell signal after generating an intermediate-term sell signal on April 14.

For the week, July silver lost 59.3 cents. The COT report revealed that managed money liquidated 2,871 of their long positions and added 8,925 to their short positions. Commercial interests liquidated 418 contracts of their long positions and also liquidated 3,799 of their short positions. As of the latest report, managed money is long silver by a ratio of 1.31:1, which is down substantially from the previous week of 1.94:1 and the ratio of two weeks ago of 2.73:1.

Year to date, July silver is the out performer with a gain of 1.66%, June gold -0.62%, July copper -2.92%, June palladium -3.64%, July platinum -7.32%.

Thus far in the second quarter, June palladium is the out performer with the gain of 4.63%, July copper +0.05%, June gold -0.46%, July platinum -1.90%, July silver -4.57%.

Canadian dollar:

For the week, the June Canadian dollar advanced 48 pips. The COT report revealed that leverage funds added 10,794 contracts to their long positions and also added 5,084 to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 2.42:1, which is down from the previous week of 4.10:1 and half the ratio of two weeks ago of 4.90:1.

Australian dollar:

For the week, the June Australian dollar advanced 49 pips. The COT report revealed that leverage funds added 130 contracts to their long positions and liquidated 4,807 of their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 4.80:1, which is down from the previous week of 5.22:1, but up from the ratio of two weeks ago of 4.11:1.

Swiss Franc:

For the week, the June Swiss franc lost 7 pips. The COT report revealed that leverage funds liquidated 609 contracts of their long positions and also liquidated 1,120 of their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 1.69:1, which is down fractionally from the previous week of 1.70:1, but up from the ratio of two weeks ago of 1.66:1.

British Pound:

For the week, the June British pound advanced 2.17 cents. The COT report revealed that leverage funds added 732 contracts to their long positions and liquidated 6,196 of their short positions. As of the latest report, leverage funds are short the British pound by a ratio of 1.57:1, which is down from the previous week of 1.81:1 and the ratio of two weeks ago of 1.87:1.

Euro:

For the week, the June euro advanced 75 pips. The COT report revealed that leverage funds added 4,328 contracts to their long positions and liquidated 5,052 of their short positions. As of the latest report, leverage funds are short the euro by a ratio of 5.89:1, which is down substantially from the previous week of 7.15:1 and nearly half the ratio of two weeks ago of 11.23:1.

Yen:

For the week, the June yen lost 8 pips. The COT report revealed that leverage funds liquidated 7,189 of their long positions and also liquidated 11,181 of their short positions.As of the latest report, leverage funds are short the yen by a ratio of 2.21:1, which is up from the previous week of 2.09:1 and the ratio of two weeks ago of 2.09:1.

Dollar index:

For the week, the June dollar index lost 61 points. The COT report revealed that leverage funds liquidated 2,366 of their long positions and also liquidated 93 of their short positions. As of the latest report, leverage funds are short the dollar index by a ratio of 2.75:1, which is up from the previous week of 2.35:1 and the ratio of two weeks ago of 2.09:1.

Year to date, the June dollar index is the out performer with a gain of 7.37%, June Swiss franc +4.05%, June yen +0.67%, June British pound -2.56%, June Australian dollar -3.93%, June Canadian dollar -4.33%, June euro -10.28%.

Thus far in the second quarter, the June Canadian dollar is the out performer with a gain of 4.12%, June Australian dollar +2.93%, June British pound +2.25%, June Swiss franc +1.83%, June euro +1.11%, June Yen +0.92%, June dollar index -1.49%.

S&P 500 (250 x):

For the week, the June S&P 500 futures contract advanced 36.20 points. The COT report revealed that leverage funds added 1,752 to their long positions and also added 96 contracts to their short positions. As of the latest report, leverage funds are long the S&P 500 futures contract by a ratio of 1.17:1, which is a complete reversal from the previous week when leverage funds were short by a ratio of 1.23:1. Two weeks ago, leverage funds were short the S&P 500 futures contract by a ratio of 1.76:1.

Year to date, the NASDAQ 100 cash index is the out performer with the gain of 7.09%, S&P 400 cash index +5.60%, Russell 2000 cash index +5.22%, New York Composite cash index +3.26%, S&P 500 cash index +2.86%, Dow Jones Industrial Average cash index +1.44%.

Thus far in the second quarter, the NASDAQ 100 cash index is the out performer with the gain of 4.69%, New York Composite cash index +2.70%, S&P 500 cash index +2.41%, Dow Jones Industrial Average cash index +1.71%, Russell 2000 cash index +1.18%, S&P 400 cash index +0.64%.

10 Year Treasury Note:

For the week, the June 10 year treasury note lost 13-6 points. The COT report revealed that leverage funds liquidated 80,605 contracts of their long positions and added 32,900 to their short positions. As of the latest report, leverage funds are short the 10 year note by a ratio of 1.76:1, which is a large jump from the previous week of 1.41:1 and the ratio of two weeks ago of 1.52:1.