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The time frame for the current Commitments of Traders report is from Wednesday November 25 through Tuesday December 1.

Soybeans: On December 1, January and March soybeans generated short-term buy signals, but remain on intermediate term sell signals.

For the week, January soybeans advanced 33.00 cents, March +32.50, May +32.25. The COT report revealed that managed money added 10,953 contracts to their long positions and liquidated 9,459 of their short positions. Commercial interests liquidated 15,732 of their long positions and added 4,619 to their short positions. As of the latest report, managed money is short soybeans by a ratio of 1.45:1, down sharply from the previous week of 1.90:1 and the ratio two weeks ago of 1.80:1.

Note that in this week’s report on soybeans, managed money added more new long positions than they liquidated old short positions.

Soybean meal:

For the week, January soybean meal advanced $1.10, March +1.20, May +1.20. The COT report revealed that managed money added 3,021 to their long positions and also added 1,195 to their short positions. Commercial interests added 150 to their long positions and also added 3,646 to their short positions. As of the latest report, managed money is short soybean meal by a ratio of 1.38:1, down from the previous week of 1.44:1, but up from the ratio two weeks ago of 1.20:1.

Soybean oil:

For the week, January soybean oil advanced 3.00 cents, March +2.92, May +2.83. The COT report revealed that managed money added 3,520 to their long positions and liquidated 15,394 of their short positions. Commercial interests liquidated 5652 of their long positions and added 14,838 to their short positions. As of the latest report, managed money is long soybean oil by a ratio of 2.12:1, up sharply from the previous week of 1.41:1 and slightly more than double the ratio two weeks ago of 1.04:1.

Note that in contrast to soybeans, managed money added fewer new long positions than they liquidated previous short positions. Perhaps this explains the total open interest declines of the past several days.

Corn:

For the week, March, May and July corn advanced 14.25 cents for each contract. The COT report revealed that managed money added 12,417 to their long positions and liquidated 11,729 of their short positions. Commercial interests liquidated a massive 43,265 of their long positions and added 22,795 to their short positions. As of the latest report, managed money is short corn by a ratio of 1.48:1, down from the previous week of 1.67:1 and slightly above the ratio two weeks ago of 1.47:1.

Note that managed money added more new long positions than they liquidated previously held short positions.

Chicago wheat:

For the week, March Chicago wheat advanced 5.50 cents, May +6.50, July +7.00. The COT report revealed that managed money liquidated 5,970 of their long positions and added 24,863 to their short positions. Commercial interests added 8,075 to their long positions and liquidated 12,994 of their short positions. As of the latest report, managed money is short Chicago wheat by a ratio of 2.62:1, up sharply from the previous week of 1.87:1 and the ratio two weeks ago of 1.82:1.

Typical of managed money, they substantially increased their net short position right at the bottom of the market while commercial interests became slightly less net short.

Kansas City wheat:

For the week, March Kansas City wheat advanced 14.00 cents, May +14.00, July +13.25. The COT report revealed that managed money added 328 contracts of their long position and added only 20 contracts to their short positions. Commercial interests liquidated 2,594 their long positions and also liquidated 2,897 of their short positions. As of the latest report, managed money is short Kansas City wheat by a ratio of 1.55:1, down slightly from the previous week of 1.66:1 and the ratio two weeks ago of 1.64:1.

Thus far in the fourth quarter, January soybean oil is the out performer with a gain of 15.63%, January soybeans +1.34%, March corn -4.33%, January soybean meal -6.46%, March Chicago wheat -6.74%, March Kansas City wheat -6.92%.

For the past seven trading days, January soybean oil is the out performer with a gain of 9.95%, March corn +3.88%, January soybeans +3.78%, March Kansas City wheat +3.00%, March Chicago wheat +1.15%, January soybean meal +0.42%.

Cotton: On December 2, March cotton generated short and intermediate term buy signals.

For the week, March cotton advanced 78 points, May +72, July +69. The COT report revealed that managed money added 11,265 to their long positions and liquidated 6,751 of their short positions. Commercial interests liquidated 99 contracts of their long positions and added 16,947 to their short positions. As of the latest report, managed money is long cotton by a ratio of 5.46:1, double the ratio of the previous week of 2.72:1, but up substantially from the ratio two weeks ago of 3.29:1.

Sugar:

For the week, March sugar advanced 51 points, May +46, July +39. The COT report revealed that managed money liquidated 4,489 of their long positions and also liquidated 3,427 of their short positions. Commercial interests added 1,794 to their long positions and also added 7,389 to their short positions. As of the latest report, managed money is long sugar by a ratio of 3.97:1, up from the previous week of 3.79:1 and a substantial advance from the ratio two weeks ago of 3.12:1.

Coffee:

For the week, March, May and July coffee advanced 3.35 cents for each contract. The COT report revealed that managed money liquidated 159 of their long positions and also liquidated 247 of their short positions. Commercial interests liquidated 1,167 of their long positions and added 136 of their short positions. As of the latest report, managed money is short coffee by a ratio of 1.74:1, up fractionally from the previous week of 1.73:1, but down from the record high short ratio of two weeks ago of 2.05:1.

Cocoa:

For the week, March cocoa advanced $80.00, May +75.00, July +71.00. The COT report revealed that managed money added 1,640 to their long positions and also added 1,967 to their short positions. Commercial interests added 420 contracts of their long positions and also added 711 to their short positions. As of the latest report, managed money is long cocoa by a ratio of 2.52:1, down from the previous week of 2.63:1 and the ratio two weeks ago of 2.74:1.

Live cattle:

For the week, February live cattle lost 4.63 cents, April -4.15, June -3.25. The COT report revealed that managed money liquidated 661 of their long positions and also liquidated 1,114 of their short positions. Commercial interests liquidated 2,761 of their long positions and also liquidated 4,742 of their short positions. As of the latest report, managed money is long live cattle by a ratio of 1.17:1, up fractionally from the previous week of 1.16:1 and the ratio two weeks ago of 1.11:1.

Lean hogs:

For the week, February lean hogs advanced 1.43 cents, April +1.47, June +1.77. The COT report revealed that managed money liquidated 1,832 of their long positions and also liquidated 2,162 of their short positions. Commercial interests liquidated 2,432 of their long positions and also liquidated 3,883 of their short positions. As of the latest report, managed money is long lean hogs by a ratio of 1.13:1, up fractionally from the previous week of 1.12:1, but down from the ratio of two weeks ago of 1.23:1.

WTI crude oil:

For the week, January WTI crude oil lost $1.74, February -1.67, March -1.56. The COT report revealed that managed money added 996 to their long positions and also added 6,850 to their short positions. Commercial interests added 13,022 to their long positions and also added 10,667 to their short positions. As of the latest report, managed money is long WTI crude oil by a ratio of 1.46:1, down from the previous week of 1.52:1 and the ratio two weeks ago of 1.70:1.

During the past week, January WTI crude oil made a new contract low of 39.60.

Heating oil:

For the week, January heating oil lost 3.57 cents, February -3.21, March -3.04. The COT report revealed that managed money added 1,289 to their long positions and liquidated 2,385 of their short positions. Commercial interests liquidated 11,253 of their long positions and also liquidated 10,662 of their short positions. As of the latest report, managed money is short heating oil by a ratio of 2.98:1, down from the record high short ratio of the previous week of 3.30:1, but up from the ratio two weeks ago of 2.73:1.

Gasoline:

For the week, January gasoline lost 6.65 cents, February -5.25, March -5.07. The COT report revealed that managed money added 1,222 to their long positions and liquidated 8,704 of their short positions. Commercial interests liquidated 4,786 of their long positions and added 732 to their short positions. As of the latest report, managed money is long gasoline by a ratio of 1.70:1, up from the previous week of 1.34:1 and a complete reversal from two weeks ago when managed money was short gasoline by a ratio of 1.02:1.

Natural gas:

For the week, January natural gas lost 2.6 cents, February -1.8, March -2.0. The COT report revealed that managed money liquidated 1,108 of their long positions and added 772 to their short positions. Commercial interests added 3,243 to their long positions and also added 3,661 to their short positions. As of the latest report, managed money is short natural gas by a ratio of 1.99:1, down from the previous week of 1.98:1 and the ratio two weeks ago of 2.11:1.

During the past week, January, February and March natural gas recorded new contract lows of $2.131, 2.186 and 2.217 respectively.

Copper:

For the week, March copper advanced 2.15 cents. The COT report revealed that managed money liquidated 173 of their long positions and added 6,766 to their short positions. Commercial interests added 1,689 to their long positions and liquidated 2,146 of their short positions. As of the latest report, managed money is short copper by a ratio of 2.24:1, up from the previous week of 2.01:1 and the ratio two weeks ago of 1.97:1.

Palladium:

For the week, March palladium advanced $16.20. The COT report revealed that managed money added 631 to their long positions and also added 403 to their short positions. Commercial interests liquidated 512 of their long positions and also liquidated 887 of their short positions. As of the latest report, managed money is long palladium by a ratio of 2.30:1, down from the previous week of 2.36:1 and a substantial decrease from the ratio two weeks ago of 3.31:1.

Platinum:

For the week, January platinum advanced $44.80. The COT report revealed that managed money added 386 contracts to their long positions and also added 369 to their short positions. Commercial interests liquidated 387 of their long positions and also liquidated 471 of their short positions. As of the latest report, managed money is long platinum by a ratio of 1.20:1, down fractionally from the previous week of 1.21:1 and a substantial decrease from the ratio two weeks ago of 1.45:1.

During the past week, January platinum recorded a new contract low of $825.00.

Gold:

For the week, February gold advanced $27.90. The COT report revealed that managed money liquidated 1,077 of their long positions and added 2,825 to their short positions. Commercial interests added 1,913 to their long positions and liquidated 7,282 of their short positions. As of the latest report, managed money is short gold by a ratio of 1.23:1, up from the previous week of 1.18:1 and the ratio two weeks ago of 1.15:1.

During the past week, February gold recorded a new contract low of $1045.50.

Silver:

For the week, March silver advanced 48.0 cents. The COT report revealed that managed money added 1,652 to their long positions and also added 70 contracts of their short positions. Commercial interests liquidated 3,383 of their long positions and also liquidated 3,235 of their short positions. As of the latest report, managed money is long silver by a ratio of 1.27:1, up from the previous week of 1.23:1 but down from the ratio two weeks ago of 1.31:1.

During the past week, March silver recorded new contract low of $13.805.

Canadian dollar:

For the week, the December Canadian dollar lost 10 pips. The COT report revealed that leverage funds liquidated 2,856 of their long positions and added 61 contracts to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 2.60:1, up from the previous week of 2.18:1 and a substantial increase from the ratio two weeks ago of 1.48:1.

Australian dollar:

For the week, the December Australian dollar advanced 1.49 cents. The COT report revealed that leverage funds added 902 contracts to their long positions and liquidated 10,771 of their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 1.64:1, down sharply from the previous week of 2.28:1 and the ratio two weeks ago of 2.61:1.

On November 25, the December and March Australian dollar generated short and intermediate term buy signals, and most of the advance since then has been propelled by short covering, not new buying.

Swiss franc:

The December Swiss franc advanced 3.18 cents. The COT report revealed that leverage funds liquidated 956 contracts of their long positions and added 2,473 to their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 2.86:1, up from the previous week of 2.53:1 and the ratio two weeks ago of 2.15:1.

During the past week, the December Swiss franc contract recorded a new contract low of 96.86. Typical of leveraged funds, they were net short by a huge margin right before the franc had an enormous rally. 

British pound:

For the week, the December British pound advanced 53 pips. The COT report revealed that leverage funds added 5,283 to their long positions and also added 12,321 to their short positions. As of the latest report, leverage funds are short the British pound by a ratio of 1.05:1, down from the previous week of 1.11:1 and the ratio two weeks ago of 1.20:1.

Euro:

For the week, the December euro advanced 2.73 cents. The COT report revealed that leverage funds liquidated 305 contracts of their long positions and added 4,539 to their short positions. As of the latest report, leverage funds are short the euro by a ratio of 4.82:1, up from the previous week of 4.68:1 and the ratio two weeks ago of 4.20:1.

During the past week, the December euro recorded a new contract low of 1.0490. As is usually the case, the massive short position in the euro coincided a major downside move, which was quickly reversed this week on news of the ECB quantitative easing program. The December euro remains on short and intermediate term sell signals.

Yen:

For the week, the December yen lost 24 pips. The COT report revealed that leverage funds added 1,703 to their long positions and liquidated 2,139 of their short positions. As of the latest report, leverage funds are short the yen by a ratio of 4.74:1, down from the previous week of 5.26:1, but up from the ratio two weeks ago of 4.44:1.

Dollar index:

The December dollar index lost 1.73 points. The COT report revealed that leverage funds added 319 contracts of their long positions and also added 1,803 to their short positions. As of the latest report, leverage funds are short the dollar index by a ratio of 1.05:1, which is a complete reversal from the previous week when they were long by a ratio of 1.03:1. Two weeks ago, leverage funds were long the dollar index by 1.01:1.

S&P 500 (250 x):

The December S&P 500 futures contract lost 1.50 points. The COT report revealed that leverage funds added 1,919 to their long positions and also added 906 to their short positions. As of the latest report, leverage funds are long the S&P 500 futures contract by a ratio of 1.01:1, which is a complete reversal from the previous week when they were short by ratio of 1.09:1. Two weeks ago, leverage funds were short the S&P 500 futures contract by 1.05:1.

10 Year Treasury Note:

For the week, the December 10 year treasury note lost 17 points. The COT report revealed that leverage funds added 39,337 to their long positions and also added 52,118 to their short positions. As of the latest report, leverage funds are short the 10 year treasury note by a ratio of 1.69:1, down from the previous week of 1.73:1 and the ratio two weeks ago of 1.73:1.