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The time frame for the current Commitments of Traders report is from Wednesday February 3 through Tuesday February 9.

Soybeans: On February 8, March soybeans generated a short-term sell signal, which reversed the January 19 short-term buy signal. March soybeans remain on an intermediate term sell signal.

For the week, March soybeans advanced 5.25 cents, May +5.25, July +4.00. The COT report revealed that managed money liquidated 15,363 of their long positions and added 24,190 to their short positions. Commercial interests added 16,747 to their long positions and liquidated 14,793 of their short positions. As of the latest report, managed money is short soybeans by a ratio of 1.85:1, up from the previous week of 1.20:1 and the ratio two weeks ago of 1.31:1.

Soybean meal:

For the week, March soybean meal lost $3.00, May -2.60, July -2.80. The COT report revealed that managed money liquidated 281 of their long positions and added 14,621 contracts to their short positions. Commercial interests added 7,507 to their long positions and liquidated 8,920 of their short positions. As of the latest report, managed money is short soybean meal by a ratio of 2.27:1, up sharply from the previous week of 1.84:1 and the ratio two weeks ago of 1.85:1.

During the past week, March, May and July soybean meal recorded new contract lows of $260.40, 263.00, and 265.60 respectively.

Soybean oil:

For the week, March soybean oil gained 57 points, May +55, July +54. The COT report revealed that managed money added 1,749 to their long positions and also added 3,849 to their short positions. Commercial interests added 107 to their long positions and liquidated 4,519 of their short positions. As of the latest report, managed money is long soybean oil by a ratio of 2.87:1, down from the previous week of 3.29:1 and substantially below the ratio two weeks ago of 3.54:1.

Corn: On February 9, March corn generated a short-term sell signal, which reversed the January 19 short-term buy signal. March corn remains on an intermediate term sell signal.

For the week, March corn lost 7.00 cents, May -7.25, July -7.50. The COT report revealed that managed money liquidated 8,409 of their long positions and added 30,272 to their short positions. Commercial interests added 15,638 to their long positions and liquidated 31,852 of their short positions. As of the latest report, managed money is short corn by a ratio 1.63:1, up substantially from the previous week of 1.37:1 and about the same as the ratio two weeks ago of 1.61:1.

Chicago wheat:

For the week, March Chicago wheat lost 9.25 cents, May -8.00, July -8.00. The COT report revealed that managed money liquidated 5,356 of their long positions and added 28,924 to their short positions. Commercial interests added 20,703 to their long positions and liquidated 3,149 of their short positions. As of the latest report, managed money is short Chicago wheat by a ratio of 2.35:1, up sharply from the previous week of 1.73:1 and the ratio two weeks ago of 1.85:1.

During the past week, March, May and July Chicago wheat recorded new contract lows of 4.55, 4.59 1/4 and 4.64 1/2 respectively.

Kansas City wheat:

For the week, March Kansas City wheat lost 9.75 cents, May -9.75, July -8.50. The COT report revealed that managed money added 1,938 to their long positions and also added 8,165 to their short positions. Commercial interests added 3,965 to their long positions and liquidated 2,049 of their short positions. As of the latest report, managed money is short Kansas City wheat by a ratio of 1.75:1, up from the previous week of 1.61:1 and the ratio two weeks ago of 1.50:1.

During the past week, March, May and July Kansas City wheat recorded new contract lows of 4.42 1/2, 4 .52 and 4.61 3/4 respectively.

Cotton:

For the week, March cotton lost 1.07 cents, May -1.96, July -2.23. The COT report revealed that managed money liquidated 7,020 of their long positions and added 18,107 to their short positions. Commercial interests added 944 to their long positions and liquidated 18,791 of their short positions. As of the latest report, managed money is short cotton by a ratio of 1.05:1, which is a complete reversal from the previous week when they were long by 1.83:1 and a substantial reduction from the ratio two weeks ago of 1.96:1.

During the past week, March, May and July cotton recorded new contract lows of 57.86, 58.30 and 58.88 respectively.

Sugar:

For the week, March sugar lost 12 points, May -2, July +5. The COT report revealed that managed money liquidated 4,726 of their long positions and added 15,226 contracts to their short positions. Commercial interests liquidated 1,430 of their long positions and also liquidated 33,266 of their short positions. As of the latest report, managed money is long sugar by a ratio of 1.008:1, down substantially from the previous week of 1.25:1 and approximately 60% below the ratio two weeks ago of 2.53:1.

Coffee: On February 10, March and May New York coffee generated short-term sell signals, which reversed the February 4 short-term buy signals. Both contracts remain on intermediate term sell signals.

For the week, March coffee lost 4.85 cents, May-4.90, July -4.90. The COT report revealed that managed money liquidated 1,684 their long positions and also liquidated 4,168 of their short positions. Commercial interest liquidated 1,066 of their long positions and added 285 contracts to their short positions. As of the latest report, managed money is short coffee by a ratio 1.56:1, down from the previous week of 1.62:1 and the ratio two weeks ago of 2.13:1.

Cocoa:

For the week, March cocoa gained $55.00, May +93.00, July +82.00. The COT report revealed that managed money liquidated 2,232 of their long positions and also liquidated 3,369 of their short positions. Commercial interests liquidated 705 of their long positions and also liquidated 5,830 of their short positions. As of the latest report, managed money is long cocoa by a ratio 1.61:1, up in the previous week of 1.51:1, but down from the ratio two weeks ago of 1.67:1.

Live cattle: On February 9, April live cattle generated a short-term sell signal, which reversed the February 4 short-term buy signal. April live cattle remains on an intermediate term sell signal.

For the week, April live cattle lost 5.28 cents, June -4.43, August -4.47. The COT report revealed that managed money added 1,957 to their long positions and also added 1,315 to their short positions. Commercial interests liquidated 4,191 of their long positions and added 3,414 to their short positions. As of the latest report, managed money remains long live cattle by a ratio 1.36:1, which is exactly the same as the previous week’s ratio of 1.36:1, but down from the ratio two weeks ago of 1.48:1.

Lean hogs:

For the week, April lean hogs gained 7 ticks, June -7, August -55. The COT report revealed that managed money added 2,417 to their long positions and also added 1,145 to their short positions. Commercial interests added 1,534 to their long positions and also added 4,924 to their short positions. As of the latest report, managed money is long lean hogs by a ratio 3.10, down slightly from the previous week of 3.17:1, but up from the ratio two weeks ago of 2.71:1.

WTI crude oil:

For the week, March WTI crude oil lost $1.45, April -81 cents, May-62. The COT report revealed that managed money liquidated 2,275 of their long positions and also liquidated 8,408 of their short positions. Commercial interests liquidated 12,261 of their long positions and also liquidated 3,104 their short positions. As of the latest report, managed money is long WTI crude oil by ratio 1.37:1, up slightly from the previous week of 1.32:1, but down from the ratio two weeks ago of 1.40:1.

During the past week, the March and April WTI contracts recorded new contract lows of $26.05 and 28.74 respectively.

Heating oil: On February 8, March and April heating oil generated short-term buy signals, but remain on intermediate term sell signals.

For the week, March heating oil advanced 1.03 cents, April +67 ticks, May + 37. The COT report revealed that managed money added 2,959 to their long positions and also added 1,187 to their short positions. Commercial interests liquidated 2,377 of their long positions and also liquidated 2,848 of their short positions. As of the latest report, managed money is short heating oil by a ratio of 1.76:1, down from the previous week of 1.91:1 at about the same as the ratio two weeks ago of 1.75:1.

Gasoline:

For the week, March gasoline gained 5.05 cents, April +4.61, May + 4.59. The COT report revealed that managed money added 1,021 to their long positions and also added 1,045 to their short positions. Commercial interests added 3,832 to their long positions and also added 7,063 to their short positions. As of the latest report, managed money is long gasoline by a ratio of 1.35:1, down fractionally from the previous week of 1.36:1 and the ratio two weeks ago of 1.43:1.

During the past week, March gasoline recorded a new contract low of 89.75.

Natural gas:

For the week, March natural gas lost 9.7 cents, April -10.7, May -10.7. The COT report revealed that managed money added 11,241 to their long positions and liquidated 13,039 of their short positions. Commercial interests added 1,814 to their long positions and also added 2,106 to their short positions. As of the latest report, managed money is short natural gas by a ratio of 1.76:1, down from the previous week of 1.95:1 and the ratio two weeks ago of 1.98:1.

During the past week, April and May natural gas recorded new contract lows of $2.016, and 2.084 respectively.

Copper: March copper will generate a short-term sell signal if the daily high is below OIA’s key pivot point for February 12 of $2.0076. This would reverse the February 4 short-term buy signal. March copper remains on an intermediate term sell signal.

For the week, March copper lost 7.35 cents. The COT report revealed that managed money added 5,601 to their long positions and liquidated 6,298 of their short positions. Commercial interests liquidated 4,691 of their long positions and added 4,443 to their short positions. As of the latest report, managed money is short copper by a ratio 1.19:1, down sharply from the previous week of 1.61:1 and the ratio two weeks ago of 1.73:1.

Palladium:

For the week, March palladium gained $11.40. The COT report revealed that managed money added 801 contracts to their long positions and also added 289 to their short positions. Commercial interests liquidated 297 of their long positions and added 485 to their short positions. As of the latest report, managed money is long palladium by a ratio of 1.91:1, up from the previous week of 1.87:1 and the ratio two weeks ago of 1.90:1.

Platinum:

For the week, April platinum gained $54.40. The COT report revealed that managed money added 1,270 to their long positions and liquidated 4,698 of their short positions. Commercial interests liquidated 649 of their long positions and added 2,706 to their short positions. As of the latest report, managed money is long platinum by a ratio of 2.11:1, up from the previous week of 1.47:1 and the ratio two weeks ago of 1.38:1.

Gold:

For the week, April gold advanced $81.70. The COT report revealed that managed money added 20,493 contracts to their long positions and liquidated 11,107 of their short positions. Commercial interests liquidated 407 of their long positions and added 11,343 to their short positions. As of the latest report, managed money is long gold by a ratio of 2.00:1, up sharply from the previous week of 1.41:1 and the ratio two weeks ago of 1.21:1. Three weeks ago, managed money was long gold by a ratio of 1.005:1.

Silver:

For the week, March silver advanced $1.012. The COT report revealed that managed money added 7,927 to their long positions and liquidated 6,800 of their short positions. Commercial interests liquidated 1,544 their long positions and added 6,548 to their short positions. As of the latest report, managed money is long silver by a ratio 3.08:1, up sharply from the previous week of 1.97:1 and the ratio two weeks ago of 2.01:1. Three weeks ago, managed money was long silver by a ratio of 1.50:1.

Canadian dollar:

For the week, the March Canadian dollar advanced 24 pips. The COT report revealed that leverage funds liquidated 240 of their long positions and also liquidated just 50 contracts of their short positions. As of the latest report, leveraged funds remain massively short the Canadian dollar by a ratio of 7.99:1, a record high during 2016 up from 7.73 the previous week and 6.70:1 two weeks ago.

The sizable move from the contract low of 68.09 made on January 20 through the most recent high of 73.31 made on February 4 has not shaken the shorts out of the Canadian dollar market. As a result, we continue to recommend a stand aside posture. The Canadian dollar has been acting in a very firm manner and although we think the loonie is ultimately headed lower, we need to see a substantial number of short-sellers blown out before it is safe to approach the market from the bearish side.

Australian dollar:

For the week, March Australian dollar advanced of 38 pips. The COT report revealed that leverage funds added 5,107 to their long positions and liquidated 4,872 of their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 1.79:1, down sharply from the previous week of 2.83:1 and the ratio two weeks ago of 2.95:1.

Swiss franc: On February 9, the March Swiss franc generated an intermediate term buy signal after generating a short-term buy signal on February 5.

For the week, the March Swiss franc advanced 1.62 cents. The COT report revealed that leverage funds liquidated 5,729 of their long positions and also liquidated 3,065 of their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 2.57:1, up from the previous week of 1.86:1 and the ratio two weeks ago of 1.89:1.

After making a low of 97.69 on February 2 through Friday’s trading when the March contract made a high of 1.0362, the March Swiss franc has advanced 5.93 cents from low to high and this is causing a substantial amount of pain for short-sellers. Friday’s print is the highest price for the Swiss franc in over three months.

British pound:

For the week, the March British pound gained 20 pips. The COT report revealed that leverage funds liquidated 1,474 of their long positions and also liquidated 7,799 of their short positions. As of the latest report, leverage funds are short the British pound by a ratio of 2.63:1, down from the previous week of 2.72:1, but up from the ratio two weeks ago of 2.37:1.

Euro:

For the week, the March euro gained 1.10 cents. The COT report revealed that leverage funds added 11,300 contracts to their long positions and liquidated 1,454 of their short positions. As of the latest report, leverage funds are short the euro by a ratio of 2.10:1, down from the previous week of 2.66:1 and a sharp reduction from the ratio two weeks ago of 3.13:1.

From February 1 when the March contract made a low of 1.0825 through February 11 when it made a high for the move of 1.1385, the March contract has gained 5.60 cents from low to high, yet and short-sellers remain in the market by over a 2 to 1 ratio. While we think the euro will pullback, especially because it appears the equity market has found a bottom temporarily, we eventually expect the euro to resume its upward trajectory.

Yen:

For the week, the March yen gained 273 pips. The COT report revealed that leverage funds liquidated 10,298 of their long positions and added 335 to their short positions. As of the latest report, leverage funds remain long the yen by a ratio 1.10:1, down from the previous week of 1.28:1 and the ratio two weeks ago of 1.30:1.

Dollar index:

For the week, the March dollar index lost 1.07 points. The COT report revealed that leverage funds added 6,061 to their long positions and also added 1,209 to their short positions. As of the latest report, leverage funds are long the dollar index by a ratio of 2.34:1, up from the previous week of 2.03:1 and the ratio two weeks ago of 2.14:1.

S&P 500 (250 x):

For the week, the S&P 500 futures contract lost 17.00 points. The COT report revealed that leverage funds added 583 to their long positions and liquidated 3,940 of their short positions. As of the latest report, leverage funds are long the S&P 500 futures contract by a ratio of 1.49:1, which is a complete reversal from the previous week when they were short by a ratio of 1.08:1. Two weeks ago, leverage funds were long the S&P 500 futures contract by a ratio of 1.18:1.

Dow Jones Transportation Index: On February 12, the Dow Jones Transportation Index generated a short-term buy signal, but remains on an intermediate term sell signal.

10 Year Treasury Note:

For the week, the March 10 year note advanced 22-6 points. The COT report revealed that leverage funds added 12,121 to their long positions and also added 41,291 contracts to their short positions. As of the latest report, leverage funds are short the 10 year note by a ratio of 1.69:1, up in the previous week of 1.64:1 and the ratio two weeks ago of 1.48:1.

During the past week, the March 10 year note recorded a new contract high of 133-015, the highest price since the 132-315 print made during the week of May 6, 2013. Surprising, leveraged funds remain massively short the 10 year note.