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The time frame for the current Commitments of Traders report is from Wednesday, February 11 through Tuesday, February 17.

Soybeans: On February 20, May soybeans generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, March soybeans gained 8.75 cents, May +7.50, July +6.75. The COT  report revealed that managed money added 2,868 contracts to their long positions and liquidated 13,737 of their short positions. Commercial interests liquidated 18,589 contracts of their long positions and added 744 to their short positions. As of the latest report, managed money is long soybeans by a ratio of 1.11:1, which is a complete reversal from the previous week when managed money was short by a ratio 1.09:1. Two weeks ago, managed money was long soybeans by a ratio of 1.13:1.

Soybean meal: On February 19, May soybean meal generated a short-term buy signal, but remains on intermediate term sell signal.

For the week, March soybean meal gained $15.20, May +12.70, July +12.00. The COT report revealed that managed money added 7,644 contracts to their long positions and liquidated 1,821 of their short positions. Commercial interests liquidated 1,221 of their long positions and added 10,813 to their short positions. As of the latest report, managed money is long soybean meal by ratio 1.72:1, which is up from the previous week of 1.46:1, but down from the ratio of two weeks ago of 1.89:1.

Soybean oil:

For the week, March soybean oil lost 92 points, May -92, July -90. The COT report revealed that managed money added 8,644 contracts to their long positions and liquidated 12,136 of their short positions. Commercial interests liquidated 4,302 of their long positions and added 15,827 to their short positions. As of the latest report, managed money is long soybean oil by a ratio of 1.74:1, which is up dramatically from the previous week of 1.17:1 and a complete reversal from the ratio of two weeks ago when managed money was short soybean oil by a ratio of 1.02:1. 

The changes in net long positions by managed money in soybean oil recently is puzzling to say the least. The ratio of  longs in soybean oil  is approximately the same as soybean meal and considerably above that of soybeans, yet the year to date performance of soybean oil is worse than soybean meal, and nearly equal to soybeans.

Corn:

For the week, March corn lost 2.00 cents, May -2.25, July -2.25. The COT report revealed that managed money liquidated 5,363 contracts of their long positions and added 4,923 to their short positions. Commercial interests added 1,251 contracts to their long positions and liquidated 8,180 of their short positions. As of the latest report, managed money is long corn by ratio of 1.57:1, which is down from the previous week of 1.66:1 and the ratio of two weeks ago of 1.64:1.

Chicago wheat:

For the week, March Chicago wheat lost 22.75 cents, May -22.25, July -20.75. The COT report revealed that managed money added 4,159 contracts to their long positions and also added 3,052 to their short positions. Commercial interest liquidated 4,786 contracts of their long positions and added 173 to their short positions. As of the latest report, managed money is short Chicago wheat by a ratio of 1.34:1, which is down from the previous week of 1.38:1 and the ratio of two weeks ago of 1.40:1.

Kansas City wheat:

For the week, March Kansas City wheat lost 29.50 cents, May -25.50, July -22.75. The COT report revealed that managed money added 258 contracts to their long positions and also added 1,503 to their short positions. Commercial interests liquidated 1,348 contracts of their long positions and also liquidated 474 their short positions. As of the latest report, managed money is long Kansas City wheat by a ratio of 1.43:1, which is down from the previous week of 1.50:1 and the ratio of two weeks ago of 1.46:1.

Year to date, May soybean meal is the out performer with a loss of 0.03%, May soybean oil -2.10%, May soybeans -2.37%, May corn -3.14%, May Chicago wheat -14.72%, May Kansas City wheat -14.77%.

Cotton:

For the week, March cotton gained 1.97 cents, May +1.34, July +1.52. The COT report revealed that managed money added 4,272 contracts to their long positions and liquidated 4,808 of their short positions. Commercial interests liquidated 14,554 contracts of their long positions and added 1,124 to their short positions. As of the latest report, managed money as long cotton by a ratio of 2.21:1, which is up substantially from the previous week of 1.74:1 and the ratio of two weeks ago of 1.20:1.

Sugar #11:

For the week, March sugar lost 49 points, May -52, July -41. The COT report revealed that managed money added 5,;281 contracts to their long positions and liquidated 18,056 of their short positions. Commercial interests liquidated 10,141 contracts of their long positions and added 21,066 to their short positions. As of the latest report, managed money a short sugar by a ratio of 1.05:1, which is down from the previous week of 1.21:1 and the ratio of two weeks ago 1.19:1.

Coffee:

For the week, March coffee lost 14.55 cents, May -13.60, July -13.40. The COT report revealed that managed money liquidated 811 contracts of their long positions and added 1,760 to their short positions. Commercial interests added 2,788 contracts to their long positions and liquidated 3,263 of their short positions. As of the latest report, managed money is long coffee by a ratio of 1.60:1, which is down from the previous week of 1.76:1 and the ratio of 1.81:1 recorded two weeks ago.

The current ratio of 1.60:1 is the lowest recorded during the current bear market and is slightly below the previous low ratio of 1.67:1 recorded by OIA from the COT report of February 11, 2014.

The performance of coffee thus far in 2015 has been disappointing to say the least, however, we think that patient speculators will be well rewarded as the robust pace of exports finally meets the reality of dwindling supplies.Commercial interests continue to get less bearish as prices decline.

For example, on December 2, 2014, the COT report showed that commercials were net short by 64,429 contracts, or a short ratio of 2.51:1. By January 6, 2015 the net short position had been pared to 50,545 contracts, or a short ratio of 1.97:1. According to the February 17 COT report, the net short position of commercial interests is down to 33,366 contracts, or a short ratio of 1.56:1.

We expect commercials to continue liquidating their short positions and adding to long positions if prices move sideways to lower. The managed money crowd will provide plenty of fuel for a major upside move after the current liquidation cycle has come to a close.

Cocoa: On February 17, May cocoa generated an intermediate term buy signal, after generating a short term buy signal on February 12.

For the week, March cocoa gained $58.00, May +48.00, July +47.00. The COT report revealed that managed money added 1,561 contracts to their long positions and liquidated 2,720 of their short positions. Commercial interest liquidated 3,096 of their long positions and added 6,657 to their short positions. As of the latest report, managed money is long cocoa by a ratio of 5.18:1, which is up substantially from the previous week of 3.90:1 and the ratio of two weeks ago of 3.75:1.

Year to date, May cotton is the out performer with a gain of 5.88%, May cocoa +3.01%, May sugar -4.02%, May coffee -10.77%.

Live cattle:

For the week, April live cattle lost 4.70 cents, June -4.15, August -3.20. The COT report revealed that managed money added 412 contracts to their long positions and also added 2,133 to their short positions. Commercial interest liquidated 1,575 contracts of their long positions and also liquidated 3,421 of their short positions. As of the latest report, managed money is long live cattle by a ratio of 3.87:1, which is down from the previous week of 4.37:1 and down substantially from the ratio of two weeks ago of 5.13:1.

The current ratio of 3.87:1 is the lowest of the bear market.

Lean hogs:

For the week, April lean hogs gained 1.38 cents, June +1.60, August +88 points. The COT report revealed that managed money liquidated 2,757 contracts of their long positions and added 988 to their short positions. Commercial interests liquidated 94 contracts of their long positions and also liquidated 3,979 of their short positions. As of the latest report, managed money is long lean hogs by a ratio of 2.13:1, which is down from the previous week of 2.31:1 and the ratio two weeks ago up 2.31:1.

Year to date, June live cattle is the out performer with a loss of 8.81%, April live cattle -9.27%, June lean hogs -9.51%, April lean hogs -18.70%.

WTI crude oil:

For the week, April WTI crude oil lost $2.86, May -2.87, June -2.80. The COT report revealed that managed money added 8,873 contracts to their long positions and liquidated 4,639 of their short positions. Commercial interests liquidated 11,853 contracts of their long positions and added 1,974 to their short positions. As of the latest report, managed money is long WTI crude oil by a ratio of 3.07:1, which is up from the previous week of 2.85:1 and the ratio two weeks ago up 2.65:1.

Heating oil:

For the week, April heating oil lost 1.16 cents, May -3.63, June -3.90. The COT report revealed that managed money added 2,778 contracts to their long positions and liquidated 9,439 of their short positions. Commercial interests liquidated 694 contracts of their long positions and added 5,026 to their short positions. As of the latest report, managed money is short heating oil by a ratio of 1.57:1,which is down substantially from high ratio for the bear market made during the previous week of 1.99:1 and the ratio two weeks ago of 1.75:1.

Gasoline:

For the week, April gasoline lost 1.74 cents, May -2.65, June -3.18. The COT report revealed that managed money liquidated 8,620 of their long positions and added 1,160 to their short positions. Commercial interest liquidated 4,026 contracts of their long positions and also liquidated 6,751 of their short positions. As of the latest report, managed money is long gasoline by a ratio of 2.36:1, which is down from the previous week of 2.70:1 and the ratio of two weeks ago of 2.70:1.

Natural gas:

For the week, April natural gas gained 16.0 cents, May +15.0, June +14.3. The COT report revealed that managed money liquidated 997 contracts of their long positions and also liquidated 6,192 of their short positions. Commercial interests liquidated 9,388 of their long positions and also liquidated 6,177 of their short positions. As of the latest report, managed money is short natural gas by a ratio of 1.27:1, which is down slightly from the previous week of 1.29:1 and the ratio of two weeks ago of 1.31:1.

Year to date, April gasoline is the out performer with a gain of 6.84%, April heating oil +5.98%, April Brent crude oil +1.55%, April natural gas +0.72%, April ethanol -6.15%, April WTI crude oil -7.29%.

Copper:

For the week, May copper lost 1.55 cents. The COT report revealed that managed money liquidated 74 contracts of their long positions and also liquidated 4,996 of their short positions. Commercial interests liquidated 1,617 contracts of their long positions and added 465 to their short positions. As of the latest report, managed money is short copper by ratio of 1.25:1, which is down from the previous week of 1.39:1 and the ratio of two weeks ago of 1.27:1.

Palladium:

For the week, June palladium lost $14.85. The COT report revealed that managed money added 560 contracts to their long positions and liquidated 17 of their short positions. Commercial interests added 42 contracts to their long positions and also added 296 to their short positions. As of the latest report, managed money is long palladium by a ratio of 6.96:1, which is up from the previous week of 6.73:1, but down from the ratio of 7.89:1.

Platinum:

For the week, April platinum lost $38.00. The COT report revealed that managed money liquidated 611 contracts of their long positions and added 2,920 to their short positions. Commercial interests added 313 contracts to their long positions and liquidated 462 of their short positions. As of the latest report, managed money is long platinum by a ratio of 2.31:1, which is down substantially from the previous week of 3.03:1 and the ratio of two weeks ago of 3.25:1.

Gold:

For the week, April gold lost $22.20. The COT report revealed that managed money liquidated 12,240 contracts of their long positions and added 11,605 to their short positions. Commercial interests liquidated 641 contracts of their long positions and also liquidated 5,002 of their short positions. As of the latest report, managed money is long gold by a ratio of 3.91:1, which is down dramatically from the previous week of 6.61:1 and the ratio of two weeks ago of 8.81:1.

Silver: On February 18, March and May silver generated a short-term sell signal, but remain on an intermediate term buy signal.

For the week, May silver lost $1.017. The COT report revealed that managed money liquidated 531 contracts of their long positions and added 4,960 to their short positions. Commercial interest liquidated 438 contracts of their long positions and also liquidated 2,744 of their short positions. As of the latest report, managed money as long silver by a ratio of 3.08:1, which is down dramatically from the previous week of 4.56:1 and the ratio of two weeks ago of 5.29:1.

Year to date, May silver is the out performer with a gain of 3.29%, April gold +1.43%, June palladium -2.27%, April platinum -3.24%, May copper -8.00%.

Canadian dollar:

For the week, the March Canadian dollar lost 39 pips. The COT report revealed that leverage funds liquidated 1,350 contracts of their long positions and also liquidated 2,081 of their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 4.64:1, which is up from the previous week of 4.29:1 and the ratio of two weeks ago of 2.79:1.

Australian dollar:

For the week, the March Australian dollar gained 84 pips. The COT report revealed that leverage funds added 2,171 contracts to their long positions and also added 2,933 to their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 3.34:1, which is down from the previously week of 4.29:1 but up from the ratio of two weeks ago of 2.79:1.

Swiss Franc:

For the week, the March Swiss franc lost 1.13 cents. The COT report revealed that leverage funds liquidated 776 contracts of their long positions and also liquidated 625 of their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 1.92:1, which is up from the previous week of 1.80:1 and the ratio two weeks ago of 1.47:1.

British Pound:

For the week, the March British pound gained 5 pips. The COT report revealed that leverage funds added 3,617 contracts to their long positions and liquidated 1,761 of their short positions. As of the latest report, leverage funds are short the British pound by a ratio of 1.51:1, which is down from the previous week of 1.73:1 and the ratio of two weeks ago of 1.71:1.

Euro:

For the week, the March euro gained 4 pips.The COT report revealed that leverage funds added 884 contracts to their long positions and liquidated 6,132 of their short positions. As of the latest report, leverage funds are short the euro by a ratio of 6.59:1, which is down from the previous week of 7.05:1 and the ratio of two weeks ago of 7.22:1.

Yen:

For the week, the March yen lost 19 pips. The COT report revealed that leverage funds liquidated 3,541 contracts of their long positions and also liquidated 6,584 of their short positions. As of the latest report, leverage funds are short the yen by a ratio of 6.73:1, which is up from the previous week of 5.51:1 and the ratio two weeks ago of 5.68:1.

Dollar index:

For the week, the March dollar index gained 7 points. The COT report revealed that leverage funds liquidated 2.276 contracts of their long positions and also liquidated 525 of their short positions. As of the latest report, leverage funds are long the dollar index by a ratio of 1.28:1, which is down from the previous week of 1.36:1, but up from the ratio of two weeks ago of 1.16:1.

Year to date, the March Swiss franc is the out performer with a gain of 5.42%, March dollar index +4.20%, March Yen +0.60%, March British pound -1.13%, March Australian dollar -3.56%, March euro -6.01%, March Canadian dollar -7.21%.

S&P 500 (250 x):

For the week, the March S&P 500 futures contract gained 13.60 points. The COT report reveal that leverage funds liquidated 518 contracts of their long positions and also liquidated 1,472 of their short positions. As of the latest report, leverage funds are long the S&P 500 futures contract by a ratio of 1.86:1, which is up from the previous week of 1.46:1 and up substantially from the ratio of two weeks ago of 1.12:1.

Year to date, the NASDAQ 100 cash index is the out performer with the gain of 4.88%, S&P 400 cash index +4.43%, S&P 500 cash index +2.50%, New York Composite cash index +2.49%, Russell 2000 cash index +2.25%, Dow Jones Industrial Average cash index +1.78%.