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The time frame for the current Commitments of Traders report is from Wednesday January 27 through Tuesday February 2.

Soybeans:

For the week, March soybeans lost 14.75 cents, May -13.25, July -12.25. The COT report revealed that managed money added 12,361 to their long positions and also added 6,957 to their short positions. Commercial interests added 2,959 to their long positions and also added 8,616 to their short positions. As of the latest report, managed money is short soybeans by a ratio of 1.20:1, down from the previous week of 1.31:1 and the ratio two weeks ago of 1.24:1.

Soybean meal:

For the week, March soybean meal lost $7.40, May-7.70, July -7.30. The COT report revealed that managed money liquidated 4,482 of their long positions and also liquidated 8,699 of their short positions. Commercial interests liquidated 3,541 of their long positions and added 4,351 to their short positions. As of the latest report, managed money is short soybean meal by a ratio of 1.84:1, down slightly from the previous week of 1.85:1 and the ratio two weeks ago of 1.99:1.

Soybean oil:

For the week, March soybean oil gained 35 points, May +38, July +37. The COT report revealed that managed money added 5,134 to their long positions and also added 3,007 to their short positions. Commercial interests added 5,056 to their long positions and also added 10,496 to their short positions. As of the latest report, managed money is long soybean oil by a ratio of 3.29:1, down from the previous week of 3.54:1, but up from the ratio two weeks ago of 2.25:1.

Corn:

For the week, March corn lost 6.25 cents, May -6.00, July -5.50. The COT report revealed that managed money added 20,831 to their long positions and liquidated 7,310 of their short positions. Commercial interests liquidated 8,984 their long positions and added 24,995 to their short positions. As of the latest report, managed money is short corn by a ratio of 1.37:1, down from the previous week of 1.61:1 and a substantial reduction from the ratio two weeks ago of 2.09:1.

The current ratio of 1.37:1 is the lowest since the tabulation date of December 15, 2015 when managed money was short corn by ratio of 1.26:1. Commercial interests added 36,671 contracts to their short positions in the previous COT report while liquidating 10,674 their long positions. In summary, commercial interests have added 61,666 contracts to their short positions during the past two COT reporting periods while liquidating 19,658 of their long positions.

In other words, during the past two reports, managed money has become less bearish while commercial interests have become more bearish. As we pointed out in previous reports, we think corn is headed for a short-term sell signal, which will reverse the January 19 short-term buy signal.

From the January 31 Weekend Wrap on corn:

“The liquidation of short positions by managed money supports our thesis that the modest rally has been powered by short covering rather than new buying. Commercial interests were initiating short positions, which served as a counteracting force against the short covering. This explains the tepid increase in prices ever since March corn generated a short-term buy signal on January 19.”

Chicago wheat:

For the week, March Chicago wheat lost 12.50 cents, May -14.50, July -14.75. The COT report revealed that managed money added 6,916 to their long positions and also added 4,912 to their short positions. Commercial interests added 384 to their long positions and also added 6,470 to their short positions. As of the latest report, managed money is short Chicago wheat by a ratio of 1.73:1, down from the previous week of 1.85:1 and a substantial reduction from two weeks ago of 2.30:1.

Kansas City wheat:

For the week, March Kansas City wheat lost 18.00 cents, May-18.75, July -19.00. The COT report revealed that managed money added 44 contracts to their long positions and also added 3,513 to their short positions. Commercial interests added 418 to their long positions and liquidated 2,563 of their short positions. As of the latest report, managed money is short Kansas City wheat by a ratio of 1.61:1, up from the previous week of 1.50:1 and the ratio two weeks ago of 1.41:1.

Cotton:

For the week, March cotton lost 1.16 cents, May -1.00, July -63 points. The COT report revealed that managed money added 201 to their long positions and also added 1,991 to their short positions. Commercial interests added 948 to their long positions and also added 1,554 to their short positions. As of the latest report, managed money is long cotton by a ratio of 1.83:1, down from the previous week of 1.96:1 and the ratio two weeks ago of 2.14:1.

Sugar:

For the week, March sugar gained 13 points, May +6, July -3. The COT report revealed that managed money liquidated 35,964 of their long positions and added 27,072 to their short positions. Commercial interests added 31,862 to their long positions and liquidated 40,321 of their short positions. As of the latest report, managed money is long sugar by a ratio of 1.25:1, down sharply from the previous week of 2.53:1 and a dramatic reduction from the ratio two weeks ago of 3.57:1. On January 6, OIA announced that March sugar generated a short-term sell signal and an intermediate term sell signal on January 12.

Coffee: On February 4, March coffee generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, March coffee gained 4.05 cents, May +3.90, July +4.00. The COT report revealed that managed money added 2,294 to their long positions and liquidated 7,415 of their short positions. Commercial interests liquidated 8,046 of their long positions and added 3,535 to their short positions. As of the latest report, managed money is short coffee by a ratio of 1.62:1, down sharply from the previous week of 2.13:1 and the ratio two weeks ago of 2.20:1.

Cocoa:

For the week, March cocoa advanced $11.00, May +14.00, July +16.00. The COT report revealed that managed money liquidated 1124 their long positions and added 2423 to their short positions. Commercial interest liquidated 7284 their long positions and also liquidated 3071 of their short positions. As of the latest report, managed money is long cocoa by a ratio 1.51:1, down from the previous week of 1.67:1 and the ratio two weeks ago of 1.79:1.

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

For the week, April live cattle advanced +40 points, June +63, August + 1.07 cents. The COT report revealed that managed money liquidated 139 of their long positions and added 2,940 to their short positions. Commercial interests liquidated 4,045 of their long positions and also liquidated 4,050 of their short positions. As of the latest report, managed money is long live cattle by a ratio of 1.36:1, down from the previous week of 1.48:1 and the ratio two weeks ago of 1.63:1.

Lean hogs:

For the week, April lean hogs lost 40 points, June -23, August -8. The COT report revealed that managed money added 5,739 to their long positions and liquidated 568 of their short positions. Commercial interests added 1,656 to their long positions and also added 9,9,500 to their  short positions. As of the latest report, managed money is long lean hogs by a ratio of 3.17:1 up from 2.71:1 the previous week and a sharp increase from the ratio two weeks ago of 2.16:1.

WTI crude oil:

For the week, March WTI crude oil lost $2.73, April -2.56, May -2.31. The COT report revealed that managed money added 4,283 to their long positions and also added 15,097 to their short positions. Commercial interests added 34,955 to their long positions and also added 25,587 to their short positions. As of the latest report, managed money is long WTI crude oil by a ratio of 1.32:1, down from the previous week of 1.40:1 at about the same as the ratio two weeks ago of 1.31:1.

Heating oil:

For the week, March heating oil lost 1.97 cents, April -2.20, May -2.61. The COT report revealed that managed money liquidated 2,484 of their long positions and also liquidated 93 contracts of their short positions. Commercial interests added 6,494 to their long positions and also added 9,601 to their short positions. As of the latest report, managed money is short heating oil by a ratio of 1.91:1, up from the previous week of 1.75:1 and the ratio two weeks ago of 1.83:1.

Gasoline:

For the week, March gasoline lost 13.96 cents, April -12.69, May -12.13. The COT report revealed that managed money liquidated 3,083 of their long positions and also liquidated 43 contracts of their short positions. Commercial interest liquidated 2,096 of their long positions and added 3,416 to their short positions. As of the latest report, managed money is long gasoline by a ratio of 1.36:1, down from the previous week of 1.43:1 and the ratio two weeks ago of 1.47:1.

During the past week, March gasoline recorded a new contract low of 96.70, but the April and May contacts did not.

Natural gas:

For the week, March natural gas lost 23.5 cents, April -19.5, May-16.6. The COT report revealed that managed money added 12,908 to their long positions and also added 20,230 to their short positions. Commercial interests added 6,507 to their long positions and liquidated 6,187 of their short positions. As of the latest report, managed money is short natural gas by a ratio of 1.95:1, down from the previous week of 1.98:1, but up from the ratio two weeks ago of 1.80:1.

Copper: On February 4, March and May copper contracts generated short-term buy signals, but remain on intermediate term sell signals.

For the week, March copper gained 3.60 cents. The COT report revealed that managed money liquidated 1,628 of their long positions and also liquidated 6,526 of their short positions. Commercial interests liquidated 3,652 of their long positions and also liquidated 2,197 of their short positions. As of the latest report, managed money is short copper by a ratio of 1.61:1, down from the previous week of 1.73:1 and a sharp reduction from the ratio two weeks ago of 2.14:1.

Palladium:

For the week, March palladium advanced $17.10. The COT report revealed that managed money added 127 to their long positions and also added 174 to their short positions. Commercial interests added 38 contracts to their long positions and liquidated 97 of their short positions. As of the latest report, managed money is long palladium by a ratio of 1.87:1, down slightly from the previous week of 1.90:1 and the ratio two weeks ago of 1.96:1.

Platinum:

For the week, April platinum gained $29.40. The COT report revealed that managed money liquidated 959 of their long positions and also liquidated 1,844 of their short positions. Commercial interests liquidated 79 contracts of their long positions and added 809 to their short positions. As of the latest report, managed money is long platinum by a ratio of 1.47:1, up from the previous week of 1.38:1 and the ratio two weeks ago of 1.29:1.

Gold:

For the week, April gold advanced $41.30. The COT report revealed that managed money added 4,821 to their long positions and liquidated 7,412 of their short positions. Commercial interests added 4,550 to their long positions and also added 7,931 to their short positions. As of the latest report, managed money is long gold by a ratio of 1.41:1, up from the previous week of 1.21:1 and a substantial increase from the ratio two weeks ago of 1.005:1.

Silver: On February 4, March and May silver generated intermediate term buy signals after generating short term buy signals on January 26.

For the week, March silver advanced 53.5 cents. The COT report revealed that managed money added 335 to their long positions and also added 714 to their short positions. Commercial interests added 378 to their long positions and also added 2,003 to their short positions. As of the latest report, managed money is long silver by a ratio of 1.97:1, down slightly from the previous week of 2.01:1, but up from the ratio two weeks ago of 1.50:1.

Canadian dollar: On February 1, the March Canadian dollar generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, the March Canadian dollar advanced 62 pips. The COT report revealed that leverage funds liquidated 3,163 of their long positions and also liquidated a massive 13,646 of their short positions. As of the latest report, leverage funds are short the Canadian dollar by a record 7.73:1, up sharply from the previous week of 6.70:1 and a substantial increase from the ratio two weeks ago of 5.68:1.

The reason for the increase in this week’s ratio was the massive decline in long positions relative to the outstanding number of long positions, which served to counteract the large reduction in short positions.

Australian dollar: On February 4, the March Australian dollar generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, the March Australian dollar advanced 1 pip. The COT report revealed that leverage funds liquidated 592 of their long positions and also liquidated 3,454 their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 2.83:1, down from the previous week of 2.95:1, but up from the ratio two weeks ago of 2.61:1.

Swiss franc: On February 5, the March Swiss franc generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, the March Swiss franc advanced 3.25 cents. The COT report revealed that leverage funds added 893 to their long positions and also added 1,218 to their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 1.86:1, down slightly from the previous week of 1.89:1, but up from the ratio two weeks ago of 1.51:1.

British pound:

For the week, the March British pound gained 2.57 cents. The COT report revealed that leverage funds liquidated 3,322 of their long positions and added 6,571 to their short positions. As of the latest report, leverage funds are short the British pound by ratio of 2.72:1, up from the previous week of 2.37:1 and a substantial increase from the ratio two weeks ago of 2.15:1.

Euro: On February 4, the March and June euro generated short and intermediate term buy signals.

For the week, the March euro advanced 3.16 cents. The COT report revealed that leverage funds added 3,190 to their long positions and liquidated 11,232 of their short positions. As of the latest report, leverage funds are short the euro by a ratio of 2.66:1, down from the previous week of 3.13:1 and the ratio two weeks ago of 3.24:1.

Yen: On February 1, March and June yen contracts generated short and intermediate term sell signals, and these were reversed on February 4 when the March and June contracts generated short and intermediate term buy signals.

For the week, the March yen advanced 300 pips. The COT report revealed that leverage funds liquidated 4,910 of their long positions and also liquidated 3,258 of their short positions. As of the latest report, leverage funds are long the yen by a ratio of 1.28:1, down slightly from the previous week of 1.30:1, but up from the ratio two weeks ago of 1.16:1.

Dollar index: On February 4, the March and June dollar index contracts generated short and intermediate term sell signals.

For the week, the March dollar index lost 2.60 points. The COT report revealed that leverage funds added 1,497 to their long positions and also added 1,230 to their short positions. As of the latest report, leverage funds are long the dollar index by a ratio of 2.03:1, down from the previous week of 2.14:1, but up from the ratio two weeks ago of 1.97:1.

S&P 500 (250 x):

For the week, the March S&P 500 futures contract lost 54.80 points. The COT report revealed that leverage funds added 2,489 to their long positions and also added 4,609 to their short positions. As of the latest report, leverage funds are short the S&P 500 futures contract by a ratio of 1.08:1, which is a complete reversal from the previous week when they were long by a ratio of 1.18:1. Two weeks ago, leverage funds were long the S&P 500 futures contract by ratio of 1.35:1.

10 Year Treasury Note:

For the week, the March 10 year note advanced 25 points. The COT report revealed that leverage funds liquidated 5,191 of their long positions and added 63,979 to their short positions. As of the latest report, leverage funds are short the 10 year note by ratio of 1.64:1, up from the previous week of 1.48:1 and the ratio two weeks ago of 1.59:1.

During the past week, the March 10 year note made a new contract high of 130-240, which is the highest print since 131-055 made during the week of January 26, 2015.