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The time frame for the current Commitments of Traders report is from Wednesday January 20 through Tuesday January 26.

Soybeans:

For the week, March soybeans advanced 5.75, May +7.25, July +8.00. The COT report revealed that managed money liquidated 1,722 of their long positions and added 2,645 to their short positions. Commercial interests added 15,025 to their long positions and also added 13,360 to their short positions. As of the latest report, managed money is short soybeans by a ratio of 1.31:1, up from the previous week of 1.24:1, but down from the ratio two weeks ago of 1.67:1.

Soybean meal:

For the week, March soybean meal advanced $3.90, May +3. 50, July +3.10. The COT report revealed that managed money liquidated 2,944 their long positions and also liquidated 11,222 of their short positions. Commercial interests liquidated 4,553 of their long positions and added 4,285 to their short positions. As of the latest report, managed money is short soybean meal by a ratio of 1.85:1, down from the previous week of 1.99:1 and the ratio two weeks ago of 1.96:1.

Soybean oil: On January 27, March soybean oil generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, March soybean oil advanced 38 points, May +40, July +42. The COT report revealed that managed money liquidated 4,180 of their long positions and also liquidated 12,780 their short positions. Commercial interests liquidated 3,964 their long positions and added 9,010 to their short positions. As of the latest report, managed money is long soybean oil by a ratio of 3.54:1, up substantially from the previous week of 2.25:1 and almost double the ratio two weeks ago of 1.89:1.

Corn: On January 29, March corn closed at 3.72, which is the highest close since December 21 (3.72).

For the week, March corn advanced 1.75 cents, May +2.00, July +1.75. The COT report revealed that managed money added 1,541 to their long positions and liquidated a massive 69,683 of their short positions. Commercial interests liquidated 10,674 their long positions and added 36,671 to their short positions. As of the latest report, managed money is short corn by a ratio of 1.61:1, down sharply from the previous week of 2.09:1 and the ratio two weeks ago of 2.29:1.

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 advanced 3. 75 cents, May +4. 75, July+ 5.25. The COT report revealed that managed money added 5,688 to their long positions and liquidated 14,255 of their short positions. Commercial interests liquidated 8,326 of their long positions and added 5,031 to their short positions. As of the latest report, managed money is short Chicago wheat by a ratio 1.85:1, down sharply from the previous week of 2.30:1 and the ratio two weeks ago of 2.24:1.

Kansas City wheat:

For the week, March Kansas City wheat advanced 1.25 cents, May +1. 50, July +1.50. The COT report revealed that managed money liquidated 314 of their long positions and added 2,604 to their short positions. Commercial interests added 2,077 to their long positions and also added 1,470 to their short positions. As of the latest report, managed money is short Kansas City wheat by a ratio of 1.50:1, up from the previous week of 1.41:1 and slightly above the ratio two weeks ago of 1.49:1.

Cotton:

For the week, March cotton lost 1. 32, May -1. 23, July -1. 37. The COT report revealed that managed money added 854 to their long positions and also added 2,603 to their short positions. Commercial interests added 3,073 to their long positions and liquidated 3,188 of their short positions. As of the latest report, managed money is long cotton by a ratio of 1.96:1, down from the previous week of 2.14:1, but up from the ratio two weeks ago of 1.81:1.

Sugar:

For the week, March sugar lost 1.28, May-1.09, July -89 points. The COT report revealed that managed money liquidated 20,829 of their long positions and added 10,028 to their short positions. Commercial interests added 23,783 to their long positions and liquidated 14,633 of their short positions. As of the latest report, managed money is long sugar by a ratio of 2.53:1, down sharply from the previous week of 3.57:1 and the ratio two weeks ago 3.29:1.

Coffee:

For the week, March coffee advanced +35, May + 25, July +10. The COT report revealed that managed money liquidated 482 of their long positions and also liquidated 2,537 of their short positions. Commercial interests added 1,545 to their long positions and also added 3,196 to their short positions. As of the latest report, managed money is short coffee by a ratio of 2.13:1, down from 2.20:1 (the high short ratio thus far in 2016), but up from the ratio two weeks ago of 1.96:1.

Cocoa:

For the week, March cocoa lost $111.00, May -106.00, July -106.00. The COT report revealed that managed money added 756 to their long positions and also added 2,430 to their short positions. Commercial interests added 7,796 to their long positions and also added 9,498 to their short positions. As of the latest report, managed money is long cocoa by a ratio 1.67:1, down from the previous week of 1.79:1 and the ratio two weeks ago of 2.06:1.

Live cattle:

For the week, February live cattle advanced 3.23 cents, April +93 points, June -43. The COT report revealed that managed money liquidated 1,048 of their long positions and added 2,494 to their short positions. Commercial interests liquidated 1,500 contracts of their long positions and added 1,951 to their short positions. As of the latest report, managed money is long live cattle by a ratio 1.48:1, down from the previous week of 1.63:1 and the ratio two weeks ago of 1.80:1.

Lean hogs:

For the week, February lean hogs advanced 2.80 cents, April +1.70, June +1.70. The COT report revealed that managed money added 2,780 to their long positions and liquidated 2,872 of their short positions. Commercial interests added 908 to their long positions and also added 5,431 to their short positions. As of the latest report, managed money is long lean hogs by a ratio of 2.71:1, up sharply from the previous week of 2.16:1 and the ratio two weeks ago of 2.01:1.

WTI crude oil:

For the week, March WTI crude oil advanced $1.43, April + 1.77, May + 2.11. The COT report revealed that managed money added 27,502 to their long positions and also added 7,081 to their short positions. Commercial interests added 20,646 to their long positions and also added 43,315 to their short positions. As of the latest report, managed money is long WTI crude oil by a ratio of 1.40:1, up from the previous week of 1.31:1 and a substantial increase from the record low long ratio of 1.17:1 made two weeks ago.

Heating oil:

For the week, March heating oil advanced 7.11 cents, April +7.23, May +7.53. The COT report revealed that managed money liquidated 1,041 of their long positions and also liquidated 4,234 of their short positions. Commercial interests liquidated 6,150 of their long positions and added 1,914 to their short positions. As of the latest report, managed money is short heating oil by a ratio of 1.75:1, down from the previous week of 1.83:1 and the ratio two weeks ago of 1.80:1.

Gasoline:

For the week, March gasoline advanced 2.42 cents, April + 3.54, May +3.72. The COT report revealed that managed money liquidated 5,614 of their long positions and also liquidated 2,831 of their short positions. Commercial interests added 8,630 to their long positions and also added 7,150 to their short positions. As of the latest report, managed money is long gasoline by a ratio of 1.43:1, down from the previous week of 1.47:1 and up slightly from the ratio two weeks ago of 1.41:1.

During the past week, March, April and May gasoline recorded new contract lows of 1.0159, 1.0920, and 1.1088 respectively.

Natural gas:

For the week, March natural gas advanced 15.7 cents, April +10.8, May+7.9. The COT report revealed that managed money liquidated 5,826 of their long positions and added 17,805 to their short positions. Commercial interests liquidated 5,754 their long positions and also liquidated 7,984 their short positions. As of the latest report, managed money is short natural gas by a ratio 1.98:1, up from the previous week of 1.80:1 and the ratio two weeks ago of 1.70:1.

Copper:

For the week, March copper advanced 6.45 cents. The COT report revealed that managed money added 2,825 to their long positions and liquidated 7,240 of their short positions. Commercial interests added 312 to their long positions and also added 5,772 to their short positions. As of the latest report, managed money is short copper by a ratio of 1.73:1, down from the previous week of 2.14:1 and the ratio two weeks ago of 2.09:1.

Palladium:

For the week, March palladium lost $1.35. The COT report revealed that managed money liquidated 797 of their long positions and also liquidated 198 of their short positions. Commercial interests added 17 contracts to their long positions and liquidated 399 of their short positions. As of the latest report, managed money is long palladium by a ratio 1.90:1, down from the previous week of 1.96:1, but up on the ratio two weeks ago of 1.86:1.

Platinum: On January 27, April platinum generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, April platinum advanced $42.70. The COT report revealed that managed money liquidated 259 of their long positions and also liquidated 1,533 of their short positions. Commercial interests liquidated 114 of their long positions and added 320 to their short positions. As of the latest report, managed money is long platinum by a ratio of 1.38:1, up from the previous week of 1.29:1, but down from the ratio two weeks ago of 1.52:1.

Gold: On January 26, April gold generated an intermediate term buy signal after generating a short-term buy signal on January 7.

For the week, April gold advanced $20.10. The COT report revealed that managed money added 11,691 to their long positions and liquidated 4,673 of their short positions. Commercial interests liquidated 4,361 of their long positions and also liquidated 714 of their short positions. As of the latest report, managed money is long gold by a ratio of 1.21:1, up sharply from the previous week of 1.005:1 and the ratio two weeks ago of 1.001:1.

Silver: On January 26, March silver generated a short-term buy signal, but remains on an intermediate term sell signal.

For the week, March silver advanced 18.6 cents. The COT report revealed that managed money added 1,415 to their long positions and liquidated 7,532 of their short positions. Commercial interests liquidated 1,185 of their long positions and added 2,761 to their short positions. As of the latest report, managed money is long silver by a ratio of 2.01:1, up substantially from the previous week of 1.50:1 and the ratio two weeks ago of 1.20:1.

Canadian dollar:

For the week, the March Canadian dollar advanced 71 pips. The COT report revealed that leverage funds liquidated 597 of their long positions and added 7,356 to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a massive ratio of 6.70:1, up substantially from the previous week of 5.68:1 and nearly a 50% increase from the ratio two weeks ago of 4.54:1.

The March Canadian dollar is getting close to generating a short-term buy signal and this will occur if the daily low is above OIA’s key pivot point for January 29 of 71.04.

Australian dollar:

For the week, the March Australian dollar advanced 63 pips. The COT report revealed that leverage funds liquidated 2,788 of their long positions and also liquidated 2,485 of their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 2.95:1, up from the previous week of 2.61:1 and a substantial increase from the ratio two weeks ago of 1.62:1.

Swiss franc:

For the week, March Swiss franc lost 82 pips. The COT report revealed that leverage funds liquidated 139 of their long positions and added 5,641 to their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 1.89:1, up from the previous week of 1.51:1 and the ratio two weeks ago of 1.40:1.

During the past week, the June Swiss franc recorded a new contract low of 98.18, however the March contract remained above the contract low.

British pound:

For the week, the March British pound lost 39 pips. The COT report revealed that leverage funds liquidated 3,304 their long positions and added 2,915 to their short positions. As of the latest report, leverage funds are short the British pound by ratio of 2.37:1, up from the previous week of 2.15:1 and the ratio two weeks ago of 1.96:1.

Euro:

For the week, the March euro advanced 35 pips. The COT report revealed that leverage funds liquidated 971 of their long positions and also liquidated 7,990 of their short positions. As of the latest report, leveraged funds are short the euro by a ratio of 3.13:1, down from the previous week of 3.24:1 and the ratio two weeks ago of 3.97:1.

Yen: The March yen will generate a short-term sell signal if the daily high is below OIA’s key pivot point for January 29 of .8371 and an intermediate term sell signal will be generated if the daily high is below OIA’s key pivot point for January 29 of .8286.

For the week, the March yen lost 164 pips. The COT report revealed that leverage funds added 6,071 to their long positions and liquidated 1,947 of their short positions. As of the latest report, leveraged funds are long the Japanese yen by a ratio of 1.30:1, up from the previous week of 1.16:1 and the ratio two weeks ago of 1.01:1.

Leverage funds were caught heavily long at the high end of the yen’s recent trading range when the Japanese Central Bank announced its negative interest rate policy and the yen went into free fall on Friday. OIA has recommended a stand aside posture.

From the January 22 report on the yen:

“As this report is being compiled on January 25, the March contract is trading 14 pips higher on the day. We continue to recommend a stand aside posture for new positions and think further declines are likely, especially if the equity market continues its rally.”

Dollar index:

For the week, the March dollar index (remarkably) closed unchanged on the week. The COT report revealed that leverage funds liquidated 1,028 of their long positions and also liquidated 1,331 of their short positions. As of the latest report, leverage funds are long the dollar index by a ratio of 2.14:1, up from the previous week of 1.97:1, but down from the ratio two weeks ago of 2.33:1.

S&P 500 (250 x):

For the week, the March S&P 500 futures contract advanced 30.90 points. The COT report revealed that leverage funds added 301 contracts to their long positions and also added 1,063 to their short positions. As of the latest report, leverage funds are long the S&P 500 futures contract by a ratio of 1.18:1, down from the previous week of 1.35:1 and is a complete reversal from two weeks ago when leverage funds were short the S&P 500 futures contract by ratio 1.24:1.

10 Year Treasury Note:

For the week, the March 10 year note advanced 1-064 points. The COT report revealed that leveraged funds added 49,978 of their long positions and also added 30,089 to their short positions. As of the latest report, leverage funds are short the 10 year note by a ratio of 1.48:1, down from the previous week of 1.59:1 and the ratio two weeks ago of 1.67:1.

On Friday, January 29, the March 10 year note recorded a new contract high of 129-220. On January 6, OIA announced that the March 10 year note generated a short-term buy signal and an intermediate term buy signal on January 14.