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

Soybeans:

For the week, January soybeans advanced 2.25 cents, March +4.25, May +4.75. The COT report revealed that managed money liquidated 4,330 of their long positions and also liquidated 6,290 of their short positions. Commercial interests added 19 contracts to their long positions and also added 4,085 to their short positions. As of the latest report, managed money is short soybeans by a ratio of 1.80:1, up from the previous week of 1.77:1 and the ratio two weeks ago of 1.31:1.

Soybean meal:

For the week, January soybean meal lost $6.50, March -5.80, May -4.70. The COT report revealed that managed money liquidated 2,678 of their long positions and added 4,998 to their short positions. Commercial interests added 4,894 to their long positions and liquidated 9,919 of their short positions. As of the latest report, managed money is short soybean meal by a ratio of 1.20:1, up from the previous week of 1.04:1 and a complete reversal from two weeks ago when managed money was long soybean meal by a ratio of 1.06:1.

During the past week, January, March and May soybean meal recorded new contract lows of $282.60, 283.30, and 285.50 respectively.

Soybean oil:

For the week, January soybean oil advanced 86 points, March +89, May +91. The COT report revealed that managed money added 2,760 to their long positions and also added 148 contracts to their short positions. Commercial interests added 30 contracts to their long positions and liquidated 21 of their short positions (the commercial numbers are surprising but correct). As of the latest report, managed money is long soybean oil by a ratio of 1.04:1, which is a complete reversal from the previous week when they were short by ratio of 1.004:1. Two weeks ago, managed money was long soybean oil by ratio of 1.24:1.

Corn:

For the week, December corn advanced 5.00 cents, March +4.25, May +3.75. The COT report revealed that managed money liquidated 14,910 of their long positions and added 11,785 to their short positions. Commercial interests added 9,707 to their long positions and liquidated 7,706 of their short positions. As of the latest report, managed money is short corn by ratio of 1.47:1, up from the previous week of 1.29:1 and a complete reversal from two weeks ago when managed money was long corn by a ratio of 1.11:1.

Chicago wheat:

For the week, December Chicago wheat lost 7.25 cents, March -7.75, May -8.50. The COT report revealed that managed money liquidated 7,868 of their long positions and added 13,577 to their short positions. Commercial interests added 11,924 contracts to their long positions and liquidated 2,254 of their short positions. As of the latest report, managed money is short Chicago wheat by a ratio of 1.82:1, up from the previous week of 1.37:1 and the ratio two weeks ago of 1.24:1.

Kansas City wheat:

For the week, December Kansas City wheat lost 8.50 cents, March -9.25, May -8.50. The COT report revealed that managed money liquidated 546 of their long positions and added 1952 to their short positions. Commercial interests added 4,161 to their long positions and also added 1,215 to their short positions. As of the latest report, managed money is short Kansas City wheat by a ratio of 1.64:1, up from the previous week of 1.56:1 and the ratio two weeks ago of 1.44:1.

It should be noted that this is the second COT report in a row in which commercial interests money have added new net long positions in soybean meal,  corn, Chicago wheat and Kansas City wheat.

Cotton:

For the week, December cotton advanced 1.64 cents, March +84 points, May +1.01. The COT report revealed that managed money added 303 contracts to their long positions and liquidated 1,404 of their short positions. Commercial interests liquidated 4,185 of their long positions and also liquidated 2,469 of their short positions. As of the latest report, managed money is long cotton by a ratio of 3.29:1, up from the previous week of 3.01:1 and a sharp decline from the ratio two weeks ago of 5.02:1.

Sugar #11:

For the week, March sugar advanced 26 points, May +26, July + 28. The COT report revealed that managed money liquidated 5,519 of their long positions and also liquidated 6,603 of their short positions. Commercial interests added 7,309 to their long positions and liquidated 3,972 of their short positions. As of the latest report, managed money is long sugar by a ratio of 3.12:1, up from the previous week of 2.88:1, but down from the ratio two weeks ago of 3.34:1.

Coffee:

For the week, March coffee advanced 8.60 cents, May +8.55, July +8.55. The COT report revealed that managed money liquidated 454 of their long positions and added 4,253 to their short positions. Commercial interest liquidated 5,826 of their long positions and also liquidated 10,152 of their short positions. As of the latest report, managed money is short coffee by a ratio of 2.05:1, up sharply from the previous week of 1.86:1 and the ratio two weeks ago of 1.67:1.

The current ratio of 2.05:1 is the highest recorded since the beginning of the bear market in coffee, which began after coffee topped in mid October 2014. The market rallied sharply this week and chased out some of the late to the party short sellers.

Cocoa:

For the week, March cocoa advanced $5.00, May +4.00, July +4.00. The COT report revealed that managed money added 10,807 contracts to their long positions and also added 3,317 to their short positions. Commercial interests liquidated 6,244 to their long positions and added 7,398 to their short positions. As of the latest report, managed money is long cocoa by a ratio of 2.74:1, up from the previous week of 2.67:1 and the ratio two weeks ago of 2.65:1.

During the past week, March, May, and July 2016 cocoa recorded new contract highs of $3,420, 3,415 and 3,402 respectively.

Live cattle:

For the week, December live cattle lost 97 points, February -63, April +20. The COT report revealed that managed money liquidated 695 contracts of their long positions and added 998 to their short positions. Commercial interests added 2,667 to their long positions and also added 1,,774 to their short positions. As of the latest report, managed money remains long live cattle by a ratio of 1.11:1, down from 1.14:1 the previous week and the ratio two weeks ago of 1.12:1.

During the past week, December, February and April live cattle recorded new contract lows of 1.2550, 1.2770 and 1.2780 respectively., It is remarkable that managed money remains net long live cattle after the collapse in prices. It is unlikely the market will bottom until managed money is substantially net short. The same applies to hogs.

Lean hogs:

For the week, December lean hogs advanced 2.65 cents, February +1.27, April +1.30. The COT report revealed that managed money added 120 contracts to their long positions and also added 5,232 to their short positions. Commercial interests added 1,601 to their long positions and liquidated 5,087 of their short positions. As of the latest report, managed money remains long lean hogs by a ratio of 1.23:1, down from 1.39:1 the previous week and substantially below the ratio two weeks ago of 1.78:1.

During the past week, December, February and April lean hogs recorded new contract lows of 51.80, 53.97 and 59.22 respectively.

WTI crude oil:

For the week, December WTI crude oil lost 35 cents, January -10, February +17. The COT report revealed that managed money liquidated 11,588 of their long positions and added 17,051 to their short positions. Commercial interests liquidated 15,835 of their long positions and also liquidated 26,069 of their short positions. As of the latest report, managed money is long WTI crude oil by a ratio of 1.70:1, down from 2.00:1 the previous week and a substantial decline from the ratio two weeks ago of 2.43:1.

Heating oil:

For the week, December heating oil lost 1.00 cent, January -79 points, February -73. The COT report revealed that managed money liquidated 64 contracts of their long positions and added 8,553 to their short positions. Commercial interests liquidated 626 of their long positions and also liquidated 8,421 of their short positions. As of the latest report, managed money is short heating oil by a ratio of 2.73:1, up from the previous week of 2.32:1 and the ratio two weeks ago of 2.51:1.

Gasoline:

For the week, December gasoline advanced 5.14 cents, January +3.54 February +2.96. The COT report revealed that managed money liquidated 5,268 of their long positions and added 11,659 to their short positions. Commercial interests added 2,064 to their long positions and liquidated 5,796 of their short positions. As of the latest report, managed money is short gasoline by a ratio of 1.02:1, which is a complete reversal from the previous week when they were long by a ratio of 1.39:1 and the ratio two weeks ago of 1.45:1.

The current short ratio of 1.02:1 for managed money is extremely rare and reflects extreme bearish sentiment that we have not seen in quite a while.

Natural gas:

For the week, December natural gas lost 21.6 cents, January -23.5, February -23.2. The COT report revealed that managed money added 941 contracts to their long positions and liquidated 5,565 of their short positions. Commercial interests added 7,872 to their long positions and liquidated 1,202 of their short positions. As of the latest report, managed money is short natural gas by a ratio of 2.11:1, down from the previous week of 2.16:1 and the ratio two weeks ago of 2.28:1.

Copper:

For the week, December copper lost 11.30 cents. The COT report revealed that managed money liquidated 786 contracts of their long positions and added 7,778 to their short positions. Commercial interests added 3,899 to their long positions and also added 1,371 to their short positions. As of the latest report, managed money is short copper by a ratio of 1.97:1, up sharply from the previous week of 1.55:1 and almost double the ratio two weeks ago of 1.09:1.

During the past week, December copper recorded a new contract low of $2.0305. This is the lowest print since 1.9850 made during May 2009

Palladium:

For the week, December palladium advanced $19.95. The COT report revealed that managed money liquidated 2,055 of their long positions and added 576 to their short positions. Commercial interests added 132 contracts to their long positions and liquidated 660 of their short positions. As of the latest report, managed money is long palladium by a ratio of 3.31:1, down sharply from the previous week of 4.38:1 and the ratio two weeks ago of 5.49:1.

Platinum:

For the week, January platinum lost $7.80. The COT report revealed that managed money liquidated 2,538 of their long positions and added 7,168 to their short positions. Commercial interests added 687 to their long positions and liquidated 5,171 of their short positions. As of the latest report, managed money is long platinum by a ratio of 1.45:1, down sharply from the previous week of 2.43:1 and easily half the ratio recorded two weeks ago of 3.29:1.

During the past week, January platinum recorded a new contract low of $846.10, which is the lowest print since 783.00 made during December 2008.

Gold:

For the week, December gold lost $4.60. The COT report revealed that managed money liquidated 1,370 of their long positions and added 29,422 to their short positions. Commercial interests liquidated 819 of their long positions and also liquidated 15,700 of their short positions. As of the latest report, managed money is short gold by a ratio of 1.15:1, which is a complete reversal from the previous week when they were long by a ratio of 1.23:1. Two weeks ago, managed money was long gold by a ratio of 2.36:1.

During the past week, December gold recorded a new contract low of $1062.00.

Silver:

For the week, December silver lost 10.8 cents. The COT report revealed that managed money liquidated 1,629 of their long positions and added 12,193 to their short positions. Commercial interests added 2,459 to their long positions and liquidated 5,090 of their short positions. As of the latest report, managed money is long silver by a ratio of 1.31:1, down sharply from the previous week of 1.96:1 and a complete collapse from the ratio two weeks ago of 5.73:1.

Canadian dollar:

For the week, the December Canadian dollar lost 19 pips. The COT report revealed that leverage funds added 1,149 to their long positions and also added 504 contracts to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 1.48:1, down from the previous week of 1.54:1 and a collapse from the ratio two weeks ago of 2.91:1.

Australian dollar:

For the week, the December Australian dollar advanced 1.13 cents. The COT report revealed that leverage funds liquidated 2,305 of their long positions and added 1,562 to their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 2.61:1, up from the previous week of 2.25:1 and the ratio two weeks ago of 2.00:1.

Swiss franc:

For the week, the December Swiss franc lost 1.12 cents. The COT report revealed that leverage funds liquidated 40 contracts of their long positions and added 6,118 to their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 2.15:1, up from the previous week of 1.78:1 and the ratio two weeks ago of 1.66:1.

During the past week, the December Swiss franc recorded a new contract low of 97.94.

British pound:

For the week, the December British pound lost 37 pips. The COT report revealed that leverage funds added 977 to their long positions and liquidated 235 contracts of their short positions. As of the latest report, leverage funds are long the British pound by a ratio of 1.20:1, up slightly from the previous week of 1.17:1, but down sharply from the ratio two weeks ago of 1.89:1.

Euro:

For the week, the December euro lost 85 pips. The COT report revealed that leverage funds added 765 contracts to their long positions and also added 11,745 to their short positions. As of the latest report, leverage funds are short the euro by a ratio of 4.20:1, up from the previous week of 4.00:1 and the ratio two weeks ago of 4.05:1.

Yen:

For the week, the December yen lost 9 pips. The COT report revealed that leverage funds liquidated 957 contracts of their long positions and added 7,828 to their short positions. As of the latest report, leverage funds are short the yen by a ratio of 4.44:1, up substantially from the previous week of 3.96:1 and a substantial increase from the ratio two weeks ago of 2.72:1.

Dollar index:

For the week, the December dollar index advanced 53 points. The COT report revealed that leverage funds liquidated 362 contracts of their long positions and added 2,604 to their short positions. As of the latest report, leverage funds are long the dollar index by a ratio of 1.01:1, down from the previous week of 1.19:1 and a sharp decline from the ratio two weeks ago of 1.82:1.

S&P 500 E-mini: On November 19, the December and March S&P 500 E-mini contracts generated short term buy signals, which reversed the short-term sell signals generated on November 13. Both contracts remain on intermediate term buy signals.

S&P 500 (250 x):

The December S&P 500 futures contract advanced 70.10 points. The COT report revealed that leverage funds liquidated 1,520 of their long positions and also liquidated 2,747 of their short positions. As of the latest report, leverage funds are short the S&P 500 futures contract by a ratio of 1.05:1, down from the previous week of 1.17:1 and the ratio two weeks ago of 1.09:1.

10 Year Treasury Note:

The December 10 year treasury note gained 4-4 points. The COT report revealed that leverage funds liquidated 34,835 of their long positions and added 48,381 to their short positions. As of the latest report, leverage funds are short the 10 year note by a ratio of 1.72:1, up sharply from the previous week of 1.44:1 and a slight increase from the ratio two weeks ago of 1.64:1.