For Bloomberg access:{OIAR<GO>}

The time frame for the current Commitments of Traders report is from Wednesday, September 16 through Tuesday, September 22.

Soybeans:

For the week, November soybeans advanced 22.00 cents, January +21.75, March +22.75. The COT report revealed that managed money liquidated 1,350 of their long positions and added 13,790 contracts to their short positions. Commercial interests added 10,867 to their long positions and also added 1,621 to their short positions. As of the latest report, managed money is short soybeans by a ratio of 1.38:1, which is an increase from the previous week of 1.17:1 and a substantial advance from two weeks ago when managed money was short by a ratio of 1.06:1.

Soybean meal:

For the week, October soybean meal advanced 30 cents, December +40, March + $1.00. The COT report revealed that managed money liquidated 6,744 of their long positions and added 8,424 to their short positions. Commercial interests added 218 contracts to their long positions and liquidated 17,385 of their short positions. As of the latest report, managed money is long soybean meal by a ratio of 1.59:1, which is a sharp decline from the previous week of 2.25:1 and the ratio two weeks ago of 1.96:1.

The current ratio of 1.59:1 is the lowest ratio of longs in soybean meal since the December contract generated a short-term sell signal on August 13 and an intermediate term sell signal on August 31.

Soybean oil:

For the week, October soybean oil advanced 1.67 cents, December +1.66, March +1.62. The COT report revealed that managed money liquidated 35 contracts of their long positions and added 1,389 to their short positions. Commercial interests added 4,126 to their long positions and also added 2,452 to their short positions. As of the latest report, managed money is short soybean oil by ratio of 1.27:1, which is up from the previous week of 1.25:1 and the ratio two weeks ago of 1.15:1.

Corn:

For the week, December corn advanced 11.75 cents, March +11.75, May +11.50. The COT report revealed that managed money added 2,187 to their long positions and also added 2,745 to their short positions. Commercial interests added 5,766 to their long positions and also added 2,766 to their short positions. As of the latest report, managed money is long corn by ratio of 1.42:1, which is down from the previous week of 1.43:1, but up from the ratio two weeks ago of 1.28:1.

Chicago wheat:

For the week, December Chicago wheat advanced 21.00 cents, March +21.50, May +21.25. The COT report revealed that managed money added 2,537 to their long positions and liquidated 2,436 of their short positions. Commercial interests liquidated 2,818 of their long positions and added 1,239 to their short positions. As of the latest report, managed money is short Chicago wheat by a ratio of 1.56:1, which is down from the previous week of 1.67:1 and the ratio two weeks ago of 1.91:1.

Kansas City wheat:

For the week, December Kansas City wheat advanced 18.00 cents, March +18.25, May +18.25. The COT report revealed that managed money liquidated 1,572 of their long positions and also liquidated 474 of their short positions. Commercial interests added 456 contracts to their long positions and also added 276 to their short positions. As of the latest report, managed money is short Kansas City wheat by ratio of 1.22:1, which is up from the previous week of 1.18:1 and the ratio two weeks ago of 1.20:1.

Thus far in the third quarter, December corn is the out performer with a loss of 9.85%, December soybean meal -10.77%, November soybeans -14.27%, December soybean oil -18.08%, December Chicago wheat -18.37%, December Kansas City wheat -20.34%.

Thus far in September 2015, December Chicago wheat is the out performer with a gain of 4.69%, December corn +3.66%, December Kansas City wheat +2.56%, November soybeans +0.20%, December soybean meal -1.00%, December soybean oil -1.20%.

Cotton:

For the week, December cotton advanced 9 points, March -18, May -34. The COT report revealed that managed money liquidated 4,256 of their long positions and added 11,472 their short positions. Commercial interests added 5,851 to their long positions and liquidated 11,341 of their short positions. As of the latest report, managed money is long cotton by a ratio of 1.55:1, which is a sharp drop from the previous week of 2.67:1 and the ratio two weeks ago of 2.84:1.

During the past week, December 2015, March and May 2016 cotton recorded new contract lows of 59.70, 59.45 and 60.00 respectively.

From the September 20 Weekend Wrap on cotton:

“OIA cannot remember a time when a commodity or currency has been at contract lows accompanied by a heavy net long position as currently exists in cotton. This informs OIA that cotton will make another leg down and that managed money will provide some of the fuel for the downtrend. The next downside target is 57.05, the low made during the week of January 19, 2015 for the March 2015 contract.”

Sugar #11:

For the week, October sugar gained 78 points, March +71, May +63. The COT report revealed that managed money liquidated 355 contracts of their long positions and added 16,094 to their short positions. Commercial interests added 2,718 to their long positions and liquidated 11,687 contracts of their short positions. As of the latest report, managed money is short sugar by a ratio of 1.12:1, which is a complete reversal from the previous week when they were long by a ratio of 1.007:1. Two weeks ago, managed money was short sugar by ratio of 1.07:1.

Coffee:

For the week, December coffee advanced 4.35 cents, March + 4.10, May +3.90. The COT report revealed that managed money added 211 contracts to their long positions and also added 1,078 to their short positions. Commercial interests added 2,209 to their long positions and also added 852 to their short positions. As of the latest report, managed money is short coffee by ratio of 1.84:1, which is an increase from the previous week of 1.82:1 and the ratio two weeks ago of 1.76:1.

The current short ratio of managed money in coffee of 1.84:1 is one of the highest seen during 2015.

Cocoa:

For the week, December cocoa lost $35.00, March -28.00, May -28.00. The COT report revealed that managed money added 1,572 to their long positions and also added 390 contracts to their short positions. Commercial interests added 6,897 to their long positions and also added 8,799 to their short positions. As of the latest report, managed money is long cocoa by a ratio of 2.84:1, which is up slightly from the previous week of 2.82:1, but down slightly from the ratio two weeks ago of 2.89:1.

From the September 20 Weekend Wrap on cocoa:

“It is astounding that since the rally began in cocoa on September 4, managed money has actually trimming their net long exposure in futures, and perhaps this best explains why cocoa continues to advance without a correction. In summary, there are not a sufficient number of new speculative longs to exert selling pressure when cocoa pulls back slightly.”

Live cattle:

For the week, October live cattle lost 2.30 cents, December -1.37, February -1.65. The COT report revealed that managed money liquidated 1,427 of their long positions and added 3,955 to their short positions. Commercial interests added 6,031 to their long positions and liquidated 1,468 of their short positions. As of the latest report, managed money is long live cattle by a ratio of 1.09:1, which is down from the previous week of 1.21:1 and the ratio two weeks ago of 1.28:1.

The current ratio of managed money longs of 1.09:1 in live cattle is the lowest recorded during 2015.

During the past week, October, December and February live cattle recorded new contract lows of 1.2872, 1.3170 and 1.3245 respectively.

Lean hogs:

For the week, October lean hogs gained 82 points, December +1.62 cents, February +58. The COT report revealed that managed money liquidated 956 contracts of their long positions and also liquidated 4,339 of their short positions. Commercial interests added 1,992 to their long positions and also added 3,496 to their short positions. As of the latest report, managed money is long lean hogs by ratio of 2.01:1, which is up from the previous week of 1.76:1 and the ratio two weeks ago of 1.74:1.

WTI crude oil:

For the week, November WTI crude oil advanced 68 cents, December +63, January +63. The COT report revealed that managed money added 9,386 to their long positions and liquidated 10,168 contracts of their short positions. Commercial interests liquidated 31,732 of their long positions and also liquidated 14,940 of their short positions. As of the latest report, managed money is long WTI crude oil by ratio of 2.55:1, which is up from the previous week of 2.25:1 and is a substantial increase from the ratio two weeks ago of 2.01:1.

The current ratio of 2.55:1 is the highest since the COT tabulation date of July 7, 2015 when managed money was long WTI crude oil by a ratio of 2.84:1. The trading range encompassed by the July 7 COT report was from a high of $58.98 made on July 1 to a low of 50.58 made on July 7. This is a considerably higher trading range encompassed in the current report of 44.24-47.71. In summary, managed money is nearly as bullish today as they were when prices were considerably higher.

Heating oil:

For the week, November heating oil advanced 3.24 cents, December +3.10, January +3.02. The COT report revealed that managed money liquidated 1,471 of their long positions and also liquidated 1,424 of their short positions. Commercial interests liquidated 7,655 of their long positions and also liquidated 10,705 of their short positions. As of the latest report, managed money is short heating oil by ratio of 2.21:1, which is up from the previous week of 2.13:1 and the ratio two weeks ago of 1.96:1.

The current short ratio of 2.21:1 is the highest recorded for heating oil during 2015.

Gasoline:

For the week, November gasoline advanced 4.11 cents, December +3.99, January +4.18. The COT report revealed that managed money added 4,552 to their long positions and also added 4,487 to their short positions. Commercial interests added 7,348 to their long positions and also added 7,405 to their short positions. As of the latest report, managed money is long gasoline by ratio of 1.41:1, which is down from the previous week of 1.46:1 and the ratio two weeks ago of 1.45:1.

Natural gas:

For the week, November natural gas lost 4.5 cents, December -2.9, January -2.3. The COT report revealed that managed money added 2,714 to their long positions and also added a massive 77,490 contracts to their short positions. Commercial interests liquidated 6,356 of their long positions and also liquidated 9,258 of their short positions. As of the latest report, managed money is short natural gas by a ratio of 2.04:1, which is a large jump from the previous week of 1.65:1 and the ratio two weeks ago of 1.75:1.

The short ratio of 2.04:1 in natural gas is the highest recorded during 2015.

During the past week, November and December natural gas recorded new contract lows of $2.592, 2.751 respectively.

Copper: On September 23, December copper generated a short-term sell signal, which reverses the short-term buy signal of September 9. December copper remains on an intermediate term sell signal.

For the week, December copper lost 10.25 cents. The COT report revealed that managed money liquidated 3,525 of their long positions and added 2,676 to their short positions. Commercial interests liquidated 345 of their long positions and also liquidated 7,952 of their short positions. As of the latest report, managed money is short copper by a ratio of 1.15:1, which is a complete reversal from the previous week when they were long by a ratio of 1.03:1. Two weeks ago, managed money was short copper by ratio of 1.12:1.

Palladium:

For the week, December palladium advanced $56.75. The COT report revealed that managed money liquidated 385 of their long positions and also liquidated 1,320 of their short positions. Commercial interests liquidated 96 contracts of their long positions and added 517 to their short positions. As of the latest report, managed money is long palladium by a ratio of 1.83:1, which is an advance from the previous week of 1.63:1 and the ratio two weeks ago of 1.64:1.

Platinum:

For the week, January platinum lost $33.20. The COT report revealed that managed money added 1,901 to their long positions and also added 1,233 to their short positions. Commercial interests liquidated 94 contracts of their long positions and also liquidated 434 their short positions. As of the latest report, managed money is long platinum by ratio of 1.49:1, which is the same ratio as the previous week of 1.49:1, but down from the ratio two weeks ago of 1.63:1.

During the past week, January platinum recorded a new contract low of $926.20. This is the lowest price since January 2009 when the nearby platinum contract made a low of $914.00. As a comparison, during the month of January 2009, April gold made a low of $801.50 and closed at 927.30 while the platinum contract closed at $991.30. Currently, the nearby platinum contract sells at an approximate $200 discount to gold, which is extremely unusual because platinum generally sells at a premium to gold due to its rarity.

Gold: On September 25, December gold generated a short-term buy signal, which reverses the short-term sell signal of September 10. December gold remains on an intermediate term sell signal.

For the week, December gold advanced $7.80. The COT report revealed that managed money added 3,231 to their long positions and liquidated 8,791 of their short positions. Commercial interests added 2,373 to their long positions and also added 14,589 to their short positions. As of the latest report, managed money is long gold by ratio of 1.24:1, up from the ratio of the previous week of 1.09:1, but down from the ratio two weeks ago of 1.31:1.

Silver: On September 21, December silver generated a short-term buy signal, which reverses the August 25 short-term sell signal. December silver remains on an intermediate term sell signal.

For the week, December silver lost 5.2 cents. The COT report revealed that managed money added 1,097 to their long positions and liquidated 11,584 of their short positions. Commercial interests liquidated 2,882 of their long positions and added 3,898 to their short positions. As of the latest report, managed money is long silver by a ratio of 1.53:1, which is a large jump from the previous week of 1.06:1 and the ratio two weeks ago of 1.23:1.

Thus far in September 2015, December palladium is the out performer with a gain of 10.8%, December silver +3.24%, December gold +1.00%, January platinum -5.45%.

Canadian dollar:

For the week, the December Canadian dollar lost 89 pips. The COT report revealed that leverage funds added 5,383 to their long positions and also added 3,405 to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 2.67:1, down from the previous week of 3.29:1 and the ratio two weeks ago of 4.11:1.

Australian dollar:

For the week, the December Australian dollar lost 1.94 cents. The COT report revealed that leverage funds liquidated 13,507 of their long positions and also liquidated 4,116 of their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 3.07:1, which is a huge jump from the previous week of 1.88:1, but down from the ratio two weeks ago of 5.01:1.

Swiss franc:

For the week, the December Swiss franc lost 1.73 cents. The COT report revealed that leverage funds liquidated 5,334 of their long positions and added 341 to their short positions. As of the latest report, leverage funds are short the Swiss franc by a ratio of 1.65:1, which is a large jump from the previous week of 1.04:1, but down from the ratio two weeks ago of 2.31:1.

British pound: On September 23, the December British pound generated a short-term sell signal, which reverses the short-term buy signal of September 17. The December pound remains on an intermediate term sell signal.

For the week, the December British pound lost 3.58 cents. The COT report revealed that leverage funds liquidated 3,515 of their long positions and also liquidated 727 of their short positions. As of the latest report, leverage funds are long the British pound by a ratio of 2.03:1, down from the previous week of 2.11:1, but up from the ratio two weeks ago of 1.36:1.

Euro: On September 22, the December euro generated a short term sell signal, which reverses the short-term buy signal of August 13. The December euro remains on an intermediate term buy signal.

For the week, the December euro lost 1.65 cents. The COT report revealed that leverage funds added 353 to their long positions and liquidated 2,817 of their short positions. As of the latest report, leverage funds are short the euro by a ratio of 2.66:1, which is down from the previous week of 2.77:1, but up from the ratio two weeks ago of 2.03:1.

Yen:

For the week, the December yen lost 62 pips. The COT report revealed that leverage funds added 10,170 contracts to their long positions and liquidated 1,784 of their short positions. As of the latest report, leverage funds are short the yen by a ratio of 1.86:1, which is down from the previous week of 2.49:1, but up from the ratio two weeks ago of 1.69:1.

Dollar index: On September 23, the December dollar index generated a short-term buy signal, which reverses the short term sell signal of August 13. The December dollar index remains on an intermediate term sell signal.

For the week, the December dollar index advanced 1.44 points. The COT report revealed that leverage funds liquidated 2,775 of their long positions and also liquidated 2,814 of their short positions. As of the latest report, leverage funds are long the dollar index by ratio of 1.05:1, up slightly from the previous week of 1.04:1, but down dramatically from the ratio two weeks ago of 3.43:1.

Thus far in the month of September, the yen is the out performer with a gain of 0.95%, December British pound +0.30%, December dollar index +0.22%, December euro -0.13%, December Canadian dollar -1.25%, December Swiss franc -1.36%, December Australian dollar -1.77%.

S&P 500 (250 x):

For the week, the December S&P 500 futures contract lost 31.40 points. The COT report revealed that leverage funds liquidated 11,332 of their long positions and also liquidated 5,622 other short positions. As of the latest report, leverage funds are long the S&P 500 futures contract by ratio of 1.13:1, which is down from the previous week of 1.52:1, but up from the ratio two weeks ago of 1.06:1.

Year to date, the NASDAQ 100 cash index is the out performer with a loss of 0.27%, S&P 400 cash index -4.42%, S&P 500 cash index -6.20%, Russell 2000-6.80%, Dow Jones Industrial Average -8.46%, New York Composite cash index -9.06%.

Thus far in September 2015 the NASDAQ 100 cash index is the out performer with a loss of 1.17%, Dow Jones Industrial Average cash index -1.29%, S&P 400 cash index -2.01%, S&P 500 cash index -2.07%, New York Composite cash index -3.14%, Russell 2000 cash index -3.16%.

10 Year Treasury Note:

For the week, the 10 year treasury note lost 4 points. The COT report revealed that leverage funds added 52,672 contracts to their long positions and liquidated 36,420 of their short positions. As of the latest report, leverage funds are short the 10 year note by ratio of 1.79:1, which is a dramatic drop from the previous week of 2.16:1 (the high short ratio since the short-term buy signal on July 6), but down from the ratio two weeks ago of 2.08:1.