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The time frame for the current Commitments of Traders report is from Wednesday, January 14 through Tuesday, January 20.

Soybeans:

For the week, March soybeans lost 19.00 cents, May -18.00, July -17.75. The COT report revealed that managed money liquidated 10,565 contracts of their long positions and added 7,534 to their short positions. Commercial interests added 15,138 contracts to their long positions and liquidated 8,394 of their short positions. As of the latest report, managed money is long soybeans by ratio of 1.18:1, which is down from the previous week of 1.43:1 and down substantially from the ratio of 2 weeks ago of 1.87:1.

The current ratio of 1.18:1 is the lowest since the COT tabulation date of October 7, 2014 when managed money was long soybeans by ratio of 1.24:1.

Soybean meal:

For the week, March soybean meal gained $5.30, May +3.20, July +1.20. The COT report revealed that managed money liquidated 652 contracts of their long positions and added 2,275 to their short positions. Commercial interests added 6,886 contracts to their long positions and liquidated 4,204 their short positions. As of the latest report, managed money is long soybean meal by ratio of 2.01:1, which is down from the previous week of 2.16:1 from the ratio of 2 weeks ago of 2.71:1.

The current ratio of 2.01:1 is the lowest since the COT tabulation date of October 14, 2014 when managed money was long soybean meal by ratio 2.10:1.

Soybean oil: On January 22, March soybean oil generated an intermediate term sell signal, which reverses the intermediate term by signal generated on January 9. On January 23, March soybean oil generated a short-term sell signal, which reversed the short term buy signal of January 6.

For the week, March soybean oil lost 1.79 cents, May -1.73, July -1.70. The COT report revealed that managed money added 1,476 contracts to their long positions and liquidated 1,528 contracts of their short positions. Commercial interests added 1,215 contracts to their long positions and also added 7,579 to their short positions. As of the latest report, managed money is long soybean oil by a stratospheric 2.60:1, which is up from the previous week of 2.44:1 and up substantially from the ratio of 2 weeks ago of 1.93:1.

The current ratio of 2.60:1 is the highest of 2015 and 2014. The high ratio of 2014 was 2.00:1, which occurred on April 29, 2014. We suspect the massive increase in long positions is due to index fund re-balancing.

Corn:

For the week, March corn lost 0.25 cents, May -1.00, July +1.75. The COT report revealed that manage money liquidated 6,281 contracts of their long positions and added 3,253 to their short positions. Commercial interests added 16,116 contract to their long positions and liquidated 5,405 of their short positions. As of the latest report, managed money is long corn by a ratio 2.98:1, which is down from the previous week of 3.15:1 and the ratio two weeks ago of 3.87:1.

Chicago wheat:

For the week, March Chicago wheat lost 2.75 cents, May -2.00, July -1.75. The COT report revealed that managed money liquidated 7,255 contracts of their long positions and added 4,941 to their short positions. Commercial interest added 3,349 contracts to their long positions and liquidated 2,959 of their short positions. As of the latest report, managed money is short Chicago wheat by ratio 1.02:1, which is a complete reversal from the previous week when they were long by ratio 1.15:1. Two weeks ago, managed money was long Chicago wheat by a ratio of 1.23:1.

Kansas City wheat:

For the week, March Kansas City wheat lost 13.00 cents, May -10.50, July -10.50. The COT report revealed that managed money liquidated 428 contracts of their long positions and added 3,405 to their short positions. Commercial interests added 6,565 contracts to their long positions and liquidated 29 of their short positions. As of the latest report, managed money as long Kansas City wheat by a ratio of 1.95:1, which is down from the previous week of 2.45:1 and the ratio of 2.63:1 two weeks ago.

Thus far in the first quarter, March soybean oil is the out performer with a loss of 1.68%, March corn -2.58%,  March soybean meal -4.63%, March soybeans -4.96%, March Kansas City wheat -9.98%, March Chicago wheat -10.13.

Cotton:

For the week, March cotton lost 1.93 cents, May -1.82, July -1.80. The COT report revealed that management he liquidated 1,401 contracts of their long positions and added 9,687 to their short positions. Commercial interests added 14,944 contracts to their long positions and also added 1,210 to their short positions. As of the latest report, managed money is now short cotton by ratio of 1.11:1, which is a complete reversal from the previous week when they were long by ratio of 1.15:1. Two weeks ago, managed money was long cotton by ratio of 1.20:1.

During the past week, March, May and July cotton made new contract lows of 57.05, 57.95, and 58.87 respectively.

Sugar #11: On January 21, March sugar generated an intermediate term by signal, after generating a short term by signal on January 16.

For the week, March sugar lost 16 points, May  -8, July -3. The COT report revealed that managed money liquidated 289 contracts of their long positions and liquidated 20,148 of their short positions. Commercial interests liquidated 2,929 contracts of their long positions and added 25,477 to their short positions. As of the latest report, manage money is short sugar by ratio of 1.19:1, which is down from the previous week of 1.31:1 and the high ratio of 1.39:1.

Coffee: On January 21, March coffee generated a short-term sell signal, which reversed the January 9 short-term buy signal. March coffee remains on intermediate-term sell signal.

For the week, March coffee lost 8.55 cents, May -8.50, July -8.30. The COT report revealed that managed money liquidated 817 contracts of their long positions and added 2,088 to their short positions. Commercial interests added 1,236 contracts to their long positions and liquidated 3,051 of their short positions. As of the latest report, manage money as long coffee by ratio 2.90:1, which is down from the previous week of 3.52:1, but above the low ratio 2.78:1 made two weeks ago.

Cocoa:

March cocoa lost  $187.00, May -177.00, July -173.00. The COT report revealed that managed money liquidated 1,021 contracts of their long positions and also liquidated 1,777 of their short positions. Commercial interest liquidated 857 contracts of their long positions have also liquidated 2,099 of their short positions. As of the latest report, manage money as long cocoa by a ratio of 4.76:1, which is up from the previous week of 4.31:1 and the ratio two weeks ago of 4.54:1.

Thus far in the first quarter, March sugar is the out performer with a gain of 4.48%, March coffee -2.49%, March, -4.93%, March cocoa -5.33%.

Live Cattle:

For the week, February live cattle lost 4.10 cents, April -4.15, June -3.70. The COT report revealed that managed money liquidated 12,121 contracts of their long positions and also liquidated 1,095 their short positions. Commercial interests added 2,588 contracts to their long positions and liquidated 6,966 of their short positions. Remarkably, as of the latest report, managed money is long live cattle by ratio 16.53:1, which is up from the previous week of 15.47:1 and up dramatically from the ratio two weeks ago of 8.98:1.

The reason for the increase in this week’s ratio was due to the liquidation of short positions, which represented a very large percentage of outstanding short positions held by managed money.

Lean Hogs:

For the week, February lean hogs lost 5.20 cents, April -7.02, June -6.60. The COT report revealed that managed money liquidated 1,736 contracts of their long positions and also liquidated 1,528 of their short positions. Commercial interest liquidated 575 contracts of their long positions and also liquidated 652 of their short positions. As of the latest report, managed money as long lean hogs by ratio 2.27:1, which is up from the previous week of 2.21:1, but the same as the ratio two weeks ago of 2.27:1.

During the past week, February, April and June hogs made new contract lows of 68.85, 70.00, 76.72 respectively.

Thus far in the first quarter, February live cattle is the out performer with a loss of 8.89%, April live cattle -9.10%, February hogs -14.47%, April  hogs -14.78%.

WTI crude oil:

For the week, March WTI crude oil lost $3.54, April -3.52, May -3.31. The COT report revealed that managed money liquidated 1,178 contracts of their long positions and also liquidated 2,089 of their short positions. Commercial interest liquidated 555 contracts of their long positions and added 8,884 to their short positions. As of the latest report, managed money as long WTI crude oil by a ratio of 3.08:1, which is up slightly from the previous week up 3.03:1, but down from the ratio two weeks ago up 3.30:1.

Heating oil:

For the week, March heating oil lost 1.54 cents, April -1.99, May -2.23. The COT report revealed that managed money added 2,140 contracts to their long positions and also added 3,144 to their short positions. Commercial interest liquidated 2,899 contracts of their long positions and added 1,088 to their short positions. As of the latest report, managed money is short heating oil by ratio 1.69:1, which is up from the previous week of 1.59:1 and the ratio two weeks ago of 1.66:1.

Gasoline:

For the week, March gasoline lost 1.80 cents, April -2.79, May -2.74. The COT report revealed that managed money added 3,239 contracts to their long positions and also added 910 to their short positions. Commercial interest liquidated 1,242 contracts of their long positions and added 1,801 to their short positions. As of the latest report, managed money is long gasoline by a ratio of 2.18:1, which is up slightly from the previous week of 2.14:1, but down from the ratio two weeks ago of 2.87:1.

Natural gas:

For the week, March natural gas lost 12.9 cents, April -9.3, May -7.8. The COT report revealed that managed money liquidated 5,180 contracts of their long positions and added 1,370 to their short positions. Commercial interest added 13,075 contracts to their long positions and also added 18,677 to their short positions. As of the latest report, managed money is short natural gas by ratio of 1.22:1, which is up from the previous week of 1.19:1 and the ratio two weeks ago of 1.19:1.

During the past week, March, April and May natural gas made new contract close lows of 2.762, 2.754, and 2.783 respectively.

Thus far in the first quarter, March natural gas is the out performer with a gain of 0.68%, March gasoline -8.88%, March heating oil -10.26%, March ethanol -12.11%, March WTI crude oil -16.40%, March Brent crude oil -16.64%.

Copper:

For the week, March copper lost 11.55 cents. The COT report revealed that managed money liquidated 2,544 contracts of their long positions and also liquidated 4,398 of their short positions. Commercial interests liquidated 3,171 contracts of their long positions and also liquidated 1,257 of their short positions. As of the latest report, managed money is short copper by a ratio of 1.23:1, which is down from the previous week of 1.26:1 and the ratio of two weeks ago of 1.32:1.

Palladium:

For the week, March palladium advanced $21.10. The COT report revealed that manage money added 850 contracts to their long positions and also added 708 to their short positions. Commercial interest added 108 contracts to their long positions and liquidated 1,047 of their short positions. As of the latest report, managed money is long palladium by a ratio of 8.73:1,, which is down from the previous week of 11.76:1 and down dramatically from the ratio two weeks ago to 15.47:1.

Platinum:

For the week, April platinum lost 70 cents. The COT report revealed that managed money added 1,577 contracts to their long positions and liquidated 2,509 of their short positions. Commercial interests liquidated 279 contracts of their long positions and added 1,030 to their short positions. As of the latest report, managed money is long platinum by a ratio of 2.99:1, which is up from the previous week of 2.34:1 and the ratio two weeks ago of 2.11:1.

Gold:

For the week, February gold advanced $15.70. The COT report revealed that managed money added 23,429 contracts to their long positions and liquidated 3,971 of their short positions. Commercial interest liquidated 5,301 contracts of their long positions and added 15,634 to their short positions. As of the latest report, managed money as long by a ratio of 5.93:1, which is up from the previous week of 4.37:1 and up dramatically from the ratio two weeks ago at 3.76:1.

The current ratio of 5.93:1 is the highest since the COT tabulation date of August 12, 2014 when managed money was long gold by ratio 6.31:1.

Silver: On January 20, March silver generated an intermediate term by signal after generating a short-term buy signal on January 13.

For the week, March silver advanced 55.0 cents. The COT report revealed that managed money added 3,401 contracts to their long positions and liquidated 4,340 of their short positions. Commercial interests liquidated 192 contracts of their long positions and added 2,713 to their short positions. As of the latest report, managed money as long silver by ratio 4.02: 1, which is up substantially from the previous week of 2.74:1 in the ratio two weeks ago of 2.11:1.

Thus far in the first quarter, March silver is the out performer with a gain of 16.94%,February gold +9.49%, April platinum + 4.89%, March palladium -2.83%, March copper -11.55%.

Canadian dollar:

For the week, the March Canadian dollar lost 3.07 cents. The COT report revealed that leveraged funds added 188 contracts to their long positions and also added 2,410 to their short positions. As of the latest report, leverage funds are short the Canadian dollar by a ratio of 2.84:1, which is up from the previous week of 2.72:1 and the ratio of two weeks ago of 2.23:1.

During the past week, the March Canadian dollar made a new contract low of 80.20.

Australian dollar:

For the week, the March Australian dollar lost 2.96 cents. The COT report revealed that leverage funds liquidated 4,220 contracts of their long positions and also liquidated 4,846 of their short positions. As of the latest report, leverage funds are short the Australian dollar by a ratio of 4.03:1, which is up substantially from the previous week of 3.26:1 and the ratio two weeks ago of 2.97:1.

During the past week, the March Australian dollar made a new contract low of 78.54. 

Swiss franc:

For the week, the March Swiss franc loss 2.61 cents. The COT report revealed that leverage funds added 3,526 contracts to their long positions and liquidated 9,117 of their short positions. As of the latest report, leverage funds are short the Swiss franc by ratio 2.09:1, which is down dramatically from the previous week of 4.60:1 and the ratio two weeks ago of 3.73:1.

British Pound:

For the week, the March British pound lost 1.49 cents. The COT report revealed that leverage funds liquidated 10,017 contracts of their long positions and also liquidated 28 of their short positions. As of the latest report, leverage funds are short the British pound by a ratio of 1.71:1, which is up from the previous week of 1.33:1 and the ratio two weeks ago of 1.02:1.

During the past week, the March British pound made a new contract low of 1.4946.

Euro:

For the week, the March euro lost 3.39 cents. The COT report revealed that leverage funds added 1,534 contracts to their long positions and also added 9,265 to their short positions. As of the latest report, leverage funds are short the euro by  a ratio of 5.46:1, which is up slightly from the previous week of 5.43:1 but down from ratio two weeks ago of 6.07:1.

During the past week, the March euro made a new contract low of 1.1119.

Yen:

For the week, the March yen lost 20 pips. The COT report revealed that leverage funds added 2,378 contracts to their long positions and liquidated 12,977 of their short positions. As of the latest report, leverage funds were short by a ratio of 5.98:1, which is down dramatically from the previous week of 8.17:1 (the high ratio), but above the ratio of two weeks ago of 5.17:1.

Dollar index:

For the week, the March dollar index advanced 2.16 points. The COT report revealed that leverage funds added 417 contracts to their long positions and also added 680 to their short positions. As of the latest report, leverage funds are long the dollar index by ratio 1.25:1, which is down slightly from the previous week of 1.26:1, but a complete reversal from two weeks ago when managed money was short the dollar index by ratio of 1.02:1.

Thus far in the first quarter, the March Swiss Franc is the out performer with a gain of 13.55%, March dollar index +5.11%, March yen +1.70%, March Australian dollar -2.72%, March British pound -3.59%, March Canadian dollar -6.48%, March euro -7.34%.

During the past week, the March dollar index made a new contract high of 95.77.

S&P 500 (250 x): In order for the March S&P 500 e-mini contract to continue its advance, the low of the day must be above OIA’s key pivot point for January 23 of 2053.00.

For the week, the March S&P 500 futures contract advanced 31.00 points. The COT report revealed that leverage funds liquidated 1,038 contracts of their long positions and also liquidated 3,643 of their short positions. As of the latest report, manage money is long the S&P 500 futures contract by ratio 1.06:1, which is a complete reversal from the previous week when they were short by ratio 1.24:1 and the ratio of two weeks ago of 1.31:1.

Thus far in the first quarter, the NASDAQ 100 cash index is the out performer with a the gain of 0.99%, S&P 400 cash index -0.23%, S&P 500 cash index -0.34%, New York Composite cash index -0.47%, Dow Jones Industrial Average cash index -0.84%, Russell 2000 cash index -1.31%.