Commitment of Traders

Commitment of Traders

Managed Money Net Positioning:

🌾 GRAINS

Corn: -14,999 (▲51,997 wk)

Soybeans: +69,579 (▲31,430 wk)

Wheat: -60,432 (▲7,129 wk)

⛽ ENERGIES

Crude Oil: +64,041 (▼17,241 wk)

Nat Gas: -60,295 (▲4,513 wk)

RBOB: +71,249 (▼675 wk)

📈 FINANCIALS (Lev. Funds)

E-Mini S&P: -361,875 (▼1,406 wk)

Nasdaq 100: -55,013 (▲13,604 wk)

10Y T-Note: -2,004,023 (▼34,172 wk)

🐄 LIVESTOCK

Live Cattle: +114,908 (▼4,532 wk)

Feeder Cattle: +14,566 (▼1,041 wk)

Lean Hogs: -40,390 (▼1,979 wk)

☕ SOFTS

Coffee: +34,454 (▲7,077 wk)

Sugar: -108,650 (▲49,552 wk)

Cocoa: -5,864 (▲4,661 wk)

Analysis 

Corn specs covered 57,841 short contracts for the week, the largest single market flow on the sheet. That took the net short from 66,996 all the way down to 14,999 in one week. Sugar was right behind it at 49,552 contracts of combined new longs and short covering. Soybeans added 31,430 to the long, pushing the net to 69,579, nearly double where it sat a week ago. On the sell side, crude specs pulled 17,241 contracts out with both long liquidation and new shorts, dropping the net long to 64,041.

Corn going from short 67,000 to short 15,000 in a single week resets the entire positioning backdrop. A net short under 15,000 is close to neutral and removes the fuel for another short covering rally. Beans nearly doubling the net long to 69,579 is aggressive new risk, not just covering. Nasdaq leveraged funds reversed last week’s selling with 13,604 contracts of net buying, mostly new longs, while S&P positioning barely moved. Cattle liquidated for a second straight week at 4,532 contracts, and at 114,908 net long it is still the largest outright position on the commodity side of the sheet.