Sugar funds covered 103,000 shorts in the week ending August 11 and flipped managed money from short 78,000 to net long 59,000 in a single week. E-Mini S&P leveraged funds covered another 52,000 shorts, and T note funds added 37,000 new longs. Grains reversed: soybeans added 16,000 new shorts and liquidated 8,000 longs, while corn added 20,000 new shorts after weeks of covering.
Sugar went from short to long in one report, a 137,000 contract swing. Nat gas funds added 19,000 new longs, the first meaningful long addition after sitting near short 110,000 for weeks. The S&P short has narrowed from over 350,000 to 256,000 over the last few weeks, but Nasdaq went the other direction with 25,000 longs liquidated. Gold added 10,000 new longs to push above net long 141,000.
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