Commitment of Traders

Commitment of Traders

Disaggregated Futures & Options Combined

Soybeans funds added 52,000 net longs in the week ending July 21, with 29,000 new longs and 23,000 shorts covered, pushing the net to long 124,900. Corn covered another 34,000 shorts to reach net long 92,909, and wheat continued the same pattern with 19,000 shorts covered. E-Mini S&P leveraged funds flipped direction, covering 25,000 shorts and adding 19,000 new longs for a 44,000 net change, while live cattle funds liquidated 20,000 longs for the second straight week of heavy selling.

Grains are three weeks into a repositioning that has taken corn from flat to long nearly 93,000, and soybeans from long 69,000 to long 125,000. The S&P short covering is worth noting against the Nasdaq, where funds added 9,000 new shorts the same week. The T note short finally pulled back by 22,000, the first reduction in weeks, though at over two million contracts the position is still the most crowded on the board. Cattle funds have now liquidated roughly 38,000 longs across the last two weeks.

Have a nice weekend!