Quick Look At Futures Positioning

The latest data from the CFTC is out and shows some slight movement in futures positions.

Hedgers relaxed their shorts against silver by a bit, but continue to hold nearly a five-year extreme against the metal. They increased their bets against gold, nearly to the most extreme in three years.

At the opposite end of the spectrum, they increased positions in cotton and (especially) wheat, with the latter at a new record long position for hedgers.