Quick Update On Futures Positioning

There was not much change in positions for "smart money" hedgers in the latest Commitments of Traders report, covering trades through Tuesday.

Most of the contracts saw a slight reversal of previous extremes, with no moves that were especially notable. In cotton, mentioned last week as well, they continued to add to their near-record long position. They are currently holding more than 32,100 contracts net long, slightly exceeded only by November 2004 and November 2006 in the contract's history.