Quick Update On Futures Positioning

The latest Commitments of Traders report showed some modest changes from last week. The report includes positions as of Tuesday's close, for which we focus on "smart money" commercial hedgers.

In gold, hedgers moved to their most net short since 2012. They also added to silver shorts which are just off multi-year extremes as well. This is typically a negative for the precious metals but they've been able to shake it off recently.

Hedgers also moved to a new multi-year extreme short position in the yen, furthering the extreme mentioned last week.

In the grains, corn and wheat in particular, hedgers added to long positions. The JJG fund has tended to do well when hedgers were extremely net long those two contracts.