The latest Commitments of Traders report was released, covering positions through Tuesday
There weren't any new major extremes of note, though "smart money" hedgers have been steadily accumulating positions in corn and are now net long more than 5% of the open interest. According to the Backtest Engine, over the past 6 years, this has led to a rally in that contract over the next 2 months after 35 out of 39 weeks, averaging 8.8%. Suggesting widespread liquidations, hedgers have been selling crude oil, which runs counter to their usual pattern of buying into lower prices. They're net short more than 25% of the open interest, the most since January.
