The latest Commitments of Traders report was released, covering positions through Tuesday
The latest report showed that "smart money" hedgers were still net short 10-year Treasury futures. The Backtest Engine shows that when hedgers were net short over the past decade, 10-year futures rose over the next 3 months only 20% of the time. That suggests a drop in bond prices, and a rise in yields. They increased their net longs in major stock index futures again, now back above $40 billion. They've continued to buy corn but their aggregate position in agricultural contracts hasn't yet reached a net long position.
