The latest Commitments of Traders report was released, covering positions through Tuesday
The 3-Year Min/Max Screen shows that "smart money" commercial hedgers established only one new extreme relative to the past 3 years, and that was in hogs. By holding more than 25% of open interest net short, they have the 2nd-largest short exposure in 15 years, next to March-April 2014. In the major equity index futures, hedgers moved back to an almost perfectly neutral position. They reduced their short exposure to gold by a small amount, and their positioning now is only about in the middle of the long-term range. They continue to have some of their largest relative short positions in agriculture contracts.
