The latest Commitments of Traders report was released, covering positions through Tuesday
The 3-Year Min/Max Screen shows that "smart money" commercial hedgers didn't establish any new extremes this week. Some of their biggest reversals were in Treasuries, as they added to long positions in 2-year, 5-year, and 10-year contracts. None of them are yet at compelling extremes. They've started to more aggressively cover their record short exposure in corn, which has a long way to unwind. Other times they held more than 25% of open interest net short, corn didn't tend to bottom until hedgers turned net long. Hedgers covered about $20 billion of their net short in major equity index futures but this data is out of character with how it behaved for much of the past decade and we're not putting much weight on it.
