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 a multi-year (and multi-decade) record long position in palladium. The Backtest Engine shows that all 8 weeks when hedgers held less than 10% of open interest net short preceded gains in palladium over the next 2 (and 12) weeks. Lesser extremes also preceded mostly positive multi-month returns. At the other end of the spectrum, hedgers are holding a multi-year extreme in short exposure in orange juice. Any time they've held more than 55% of open interest net short, the 3-month return averaged -2.2%. With more than 77,000 contracts net long, hedgers are nearing record long exposure in the Aussie dollar, but historically the currency has performed better once this reverses and hedgers move back to net short.