The latest Commitments of Traders report was released, covering positions through Tuesday
The 3-Year Min/Max Screen shows that "smart money" commercial hedgers continued their recent campaign of selling commodities in general, and agriculture in particular, especially sugar and soybeans. The fact that commodities have held up in spite of this is impressive - in prior years, these contracts typically buckled almost immediately. They also moved to the largest hedge against natural gas in over a decade. Hedgers continued to sell down their net long position in major equity index futures but remain net long still.
