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Good Evening,
 
The supplemental report showed the specs added 7,721 lots of longs to be 141,182 lots long. The large specs increased their longs from 106,989 lots to 112,848 by adding 3,569 lots of new longs and covering 2,291 lots of shorts. The small specs increased their longs from 26,472 lots to 28,334 lots by selling 2,944 lots of longs and covering 4,806 lots of shorts - do not forget that two reports ago showed the small spec longs and shorts increased dramatically and they have been reducing over this and the last report. The index funds reduced  their longs by 1,492 lots to 170,345 lots and their share of the combined open position declined by 0.44% to 20.23% exaggerated by the combined open interest increasing by 11,000 lots although the futures open position declined by 26,000 lots. The total spec share of the open position  increased by 0.27% to 36.99%.
 
In the combined position the commercials increased their shorts by 7,484 lots to 192,617 lots short made up by the producers/merchants selling 12,177 lots - mainly selling longs - to be 244,535 lots short and the swap dealers buying 4,694 lots to be 51,917 lots long. The non-commercials bought 5,620 lots to be 164,283 lots long made up be the managed money buying 4,112 lots to be 141,563 lots long and the other reportables buying 1,509 lots to be 22,721 lots long.
 
The futures reports showed the specs to have bought 391 lots to be 183,582 lots long. Within the report the commercials covered 18,000 shorts and sold 18,000 lots of longs so it is not surprising the decline in the futures open position.
 
On the week the CRB rallied 600 points and the dollar index declined by 1.500 points. On the week the index funds bought corn and soybeans and sold wheat while the specs bought corn and soybeans.
 
On the week March sugar rallied 182 points to 24.59 with a 25.35 high and a 22.66 low. The report is no surprise in that the specs and trade bought to cover shorts, there was little producer selling into the rally but the trade did sell longs,
 
Regards
 
Douglas

 

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