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Good Evening,

 

The report showed the supplement combined specs added 8,291 lots of longs to be 153,399 lots long. The large specs increased their longs from 109,294 lots to 114,267 lots by adding 5,299 lots of new longs and adding 326 lots of new shorts. The small specs increased their longs from 35,814 lots to 39,132 lots by adding 2,017 lots of new longs and covering 1,300 lots of shorts. The index funds increased their longs by 1,580 lots to 163,294 lots but their percentage of the open interest declined by 0.73% to 17.22%. The total spec percentage of the open position declined by 0.65% to 33.40% with both these percentages declining in spite of increasing their position due to the open interest increasing by 47,000 contracts.

 

In the combined report the commercials sold 8,192 lots to be 204,443 lots short. This was made up by the producers/merchants selling 5,719 lots to be 247,353 lots short and the swap dealers selling 2,474 lots to the 42,910 lots long.The large specs increased their longs by 4,875 lots to be 165,311 lots long by the managed money buying 2,981 lots to be 138,062 lots long and the other reportables buying 1,894 lots to be 27,249 lots long.  

 

The futures specs bought 7,236 lots to be 200,346 lots long

 

On the week the CRB gained 550 points while the dollar index declined by 1,000 points. In other commodities the index funds sold corn and soybeans by adding new shorts. The specs bought wheat on the week.

 

On the week sugar prices rallied 216 points to 30.12, with a 27.41 low and a 30.64 high. As can be seen the spec bought on the week but they have already have a one cent or more protection based on today's close and the major spec longs is very well protected. The trade bought again buying 6,700 to 17,500 lots and mainly bought options while the commercials sold between 14,000 and 25,700 lots, again mainly option, so the producer sold into the rally and it does not appear as thought there are many 'naked' trade shorts, which is not surprising in the current climate.

 

Regards

 

Douglas. 

 

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