Good Evening,

Specs sell 11,607 lots to be 64,966 lots long - sell 8,690 lots of longs

The supplemental report showed the specs sold 11,607 lots on the week to be 64,966 lots long. The non-commercials reduced their longs from 70,359 lots to 60,952 lots by selling 5,390 lots of longs and adding 4,017 lots of shorts. The non-reportables reduced their longs from 6,214 lots short to 4,014 lots by selling 3,300 lots of longs and covering 1,100 lots of shorts. The index funds bought 574 lots to be 181,829 lots long. Their percentage of the open position increased by 0.50% to 26.18% exaggerated by the open position declining by 11,000 lots. The total spec percentage of the open position declined by 1.00% to 35.53%.

In the combined report the commercials bought 11,424 lots to be 128,353 lots short made up by the producers/merchants buying 6,449 lots to be 168,125 lots short and the swap dealers buying 4,975 lots to be 39,772 lots long. The non- commercials sold 9,224 lots to be 124,339 lots long made up by the managed money selling 7,577 lots to be 108,144 lots long and the other reportables selling 1,647 lots to be 16,195 lots long.

The futures specs sold 6,249 lots to be 120,645 lots long.

On the week the CRB declined by 475 points and the dollar index rallied by 107 points. The index funds bought soybeans heavily, mainly by covering shorts.The specs sold wheat and soybeans and bought corn to add to longs.

Sugar prices declined by 160 points to 25.34 with a 27.17 high and a 25.31 low The specs sold 8,700 lots of the 36,000 lots of longs they had initiated above 24.51 and some 24,000 or more lots of those longs were above 25.72. The recent spec mood has been to reduce exposure rather than increase risk in view of the current macro situation. On the week the trade buying was mainly short covering.

Regards

Douglas.

 

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