4 August 2014 | Finance | 5925 views

Rabobank Commitment of Traders (COT) Report - 4 August 2014

Non-Commercials’ net long position across agri commodities contracted to 92,323 lots over the week—the lowest since January, after a further 31,003 lot reduction mostly from the softs. The S&P Agri Index had a modest increase over the week up 0.3%.

ICE Coffee gained the most of the agri commodities, up 7.4% WOW as Speculators added 5,457 lots to their net long position, which is now at 41,229 lots. This is the largest weekly increase in the speculative net long, reflecting the ongoing uncertainty surrounding Brazilian production in this season and the next, following the worst drought on record.

CBOT Soybeans gained 3.5% WOW following concerns over dry weather across the US Midwest during the critical pod-filling stage. Non-Commercials reversed their recent trend and reduced gross shorts by 17,682 lots WOW—the most since August 2013, taking the gross short position to -53,266 lots.

CME Lean Hogs lost 6.5% WOW following a 2,902 lot increase in the gross shorts held by Index Traders—the largest increase since February 2013 on expectations of an expanding US swineherd.