CFTC Report Summary Sugar and other Agri-Commodities. Tuesday, 23 January Aggregated Summary of COT Report for Major US Agri Commodities *
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1 Commentary SUGAR CFTC Supplemental 16th Jan 218 Tuesday, 23 January 218 A huge increase in the net spec short over the reporting period as 74k lots of selling hit the market down to multi month lows. Commercial buy backs present again during the reporting period as the merry go round continues. However, producers remain under-priced so the bias would suggest the downside is still more vulnerable. Index funds appear happy also to increase their holdings as prices diminish. Also worth noting that while on Sugar the net spec community as of the report were registering 77 of their recent historical max (135k ) Funds/specs are now probably at a record net short over between 15-16k lots so there would be limited scope for them to sell more. This is a theme across the commodity spectrum with a seemingly near record max short holding across the commodities covered in this report. With prices so low and a glut upon us one hope is that it is often said the darkest hour of the night comes just before dawn! Period moves Week to 16th Jan ICE SUG11 MAR8 SUGAR NO5 MAR8 WHEAT HRW MAR8 SPG WHT MAR8/d WHEAT SRW MAR8 SOYBEAN OIL MAR8 M.WHEAT EUR MAR8 ICE COT 2 MAR8 COFFEE NEW JAN8 WHEAT B JAN8 ICE COFFEE MAR8 TR/CC CRB TR CORN MAR8 L HOGS FEB8/d LDN COCOA MAR8 FCATTLE JAN8/d ICE COCOA MAR8 SOYBEANS MAR8 LIV CAT FEB8/d SOY MEAL MAR Aggregated Summary of COT Report for Major US Agri Commodities * Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Aggregated OI Futures & Options Aggregated Length vs CRB Index Outstanding contracts as OI Non Max Max Long Aggregated CRB Index *Aggregate figures are made up of agricultural commodities and livestock futures considered in this report. Ice Sugar, Coffee, Cocoa, Cotton, CBOT corn, Wheat, Soybeans, Soybean Oil, KCBT Wheat, CME Live Cattle, Feeder Cattle and Lean Hogs.
2 Tuesday, 23 January 218 CFTC Commitment of Traders Supplemental Report Summary Non- Long Net Wkly Chg Long Net Wkly Chg Long Net Wkly Chg ICE NY No.11 Sugar 16/1/ /1/ /1/ ICE NY Coffee 16/1/ /1/ /1/ ICE NY Cocoa 16/1/ /1/ /1/ ICE NY Cotton 16/1/ /1/ /1/ CBOT Corn 16/1/ /1/ /1/ CBOT Wheat 16/1/ /1/ /1/ KCBT Wheat 16/1/ /1/ /1/ CBOT Soybeans 16/1/ /1/ /1/ CBOT Soybean Oil 16/1/ /1/ /1/ CME Live Cattle 16/1/ /1/ /1/ CME Feeder Cattle 16/1/ /1/ /1/ CME Lean Hogs 16/1/ /1/ /1/
3 USc /lb USc l/b Tuesday, 23 January 218 ICE NY Sugar Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Max Non Commercial Max Max Commercial 35 3 Index Trader Net Length vs ICE Sugar No Position vs ICE Sugar No SUGAR No ICE Sugar No SUGAR No.11
4 Tuesday, 23 January 218 ICE NY Coffee Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Max Non Commercial Max Max Long Max Commercial Index Trader Net Length vs Coffee C COFFEE C Position vs Coffee C 3 Coffee C COFFEE C 8
5 US$/Mt US$\Mt Tuesday, 23 January 218 ICE NY Cocoa Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Max Non Commercial Long Max Index Long Max Commercial Long Outstanding contracts as OI Non 11.6 Max Non Commercial Max Max Long Max Commercial 4 35 Index Trader Net Length vs ICE Cocoa Position vs ICE Cocoa COCOA ICE Cocoa COCOA 18
6 Supplemental Futures & Options COT Report Tuesday, 23 January 218 ICE NY No.11 Cotton Changes From Previous Week Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ NET SPEC POSITION /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Max Non Commercial Max Commercial Index Net Length vs ICE Cotton Max Long Psition vs ICE Cotton COTTON NO ICE Cotton COTTON NO.2 3
7 Tuesday, 23 January 218 CBOT Corn Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Index Trader Net Length vs CBOT CORN Max Non Commercial Max Max Commercial CORN 2 Position vs CBOT CORN CBOT Corn CORN
8 Tuesday, 23 January 218 CBOT Wheat Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Index Trader Net Length vs Wheat Max Non short Max Max Commercial Position vs Wheat WHEAT Wheat WHEAT 4
9 Tuesday, 23 January 218 KCBT Wheat Net Position Wkly chng total non-commercial + non-reportab Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Index Trader Net Length vs KC Wheat 9 Max Non Commercial Max Long Max Max Max Commercial WHEAT Position vs KC Wheat KC Wheat WHEAT Source: 2 CTFC, Reuters, ADMISI *Net non-spreading OI should total zero. CFTC option equivalent 15 5
10 Tuesday, 23 January 218 CBOT Soybeans Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Index Trader Net Length vs Soybeans 18 Max Non Commercial Max Max Commercial Position vs Soybeans SOYABEANS Soybeans SOYABEANS
11 Tuesday, 23 January 218 CBOT Soybean Oil Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 6.45 Non Index Trader Net Length vs Soyoil 6 Max Non Commercial Max Max Net Long Max Commercial SOYABEAN OIL Position vs Soyoil SoyOil SOYABEAN OIL
12 USc/Lb Tuesday, 23 January 218 Supplemental Futures & Options COT Report CME Live Cattle Changes From Previous Week Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ NET SPEC POSITION /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Max Non Commercial Max Long Max Commercial Index Trader Net Length vs LIVECATTLE USc/Lb LIVE CATTLE LIVECATTLE Position vs LIVECATTLE LIVE CATTLE 9 7
13 Supplemental Futures & Options COT Report Tuesday, 23 January 218 CME Feeder Cattle Changes From Previous Week NET SPEC POSITION Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Index Trader Net Length vs FEEDER CATTLE Max Non Commercial Max Net Max Long Max Commercial FEEDER CATTLE 8 1 Position vs FEEDER CATTLE FEEDER CATTLE FEEDER CATTLE 8
14 Supplemental Futures & Options COT Report Tuesday, 23 January 218 CME Lean Hogs Changes From Previous Week NET SPEC POSITION Net Position Wkly chng total Non Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Longs s 16/1/ /1/ Change in OI from 9/1/ Total OI Futures & Options Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long Non Max Non Commercial Max Long Max Commercial 14 Index Trader Net Length vs LeanHogs LEAN HOGS 5 Position vs LeanHogs 14 LeanHogs LEAN HOGS 5
15 Tuesday, 23 January 218 DISCLAIMER ADM Investor Services International Limited ( ADMISI ) is a wholly owned subsidiary of Archer Daniels Midland (UK) Limited in the UK, and indirectly is a wholly owned subsidiary of the Archer Daniels Midland Company ( ADM ). ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No , a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities. These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. ADM Investor Services Source: International CTFC, Reuters, Limited ADMISI 215. *Net non-spreading OI should total zero. CFTC option equivalent
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