Monday, 9 January 217 Commentary SUGAR CFTC Supplemental 3 rd January 217 The COT as of the 3rd January showed the funds/specs had increased their net long position by 19,532 to 149,628. This was the first increase in net longs for 13 weeks and was, probably, slightly less than had been expected. During the shortened reporting period prices rallied points but the volume was very thin for the majority of the period. Interestingly, the non-reportables increased their net longs by 11,21 more than the non-commercials who only increased their net longs by 8,511. This suggests short term specs were the heaviest buyers. However, it is likely the non-commercials have increased net longs since the report and are likely to be, currently, around 17k net long. increased their net shorts by 14,416 to 319,193 as trade sold into rally. Index funds cut their net longs by 5,115 to 169,565. Period moves Week to 3rd Jan ICE SUG11 MAR7 SUGAR NO5 MAR7 ICE COFFEE MAR7 ICE COT 2 MAR7 CORN MAR7 M.WHEAT EUR MAR7 SPG WHT MAR7/d WHEAT SRW MAR7 WHEAT HRW MAR7 WHEAT B JAN7 SOYBEAN OIL JAN7 LIV CAT FEB7/d COFFEE NEW JAN7 FCATTLE JAN7/d TR/CC CRB TR ICE COCOA MAR7 SOYBEANS JAN7 L HOGS FEB7/d SOY MEAL JAN7 LDN COCOA MAR7-4. -2.. 2. 4. 6. 8. Aggregated Summary of COT Report for Major US Agri Commodities * Net Position Wkly chng total Non Longs s 3/1/217 29363 2347 247596 4.63 9783-13687 27/12/216 266893-4414 2427518 4.26 31997 Longs s 3/1/217 1126565-37891 779176 12.79-18563 27/12/216 1164456-14727 778793 12.92 19328 21785 1179183 Longs s 3/1/217-132835 -555 2255496 37.1 15664 21169 27/12/216-1322845 43171 22378 37.1-136616 Longs s 3/1/217-88578 19923 583693 9.58 7932-11991 43393 27/12/216-1851 15662 585723 9.71 Change in OI from 27/12/216 65161 Aggregated OI Futures &-124163 Options 694273 629112 Aggregated Length vs CRB Index 8 6 4 - -4-6 34 32 3 28 26 24 22 18 16 Outstanding contracts as OI 37.1 9.71 12.79 4.63 Max Long 25 Non -8 14 2.12 4.12 6.12 8.121.1212.12 2.13 4.13 6.13 8.131.1312.13 2.14 4.14 6.14 8.141.1412.14 2.15 4.15 6.15 8.151.1512.15 2.16 4.16 6.16 8.161.1612.16 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.
Monday, 9 January 217 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 3/1/217 162122 15862 37326 121294 8511 229715 615 169565-5116 313136 632329-319193 -14418 27/12/216 139532 153745 4962 112783-7643 226185 5154 174681-34 312836 617611-34775 3985 2/12/216 138618 155565 35139 12426-15764 229445 51724 177721 2739 313151 621911-3876 2791 ICE NY Coffee 3/1/217 229982 39686 34582 514-277 39379 595 33429-1646 82768 125128-4236 4244 27/12/216 225314 37592 29781 7811-76 4778 573 3575-836 78881 125485-4664 9193 2/12/216 218739 4895 2678 14817-215 4954 543 35911 172 72975 128772-55797 1888 ICE NY Cocoa 3/1/217 34976 41272 6378-22436 182 43346 25345 181 797 159167 157232 1935-1666 27/12/216 315527 41484 6412-22618 738 3933 2299 1724 1476 148151 14455 361-1568 2/12/216 312133 42818 66174-23356 -175 37421 21693 15728 1452 148278 14319 5169-758 ICE NY Cotton 3/1/217 29225 11189 1369 9982 5573 7449 7213 63236-242 47171 219434-172263 -7241 27/12/216 28764 16617 1237 94247 237 7576 798 63478-533 46579 21161-16522 -35 2/12/216 28849 1789 1379 941-9635 7727 6716 6411-81 47527 212514-164987 14663 CBOT Corn 3/1/217 152558 22533 31474-89374 21274 35452 34525 319527-2164 42325 63224-28954 -819 27/12/216 1497392 213779 324427-11648 -2646 368637 28946 339691-662 415716 61648-764 13394 2/12/216 1494211 2167 3672-92 -26334 373856 27545 346311-4347 4767 621225-214158 35894 CBOT Wheat 3/1/217 563521 434 21522-114588 1996 12886 3516 9829-3314 118569 114564 45-9791 27/12/216 549259 95336 2292-125584 175 129339 27735 1164-2341 119513 15717 13796-1348 2/12/216 553323 94347 2216-125759 -1357 13644 26699 13945 1377 118473 13329 15144 8831 KCBT Wheat 3/1/217 25139 74848 79529-4681 432 4426 839 35951-415 6313 96195-3392 -422 27/12/216 251983 7617 8482-8713 6136 44876 851 36366 1436 65276 94166-2889 -892 2/12/216 25627 76829 91678-14849 3198 4433 913 3493 1815 7253 9151-2798 -5322 CBOT Soybeans 3/1/217 753646 15369 66155 87535-1317 15473 22992 13181-6811 239121 3937-15916 17621 27/12/216 783863 159213 58661 552-614 159918 2226 137892-4669 248151 416688-168537 11228 2/12/216 86636 176631 69975 16656-1571 16825 25464 142561-2435 262261 44226-179765 1871 CBOT Soybean Oil 3/1/217 4483 1695 34341 71754-134 119 11854 946-1513 7462 24647-17185 19849 27/12/216 46645 118 3326 84794-18291 11424 9865 91559-1182 7548 26222-191654 22855 2/12/216 438278 134136 3151 1385-3886 13371 163 92741-484 63862 278371-21459 5411 CME Live Cattle 3/1/217 372917 17668 18783 88885 1545 91488 493 86558 476 4534 188581-143241 -2539 27/12/216 373656 16244 1894 8734 5432 9428 8126 8682 612 47553 188255-1472 -4312 2/12/216 36526 12492 2584 8198 9169 93375 795 8547 2165 46799 183189-13639 -953 CME Feeder Cattle 3/1/217 56258 16272 938 7234 97 1544 24 134-383 5999 1779-478 -293 27/12/216 5561 15334 97 6264 729 194 217 1723-11 5775 1262-4487 -259 2/12/216 53696 15113 9578 5535 445 1954 22 1734 15 55 9728-4228 115 CME Lean Hogs 3/1/217 246516 62867 2351 39816-849 74446 395 7541 44 1995 16781-87686 1121 27/12/216 243276 63737 2372 4665 2139 74837 4736 711 981 16678 15485-8887 -187 2/12/216 239123 6487 25561 38526 881 74327 527 6912 1847 15896 12833-86937 -13762
USc /lb USc l/b Monday, 9 January 217 Net Position Wkly chng total Non Longs s 3/1/217 121294 8511 37664 35.46 4875-3636 27/12/216 112783-7643 37151 35.74 Longs s 3/1/217 169565-5116 144933 13.65 353 27/12/216 174681-34 138845 13.36 8646 149628 Longs s 3/1/217-319193 -14418 472733 44.51 3 14718 27/12/216-34775 3985 465224 44.75 Longs s 3/1/217 28334 1122 67817 6.39 9374-1648 19533 27/12/216 17312 6698 63954 6.15 Change in OI from 27/12/216 2259 Total OI Futures & Options 162122 139532 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 6.39 35.46 Non 51 67 73 44.51 13.65 Max Non Commercial Max Long Max Commercial 35 3 Index Trader Net Length vs ICE Sugar No.11 3 25 14 43 74 25 2 15 1 Position vs ICE Sugar No.11 15 5 45 28 SUGAR No.11 35 26 24 15 ICE Sugar No.11 25 22 13 2 1 9 7 5 3 15 5-5 -15 18 16 14 12 1 SUGAR No.11
Monday, 9 January 217 ICE NY Coffee Net Position Wkly chng total Non Longs s 3/1/217 514-277 93439 4.63 294 481 27/12/216 7811-76 9557 4.19 Longs s 3/1/217 33429-1646 22665 9.85-1399 27/12/216 3575-836 23241 1.31 247 8931 Longs s 3/1/217-4236 4244 13948 45.2 3887-357 27/12/216-4664 9193 12183 45.35 Longs s 3/1/217 3827 18 9931 4.32 65 542-2599 27/12/216 3719-135 9335 4.14 Change in OI from 27/12/216 4668 Total OI Futures & Options 229982 225314 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 45.2 4.32 4.63 Non 53 62 77 9.85 Max Non Commercial Max Long Max Commercial 65 6 55 Index Trader Net Length vs Coffee C 24 22 48 14 71 5 45 4 35 18 16 14 3 12 25 2 COFFEE C 8 6 5 Position vs Coffee C 3 Coffee C 4 3 28 25 2 23 15 1-1 18-2 13 5-3 -4 COFFEE C 8
US$/Mt US$\Mt Monday, 9 January 217 ICE NY Cocoa Net Position Wkly chng total Non Longs s 3/1/217-22436 182 13515 39.6-212 -394 27/12/216-22618 738 126327 4.4 Longs s 3/1/217 181 797 34346 1.7 443 27/12/216 1724 1476 371 9.73 3246-19936 Longs s 3/1/217 1935-1666 158 46.4 1116 12682 27/12/216 361-1568 146351 46.38 Longs s 3/1/217 25 687 13415 3.93 169 922 869 27/12/216 1813-647 1215 3.85 Change in OI from 27/12/216 25449 Total OI Futures & Options 34976 315527 Max Non Commercial Long Max Index Long Max Commercial Long Outstanding contracts as OI 38 3.93 39.6 46.4 1.7 Non Max Non Commercial Max Max Commercial 4 35 Index Trader Net Length vs ICE Cocoa 38 36 34 91 59 88 3 3 25 3 2 28 15 26 1 5 24 2 85 Position vs ICE Cocoa 38 36 COCOA 18 65 34 28 ICE Cocoa 3 26 45 3 24 22 25 28 26 18 5 24 16 14-15 2 12-35 COCOA 18
Supplemental Futures & Options COT Report Monday, 9 January 217 ICE NY No.11 Cotton Changes From Previous Week Net Position Wkly chng total Non Longs s 3/1/217 9982 5573 1561 36.14 3572-1 27/12/216 94247 237 15937 36.83 Longs s 3/1/217 63236-242 38831 13.29-127 115 27/12/216 63478-533 38837 13.5 Longs s 3/1/217-172263 -7241 13333 45.62 592 7833 27/12/216-16522 -35 1299 44.88 Longs s 3/1/217 927 191 14462 4.95 1676-234 NET SPEC POSITION 1927 27/12/216 7297 331 13741 4.78 Change in OI from 27/12/216 461 Total OI Futures & Options 29225 28764 7483 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 4.95 36.14 45.62 Non 96 86 49 13.29 Max Non Commercial Max Commercial Index Net Length vs ICE Cotton Max Long 9 8 7 6 24 18 12 95 94 5 4 12 3 2 6 1 Psition vs ICE Cotton COTTON NO.2 11 23 ICE Cotton 9 45 4 7 18 35 5 3 3 13 25 1 8 15-1 -3 COTTON NO.2 3
Monday, 9 January 217 CBOT Corn Net Position Wkly chng total Non Longs s 3/1/217-89374 21274 64246 39.61 11551-9723 27/12/216-11648 -2646 583193 38.95 Longs s 3/1/217 319527-2164 194289 12.74-14585 27/12/216 339691-662 198792 13.28 5579-11573 Longs s 3/1/217-28954 -819 527727 34.59 7534 15724 27/12/216-764 13394 51698 34.47 Longs s 3/1/217-21199 78 199246 13.6 3476-364 28354 27/12/216-28279 13872 19931 13.31 Change in OI from 27/12/216 28116 Total OI Futures & Options 152558 1497392 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 13.6 34.59 39.61 Non 56 7 7 12.74 Index Trader Net Length vs CBOT CORN Max Non Commercial Max Max Commercial 45 9 4 35 3 25 8 7 6 5 68 3 63 15 4 5 3 CORN Position vs CBOT CORN 9 3 8 3 CBOT Corn 7 6 25 5 15 - - 4 3-3 5-4 CORN
Monday, 9 January 217 CBOT Wheat Net Position Wkly chng total Non Longs s 3/1/217-114588 1996 31739 56.31 598-5898 27/12/216-125584 175 31247 56.48 Longs s 3/1/217 9829-3314 79661 14.14-533 27/12/216 1164-2341 78537 14.3 2781-12294 Longs s 3/1/217 45-9791 116567 2.69-944 8847 27/12/216 13796-1348 112615 2.5 Longs s 3/1/217 12294 2111 49983 8.87 3178 167 1317 27/12/216 1183 3513 47861 8.71 Change in OI from 27/12/216 14262 Total OI Futures & Options 563521 549259 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 2.69 8.87 14.14 56.31 Non 95 49 7 Index Trader Net Length vs Wheat Max Non short Max Max Commercial 26 24 22 18 16 9 8 7 6 84 68 42 14 5 12 Position vs Wheat 4 3 WHEAT 1 9-1 7 Wheat -3 8 65-5 6 7 55-7 5 45-9 6 4-11 35 5 3-13 25-15 WHEAT 4
Monday, 9 January 217 KCBT Wheat Net Position Wkly chng total non-commercial + non-reportab Non Longs s 3/1/217-4681 432 12147 4.63-1259 -5291 27/12/216-8713 6136 123435 4.19 Longs s 3/1/217 35951-415 26285 9.85-616 27/12/216 36366 1436 26693 1.31-21 -286 Longs s 3/1/217-3392 -422 79649 45.2-2173 229 27/12/216-2889 -892 79721 45.35 Longs s 3/1/217 1821 583 228 4.32 957 374 4615 27/12/216 1238 522 22134 4.14 Change in OI from 27/12/216-1844 Total OI Futures & Options 25139 251983 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 4.32 4.63 45.2 9.85 Non 87 59 7 7 Index Trader Net Length vs KC Wheat Max Non Commercial Max Max Commercial 6 9 5 4 3 8 7 77 5 84 6 2 1 5 4 WHEAT Position vs KC Wheat 6 3 KC Wheat 4 9 8 25 2 7 6 15-2 -4 5 4 3 5-6 -8 WHEAT
Monday, 9 January 217 CBOT Soybeans Net Position Wkly chng total Non Longs s 3/1/217 87535-1317 266358 35.34-5523 7494 27/12/216 552-614 26758 34.7 Longs s 3/1/217 13181-6811 88533 11.75-5845 27/12/216 137892-4669 9972 11.61 966 19836 Longs s 3/1/217-15916 17621 314579 41.74-93 -26651 27/12/216-168537 11228 33242 42.41 Longs s 3/1/217-67699 229 84178 11.17-8132 -1341-188 27/12/216-6998 -456 93414 11.92 Change in OI from 27/12/216-3217 Total OI Futures & Options 753646 783863 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 11.17 35.34 41.74 11.75 Non 57 72 61 Index Trader Net Length vs Soybeans Max Non Commercial Max Long Max Commercial 18 18 16 14 12 16 14 1 29 9 64 8 8 6 6 4 4 2 Position vs Soybeans SOYABEANS 27 Soybeans 22 18 14 17 16 1 12 14 7 1 8 2-3 8 6-8 6 4-13 4-18 -23 SOYABEANS
Monday, 9 January 217 CBOT Soybean Oil Net Position Wkly chng total Non Longs s 3/1/217 71754-134 153476 38.32-1195 1135 27/12/216 84794-18291 15252 37.5 Longs s 3/1/217 946-1513 56877 14.2 476 27/12/216 91559-1182 55645 13.68 1989 81759 Longs s 3/1/217-17185 19849 1655 4.8 454-15795 27/12/216-191654 22855 166375 4.91 Longs s 3/1/217 5-5296 29625 7.4-5146 15-18336 27/12/216 1531-3382 32123 7.9 Change in OI from 27/12/216-6162 Total OI Futures & Options 4483 46645 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 7.4 Non 4.8 38.32 14.2 64 79 43 12 Index Trader Net Length vs Soyoil 6 Max Non Commercial Max Long Max Commercial 8 6 4 55 5 45 4 24 53 74 35 2 3 25 SOYABEAN OIL Position vs Soyoil SoyOil 6 6 8 5 6 5 4 4 2 4 3 3-2 -4 2-6 1-8 - SOYABEAN OIL
USc/Lb Monday, 9 January 217 Supplemental Futures & Options COT Report CME Live Cattle Changes From Previous Week Net Position Wkly chng total Non Longs s 3/1/217 88885 1545 16215 43.48 1424-121 27/12/216 8734 5432 159517 42.69 Longs s 3/1/217 86558 476 4829 12.93-272 -3196 27/12/216 8682 612 51167 13.69 Longs s 3/1/217-143241 -2539 116961 31.36-2213 326 27/12/216-1472 -4312 11794 31.55 Longs s 3/1/217-3223 516 45599 12.23 789 273 NET SPEC POSITION 56682 27/12/216-32719 -1731 4568 12.6 Change in OI from 27/12/216-739 Total OI Futures & Options 372917 373656 261 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 31.36 12.23 43.48 Non 68 67 41 12.93 Max Non Commercial Max Long Max Commercial Index Trader Net Length vs LIVECATTLE 13 12 11 9 8 17 15 13 11 USc/Lb 21 41 72 7 9 6 7 LIVE CATTLE LIVECATTLE Position vs LIVECATTLE 55 15 19 5 13 11 17 45 4 9 7 15 35 5 13 3 3 1 11 25-1 -3-5 LIVE CATTLE 9 7
Supplemental Futures & Options COT Report Monday, 9 January 217 CME Feeder Cattle Changes From Previous Week NET SPEC POSITION Net Position Wkly chng total Non Longs s 3/1/217 7234 97 27352 48.62 938-32 27/12/216 6264 729 2669 47.35 Longs s 3/1/217 134-383 5374 9.55-396 27/12/216 1723-11 5579 1.13-13 -556 Longs s 3/1/217-478 -293 8389 14.91 224 517 27/12/216-4487 -259 819 14.56 Longs s 3/1/217-12794 -294 15143 26.92-4 -16 676 27/12/216-125 -459 15396 27.96 Change in OI from 27/12/216 1197 Total OI Futures & Options 56258 5561 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 26.92 14.91 48.62 Non 74 81 4 9.55 12 Index Trader Net Length vs FEEDER CATTLE Max Non Commercial Max Max Commercial 24 11 1 9 8 7 22 18 16 14 58 42 67 6 12 5 4 FEEDER CATTLE 8 1 Position vs FEEDER CATTLE 26 24 7 FEEDER CATTLE 5 22 6 5 18 4-5 16 3 14 2-1 12 1-15 FEEDER CATTLE 8
Supplemental Futures & Options COT Report Monday, 9 January 217 CME Lean Hogs Changes From Previous Week NET SPEC POSITION Net Position Wkly chng total Non Longs s 3/1/217 39816-849 11295 45.8-87 -21 27/12/216 4665 2139 111168 45.7 Longs s 3/1/217 7541 44 39176 15.89-391 27/12/216 711 981 39787 16.35-831 17145 Longs s 3/1/217-87686 1121 62938 25.53 2417 1296 27/12/216-8887 -187 6182 25.11 Longs s 3/1/217-22671 -713 31498 12.78-99 614-1562 27/12/216-21958 -1249 3124 12.84 Change in OI from 27/12/216 324 Total OI Futures & Options 246516 243276 Outstanding contracts as OI Max Non Commercial Long Max Index Long Max Commercial Long 25.53 12.78 45.8 Non 5 7 35 15.89 Max Non Commercial Max Long Max Max Commercial Index Trader Net Length vs LeanHogs 14 12 8 14 13 12 11 9 31-41 17 5 6 8 7 4 6 2 LEAN HOGS 5 Position vs LeanHogs 14 LeanHogs 9 13 45 7 12 4 5 11 35 3 3 25 1-1 9 8 7 15-3 6-5 LEAN HOGS 5
Monday, 9 January 217 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. 254785, 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