Disclaimer: This report is based on the Commitment of Traders (COT) report released on April 3rd, 2009.  Up to date COT reports can be accessed at  http://www.cftc.gov/marketreports/commitmentsoftraders/index.htm

For each commodity, the COT reports provide information on the size and the direction of the positions taken, across all maturities, by three categories of futures traders. These three trader categories are called “commercials”,”non-commercials”, and “non-reportables”. Commercial traders are those who use futures or option contracts in a given commodity for hedging purposes, as defined in CFTC regulations. Commercial traders hold positions in both the underlying commodity and in the futures (or options) contracts on that commodity. By contrast, non-commercial traders do not own the underlying asset or its financial equivalent; they hold only positions in futures (or options) contracts. Finally, non-reportable positions are those held by traders who do not meet the reporting thresholds set by the CFTC (usually small traders).

Futures Markets:

Energy

NYMEX WTI Crude Oil futures open interest fell 2.6 percent in March. Commercial participants, who accounted for 56.8 percent of open interest, held net short positions; they increased their long positions by 10.0 percent and increased their short positions by 6.4 percent. Non-commercial participants, who accounted for 37.2 percent of open interest, held net long positions. They decreased their long positions by 17.1 percent and decreased their short positions by 13.6 percent. Non-reportable participants, who accounted for 6.0 percent of total open interest, held net long positions; they decreased their long positions by 0.4 percent and decreased their short positions by 4.9 percent.

NYMEX Henry Hub Natural Gas futures open interest fell 9.3 percent in March. Commercial participants, who accounted for 34.1 percent of open interest, held net long positions; they decreased their long positions by 5.8 percent and decreased their short positions by less than 0.1 percent. Non-commercial participants, who accounted for 56.5 percent of open interest, held net short positions. They decreased their long positions by 14.4 percent and decreased their short positions by 15.4 percent. Non-reportable participants, who accounted for 9.4 percent of total open interest, held net long positions; they increased their long positions by 0.3 percent and increased their short positions by 40.8 percent.

NYMEX Heating Oil futures open interest fell 2.9 percent in March. Commercial participants, who accounted for 65.6 percent of open interest, held net short positions; they decreased their long positions by 7.2 percent and increased their short positions by 7.4 percent. Non-commercial participants, who accounted for 21.8 percent of open interest, held net long positions. They increased their long positions by 7.5 percent and decreased their short positions by 22.8 percent. Non-reportable participants, who accounted for 12.6 percent of total open interest, held net long positions; they decreased their long positions by 1.8 percent and decreased their short positions by 22.9 percent.

NYMEX RBOB Gasoline futures open interest increased 5.5 percent in March. Commercial participants, who accounted for 71.5 percent of open interest, held net short positions; they increased their long positions by 6.8 percent and increased their short positions by 11.6 percent. Non-commercial participants, who accounted for 22.3 percent of open interest, held net long positions. They increased their long positions by 5.6 percent and decreased their short positions by 19.7 percent. Non-reportable participants, who accounted for 6.3 percent of total open interest, held net long positions; they decreased their long positions by 4.1 percent and decreased their short positions by 21.3 percent.

Agriculture

CBOT Corn futures open interest increased 5.6 percent in March. Commercial participants, who accounted for 50.2 percent of open interest, held net short positions; they increased their long positions by 1.3 percent and increased their short positions by 26.0 percent. Non-commercial participants, who accounted for 31.4 percent of open interest, held net long positions. They increased their long positions by 17.0 percent and decreased their short positions by 19.7 percent. Non-reportable participants, who accounted for 18.3 percent of total open interest, held net short positions; they decreased their long positions by 5.1 percent and increased their short positions by 4.1 percent.

CBOT Wheat futures open interest increased 8.0 percent in March. Commercial participants, who accounted for 42.7 percent of open interest, held net long positions; they increased their long positions by 0.2 percent and increased their short positions by 3.2 percent. Non-commercial participants, who accounted for 45.6 percent of open interest, held net short positions. They increased their long positions by 19.2 percent and increased their short positions by 17.4 percent. Non-reportable participants, who accounted for 11.7 percent of total open interest, held net short positions; they increased their long positions by 2.6 percent and decreased their short positions by 5.5 percent.

CBOT Soybeans futures open interest increased 7.7 percent in March. Commercial participants, who accounted for 49.1 percent of open interest, held net short positions; they decreased their long positions by 0.1 percent and increased their short positions by 14.4 percent. Non-commercial participants, who accounted for 34.8 percent of open interest, held net long positions. They increased their long positions by 22.9 percent and decreased their short positions by 1.2 percent. Non-reportable participants, who accounted for 16.0 percent of total open interest, held net short positions; they decreased their long positions by 3.7 percent and increased their short positions by 5.4 percent.

CBOT Soybean Oil futures open interest increased 0.1 percent in March. Commercial participants, who accounted for 57.7 percent of open interest, held net long positions; they increased their long positions by 6.3 percent and increased their short positions by 16.5 percent. Non-commercial participants, who accounted for 31.4 percent of open interest, held net short positions. They decreased their long positions by 13.1 percent and decreased their short positions by 13.0 percent. Non-reportable participants, who accounted for 10.9 percent of total open interest, held net long positions; they increased their long positions by 10.0 percent and decreased their short positions by 23.9 percent.

Soft Commodities

ICE Futures U.S. Sugar futures open interest increased 9.6 percent in March. Commercial participants, who accounted for 66.7 percent of open interest, held net short positions; they increased their long positions by 14.6 percent and increased their short positions by 8.1 percent. Non-commercial participants, who accounted for 24.4 percent of open interest, held net long positions. They increased their long positions by 5.5 percent and increased their short positions by 9.7 percent. Non-reportable participants, who accounted for 8.9 percent of total open interest, held net long positions; they decreased their long positions by 2.6 percent and increased their short positions by 23.9 percent.

ICE Futures U.S. Coffee futures open interest increased 15.6 percent in March. Commercial participants, who accounted for 60.0 percent of open interest, held net short positions; they increased their long positions by 22.4 percent and increased their short positions by 36.6 percent. Non-commercial participants, who accounted for 35.3 percent of open interest, held net long positions. They increased their long positions by 7.9 percent and increased their short positions by 2.7 percent. Non-reportable participants, who accounted for 4.7 percent of total open interest, held net long positions; they increased their long positions by 7.7 percent and decreased their short positions by 51.3 percent.

ICE Futures U.S. Cocoa futures open interest fell 6.4 percent in March. Commercial participants, who accounted for 63.1 percent of open interest, held net short positions; they decreased their long positions by 2.7 percent and increased their short positions by 1.4 percent. Non-commercial participants, who accounted for 32.0 percent of open interest, held net long positions. They decreased their long positions by 9.2 percent and decreased their short positions by 23.5 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; they decreased their long positions by 14.7 percent and decreased their short positions by 25.4 percent.

ICE Futures U.S. Cotton futures open interest increased 21.4 percent in March. Commercial participants, who accounted for 61.4 percent of open interest, held net short positions; they increased their long positions by 19.8 percent and increased their short positions by 50.2 percent. Non-commercial participants, who accounted for 29.0 percent of open interest, held net short positions. They increased their long positions by 22.2 percent and decreased their short positions by 5.0 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net long positions; they increased their long positions by 28.9 percent and decreased their short positions by 14.5 percent.

Financials  

CME 3-month Eurodollars futures open interest fell 12.8 percent in March. Commercial participants, who accounted for 68.4 percent of open interest, held net short positions; they decreased their long positions by 17.8 percent and decreased their short positions by 15.3 percent. Non-commercial participants, who accounted for 18.2 percent of open interest, held net long positions. They decreased their long positions by 3.5 percent and decreased their short positions by 4.6 percent. Non-reportable participants, who accounted for 13.5 percent of total open interest, held net long positions; they decreased their long positions by 0.4 percent and decreased their short positions by 6.9 percent.

CME Euro-FX futures open interest fell 37.4 percent in March. Commercial participants, who accounted for 36.3 percent of open interest, held net short positions; they decreased their long positions by 67.3 percent and decreased their short positions by 48.7 percent. Non-commercial participants, who accounted for 30.1 percent of open interest, held net long positions. They decreased their long positions by 4.4 percent and decreased their short positions by 31.3 percent. Non-reportable participants, who accounted for 33.6 percent of total open interest, held net long positions; they increased their long positions by 7.3 percent and decreased their short positions by 17.4 percent.

CBOT 10-year Treasury Notes futures open interest increased 17.4 percent in March. Commercial participants, who accounted for 63.1 percent of open interest, held net long positions; they increased their long positions by 9.2 percent and increased their short positions by 9.3 percent. Non-commercial participants, who accounted for 14.0 percent of open interest, held net short positions. They increased their long positions by 10.0 percent and increased their short positions by 22.3 percent. Non-reportable participants, who accounted for 22.9 percent of total open interest, held net short positions; they increased their long positions by 60.2 percent and increased their short positions by 39.1 percent.

CME S&P 500 futures open interest fell 28.5 percent in March. Commercial participants, who accounted for 73.7 percent of open interest, held net short positions; they decreased their long positions by 30.9 percent and decreased their short positions by 24.0 percent. Non-commercial participants, who accounted for 9.8 percent of open interest, held net long positions. They increased their long positions by 5.7 percent and decreased their short positions by 61.8 percent. Non-reportable participants, who accounted for 16.5 percent of total open interest, held net long positions; they decreased their long positions by 33.5 percent and decreased their short positions by 17.1 percent.

Metals

NYMEX Gold futures open interest fell 1.1 percent in March. Commercial participants, who accounted for 54.1 percent of open interest, held net short positions; they increased their long positions by 11.5 percent and increased their short positions by 0.8 percent. Non-commercial participants, who accounted for 36.2 percent of open interest, held net long positions. They decreased their long positions by 5.1 percent and decreased their short positions by 7.2 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net long positions; they decreased their long positions by 7.5 percent and decreased their short positions by 8.1 percent.

NYMEX Silver futures open interest fell 7.0 percent in March. Commercial participants, who accounted for 49.1 percent of open interest, held net short positions; they decreased their long positions by 10.2 percent and decreased their short positions by 11.9 percent. Non-commercial participants, who accounted for 36.2 percent of open interest, held net long positions. They decreased their long positions by 8.8 percent and increased their short positions by 1.4 percent. Non-reportable participants, who accounted for 14.7 percent of total open interest, held net long positions; they increased their long positions by 3.0 percent and increased their short positions by 16.6 percent.

NYMEX Copper futures open interest increased 13.7 percent in March. Commercial participants, who accounted for 50.5 percent of open interest, held net long positions; they decreased their long positions by 0.9 percent and increased their short positions by 36.0 percent. Non-commercial participants, who accounted for 37.9 percent of open interest, held net short positions. They increased their long positions by 56.6 percent and increased their short positions by 2.0 percent. Non-reportable participants, who accounted for 11.6 percent of total open interest, held net long positions; they increased their long positions by 25.2 percent and increased their short positions by 2.2 percent.

NYMEX Platinum futures open interest fell 3.7 percent in March. Commercial participants, who accounted for 56 percent of open interest, held net short positions; they increased their long positions by 2.9 percent and decreased their short positions by 6.3 percent. Non-commercial participants, who accounted for 31.6 percent of open interest, held net long positions. They decreased their long positions by 12.9 percent and increased their short positions by 29.5 percent. Non-reportable participants, who accounted for 12.4 percent of total open interest, held net long positions; they increased their long positions by 15.7 percent and decreased their short positions by 21.4 percent.

Livestock

CME Lean Hogs futures open interest increased 12.6 percent in March. Commercial participants, who accounted for 38.4 percent of open interest, held net long positions; they increased their long positions by 13 percent and decreased their short positions by 0.1 percent. Non-commercial participants, who accounted for 39.4 percent of open interest, held net short positions. They decreased their long positions by 7.6 percent and increased their short positions by 14.5 percent. Non-reportable participants, who accounted for 22.2 percent of total open interest, held net short positions; they increased their long positions by 70.2 percent and increased their short positions by 32.7 percent.

CME Live Cattle futures open interest fell 0.5 percent in March. Commercial participants, who accounted for 45.4 percent of open interest, held net long positions; they increased their long positions by 5.8 percent and increased their short positions by 4.1 percent. Non-commercial participants, who accounted for 40.4 percent of open interest, held net short positions. They decreased their long positions by 13.5 percent and decreased their short positions by 0.4 percent. Non-reportable participants, who accounted for 14.2 percent of total open interest, held net short positions; they increased their long positions by 32.8 percent and decreased their short positions by 9.9 percent.

Futures and Options Combined Markets:

Energy

NYMEX WTI Crude Oil futures and options (thereafter combined) open interest fell 1.6 percent in March. Commercial participants, who accounted for 56.5 percent of open interest, held net short positions; their long exposure was increased by 3.9 percent and their short exposure was increased by 3.4 percent. Non-commercial participants, who accounted for 40.7 percent of open interest, held net long positions. Their long exposure was decreased by 8.2 percent and their short exposure was decreased by 8.1 percent. Non-reportable participants, who accounted for 2.8 percent of total open interest, held net long positions; their long exposure was increased by 4.3 percent and their short exposure was decreased by 2.3 percent.

NYMEX Henry Hub Natural Gas combined open interest fell 9.5 percent in March. Commercial participants, who accounted for 38.1 percent of open interest, held net short positions; their long exposure was decreased by 4.8 percent and their short exposure was decreased by 2.9 percent. Non-commercial participants, who accounted for 54.7 percent of open interest, held net short positions. Their long exposure was decreased by 14.1 percent and their short exposure was decreased by 15.7 percent. Non-reportable participants, who accounted for 7.2 percent of total open interest, held net long positions; their long exposure was increased by 1.3 percent and their short exposure was increased by 36.1 percent.

NYMEX Heating Oil combined open interest fell 1.3 percent in March. Commercial participants, who accounted for 62.3 percent of open interest, held net short positions; their long exposure was decreased by 5.5 percent and their short exposure was increased by 8.1 percent. Non-commercial participants, who accounted for 25.3 percent of open interest, held net long positions. Their long exposure was increased by 6.4 percent and their short exposure was decreased by 16.1 percent. Non-reportable participants, who accounted for 12.3 percent of total open interest, held net long positions; their long exposure was increased by 1.0 percent and their short exposure was decreased by 19.9 percent.

NYMEX RBOB Gasoline combined open interest increased 8.9 percent in March. Commercial participants, who accounted for 65.7 percent of open interest, held net short positions; their long exposure was increased by 9.2 percent and their short exposure was increased by 13.3 percent. Non-commercial participants, who accounted for 26.8 percent of open interest, held net long positions. Their long exposure was increased by 9.7 percent and their short exposure was decreased by 2.6 percent. Non-reportable participants, who accounted for 7.5 percent of total open interest, held net long positions; their long exposure was increased by 4.3 percent and their short exposure was decreased by 7.0 percent.

Agriculture

CBOT Corn combined open interest increased 12.2 percent in March. Commercial participants, who accounted for 44.5 percent of open interest, held net long positions; their long exposure was increased by 7.1 percent and their short exposure was increased by 27.8 percent. Non-commercial participants, who accounted for 40.5 percent of open interest, held net long positions. Their long exposure was increased by 21.8 percent and their short exposure was increased by 0.6 percent. Non-reportable participants, who accounted for 14.9 percent of total open interest, held net short positions; their long exposure was increased by 0.5 percent and their short exposure was increased by 5.7 percent.

CBOT Wheat combined open interest increased 14.4 percent in March. Commercial participants, who accounted for 40.5 percent of open interest, held net long positions; their long exposure was increased by 9.7 percent and their short exposure was increased by 13.5 percent. Non-commercial participants, who accounted for 49.8 percent of open interest, held net short positions. Their long exposure was increased by 20.9 percent and their short exposure was increased by 20.7 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net short positions; their long exposure was increased by 3.4 percent and their short exposure was decreased by 4.5 percent.

CBOT Soybeans combined open interest increased 12.0 percent in March. Commercial participants, who accounted for 41.6 percent of open interest, held net short positions; their long exposure was decreased by 0.2 percent and their short exposure was increased by 13.6 percent. Non-commercial participants, who accounted for 45.5 percent of open interest, held net long positions. Their long exposure was increased by 27.3 percent and their short exposure was increased by 12.3 percent. Non-reportable participants, who accounted for 12.9 percent of total open interest, held net short positions; their long exposure was decreased by 1.8 percent and their short exposure was increased by 7.0 percent.

CBOT Soybean Oil combined open interest increased 1.7 percent in March. Commercial participants, who accounted for 55.1 percent of open interest, held net long positions; their long exposure was increased by 5.6 percent and their short exposure was increased by 16.1 percent. Non-commercial participants, who accounted for 34.9 percent of open interest, held net short positions. Their long exposure was decreased by 7.6 percent and their short exposure was decreased by 8.0 percent. Non-reportable participants, who accounted for 10.0 percent of total open interest, held net long positions; their long exposure was increased by 13.8 percent and their short exposure was decreased by 21.7 percent.

Soft Commodities

ICE Futures U.S. Sugar combined open interest increased 9.3 percent in March. Commercial participants, who accounted for 59.6 percent of open interest, held net short positions; their long exposure was increased by 12.7 percent and their short exposure was increased by 8.0 percent. Non-commercial participants, who accounted for 32.5 percent of open interest, held net long positions. Their long exposure was increased by 7.2 percent and their short exposure was increased by 8.6 percent. Non-reportable participants, who accounted for 7.8 percent of total open interest, held net long positions; their long exposure was decreased by 0.8 percent and their short exposure was increased by 24.0 percent.

ICE Futures U.S. Coffee combined open interest increased 17.3 percent in March. Commercial participants, who accounted for 52.6 percent of open interest, held net short positions; their long exposure was increased by 21.8 percent and their short exposure was increased by 38.8 percent. Non-commercial participants, who accounted for 43.0 percent of open interest, held net long positions. Their long exposure was increased by 14.0 percent and their short exposure was increased by 6.9 percent. Non-reportable participants, who accounted for 4.5 percent of total open interest, held net long positions; their long exposure was increased by 7.4 percent and their short exposure was decreased by 47.0 percent.

ICE Futures U.S. Cocoa combined open interest fell 5.2 percent in March. Commercial participants, who accounted for 59.5 percent of open interest, held net short positions; their long exposure was decreased by 2.7 percent and their short exposure was increased by 1.6 percent. Non-commercial participants, who accounted for 35.8 percent of open interest, held net long positions. Their long exposure was decreased by 6.4 percent and their short exposure was decreased by 17.4 percent. Non-reportable participants, who accounted for 4.6 percent of total open interest, held net long positions; their long exposure was decreased by 14.2 percent and their short exposure was decreased by 24.8 percent.

ICE Futures U.S. Cotton combined open interest increased 21.3 percent in March. Commercial participants, who accounted for 54.4 percent of open interest, held net short positions; their long exposure was increased by 22.6 percent and their short exposure was increased by 42.0 percent. Non-commercial participants, who accounted for 37.6 percent of open interest, held net long positions. Their long exposure was increased by 17.5 percent and their short exposure was increased by 5.9 percent. Non-reportable participants, who accounted for 7.9 percent of total open interest, held net long positions; their long exposure was increased by 30.8 percent and their short exposure was decreased by 14.8 percent.

Financials

CME 3-month Eurodollars combined open interest fell 14.7 percent in March. Commercial participants, who accounted for 54.4 percent of open interest, held net short positions; their long exposure was decreased by 18.4 percent and their short exposure was decreased by 14.8 percent. Non-commercial participants, who accounted for 37.6 percent of open interest, held net long positions. Their long exposure was decreased by 12.3 percent and their short exposure was decreased by 16.1 percent. Non-reportable participants, who accounted for 8.0 percent of total open interest, held net long positions; their long exposure was decreased by 0.1 percent and their short exposure was decreased by 6.4 percent.

CME Euro-FX combined open interest fell 33.3 percent in March. Commercial participants, who accounted for 35.0 percent of open interest, held net short positions; their long exposure was decreased by 61.0 percent and their short exposure was decreased by 47.0 percent. Non-commercial participants, who accounted for 35.8 percent of open interest, held net long positions. Their long exposure was decreased by 10.6 percent and their short exposure was decreased by 24.7 percent. Non-reportable participants, who accounted for 29.3 percent of total open interest, held net long positions; their long exposure was increased by 8.8 percent and their short exposure was decreased by 12.1 percent.

CBOT 10-year Treasury Notes combined open interest increased 28.5 percent in March. Commercial participants, who accounted for 60.8 percent of open interest, held net long positions; their long exposure was increased by 20.6 percent and their short exposure was increased by 23.7 percent. Non-commercial participants, who accounted for 21.1 percent of open interest, held net short positions. Their long exposure was increased by 38.0 percent and their short exposure was increased by 37.7 percent. Non-reportable participants, who accounted for 18.1 percent of total open interest, held net short positions; their long exposure was increased by 52.3 percent and their short exposure was increased by 34.7 percent.

CME S&P 500 combined open interest fell 26.5 percent in March. Commercial participants, who accounted for 71.5 percent of open interest, held net short positions; their long exposure was decreased by 28.8 percent and their short exposure was decreased by 24.1 percent. Non-commercial participants, who accounted for 13.9 percent of open interest, held net long positions. Their long exposure was decreased by 3.8 percent and their short exposure was decreased by 43.7 percent. Non-reportable participants, who accounted for 14.6 percent of total open interest, held net long positions; their long exposure was decreased by 32.3 percent and their short exposure was decreased by 16.9 percent.

Metals

 NYMEX Gold combined open interest fell 7.8 percent in March. Commercial participants, who accounted for 50.8 percent of open interest, held net short positions; their long exposure was decreased by 2.8 percent and their short exposure was decreased by 4.3 percent. Non-commercial participants, who accounted for 40.6 percent of open interest, held net long positions. Their long exposure was decreased by 10.3 percent and their short exposure was decreased by 15.9 percent. Non-reportable participants, who accounted for 8.6 percent of total open interest, held net long positions; their long exposure was decreased by 7.8 percent and their short exposure was decreased by 12.0 percent.

NYMEX Silver combined open interest fell 6.3 percent in March. Commercial participants, who accounted for 44.4 percent of open interest, held net short positions; their long exposure was decreased by 8.9 percent and their short exposure was decreased by 10.2 percent. Non-commercial participants, who accounted for 41.4 percent of open interest, held net long positions. Their long exposure was decreased by 7.2 percent and their short exposure was decreased by 0.7 percent. Non-reportable participants, who accounted for 14.3 percent of total open interest, held net long positions; their long exposure was increased by 0.2 percent and their short exposure was increased by 2.0 percent.

NYMEX Copper combined open interest increased 14.4 percent in March. Commercial participants, who accounted for 50.3 percent of open interest, held net long positions; their long exposure was decreased by 0.5 percent and their short exposure was increased by 36.1 percent. Non-commercial participants, who accounted for 37.9 percent of open interest, held net short positions. Their long exposure was increased by 57.5 percent and their short exposure was increased by 3.1 percent. Non-reportable participants, who accounted for 11.8 percent of total open interest, held net long positions; their long exposure was increased by 27.3 percent and their short exposure was increased by 2.9 percent.

NYMEX Platinum combined open interest fell 3.7 percent in March. Commercial participants, who accounted for 56.0 percent of open interest, held net short positions; their long exposure was increased by 2.9 percent and their short exposure was decreased by 6.3 percent. Non-commercial participants, who accounted for 31.6 percent of open interest, held net long positions. Their long exposure was decreased by 12.9 percent and their short exposure was increased by 29.5 percent. Non-reportable participants, who accounted for 12.4 percent of total open interest, held net long positions; their long exposure was increased by 15.7 percent and their short exposure was decreased by 21.4 percent.

Livestock

CME Lean Hogs combined open interest increased 12.1 percent in March. Commercial participants, who accounted for 36.4 percent of open interest, held net long positions; their long exposure was increased by 10.2 percent and their short exposure was increased by 0.5 percent. Non-commercial participants, who accounted for 43.4 percent of open interest, held net short positions. Their long exposure was decreased by 1.0 percent and their short exposure was increased by 14.0 percent. Non-reportable participants, who accounted for 20.2 percent of total open interest, held net short positions; their long exposure was increased by 63.5 percent and their short exposure was increased by 30.9 percent.

CME Live Cattle combined open interest increased 1.8 percent in March. Commercial participants, who accounted for 44.0 percent of open interest, held net long positions; their long exposure was increased by 6.8 percent and their short exposure was increased by 6.7 percent. Non-commercial participants, who accounted for 42.8 percent of open interest, held net long positions. Their long exposure was decreased by 7.2 percent and their short exposure was increased by 1.5 percent. Non-reportable participants, who accounted for 13.1 percent of total open interest, held net short positions; their long exposure was increased by 28.7 percent and their short exposure was decreased by 8.3 percent.

Notes:

1.  Percentage changes are calculated using data representing last Tuesday of the previous month and last Tuesday of the current month.

2.  Percentages of open interest held by the commercial, non-commercial, and non-reportable traders reflect the averages of the percentages of long and short positions held by these groups of traders.

3. The share of Commercial, Non-Commercial, and Non-Reportable positions may not sum up to 100 due to rounding errors.