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This Month in Futures Markets – July 2009Wednesday, August 05, 2009 OCE, Commodity Futures Trading CommissionDisclaimer: This report is based on the Commitments of Traders (COT) report released on July 31, 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 increased 1.2 percent in July.
Commercial
participants, who accounted for 55.2 percent of open interest,
held net short positions; they increased their long positions by
11.1 percent and increased their short positions by 3.9 percent.
Non-commercial
participants, who accounted for 38.6 percent of open interest,
held net long positions. They decreased their long positions by
5.5 percent and increased their short positions by 2.2 percent.
Non-reportable
participants, who accounted for 6.2 percent of total open
interest, held net
long positions; they decreased their long positions by 23.4
percent and decreased their short positions by 23.4 percent.
NYMEX Henry Hub Natural Gas
futures open interest fell 0.3 percent in July.
Commercial
participants, who accounted for 34.5 percent of open interest,
held net long positions; they increased their long positions by
1.1 percent and changed their short positions by less then 0.1 percent.
Non-commercial
participants, who accounted for 56.3 percent of open interest,
held net short positions. They decreased their long positions by
2.8 percent and decreased their short positions by 0.3 percent.
Non-reportable
participants, who accounted for 9.3 percent of total open
interest, held net
long positions; they increased their long positions by 5.0
percent and decreased their short positions by 0.7 percent.
NYMEX Heating Oil
futures open interest increased 6.3 percent in July.
Commercial
participants, who accounted for 65.9 percent of open interest,
held net short positions; they increased their long positions by
10.1 percent and increased their short positions by 4.6 percent.
Non-commercial
participants, who accounted for 23.2 percent of open interest,
held net long positions. They increased their long positions by
7.1 percent and increased their short positions by 18.6 percent.
Non-reportable
participants, who accounted for 10.9 percent of total open
interest, held net
long positions; they decreased their long positions by 10.5
percent and decreased their short positions by 1.0 percent.
NYMEX RBOB Gasoline
futures open interest increased 5.5 percent in July.
Commercial
participants, who accounted for 69.1 percent of open interest,
held net short positions; they increased their long positions by
11.8 percent and increased their short positions by 7.2 percent.
Non-commercial
participants, who accounted for 23.6 percent of open interest,
held net long positions. They decreased their long positions by
1.2 percent and decreased their short positions by 14.2 percent.
Non-reportable
participants, who accounted for 7.3 percent of total open
interest, held net
long positions; they decreased their long positions by 2.5
percent and increased their short positions by 25.0 percent. Agriculture
CBOT Corn
futures open interest fell 4.5 percent in July.
Commercial
participants, who accounted for 49.4 percent of open interest,
held net long positions; they decreased their long positions by
1.3 percent and decreased their short positions by 12.4 percent.
Non-commercial
participants, who accounted for 33.3 percent of open interest,
held net long positions. They decreased their long positions by
12.7 percent and increased their short positions by 10.6 percent.
Non-reportable
participants, who accounted for 17.3 percent of total open
interest, held net
short positions; they increased their long positions by 10.2
percent and decreased their short positions by 4.6 percent.
CBOT Wheat
futures open interest increased 3.6 percent in July.
Commercial
participants, who accounted for 45.0 percent of open interest,
held net long positions; they increased their long positions by
2.1 percent and decreased their short positions by 5.9 percent.
Non-commercial
participants, who accounted for 43.6 percent of open interest,
held net short positions. They increased their long positions by
5.2 percent and increased their short positions by 14.3 percent.
Non-reportable
participants, who accounted for 11.4 percent of total open
interest, held net
short positions; they increased their long positions by 5.0
percent and decreased their short positions by 0.1 percent.
CBOT Soybeans
futures open interest fell 10.3 percent in July.
Commercial
participants, who accounted for 53.9 percent of open interest,
held net short positions; they increased their long positions by
7.8 percent and decreased their short positions by 15.2 percent.
Non-commercial
participants, who accounted for 30.4 percent of open interest,
held net long positions. They decreased their long positions by
26.4 percent and decreased their short positions by 6.7 percent.
Non-reportable
participants, who accounted for 15.7 percent of total open
interest, held net
short positions; they decreased their long positions by 9.0
percent and increased their short positions by 2.5 percent.
CBOT Soybean Oil
futures open interest increased 0.1 percent in July.
Commercial
participants, who accounted for 52.3 percent of open interest,
held net long positions; they increased their long positions by
4.4 percent and decreased their short positions by 7.6 percent.
Non-commercial
participants, who accounted for 37.3 percent of open interest,
held net short positions. They decreased their long positions by
1.5 percent and increased their short positions by 12.9 percent.
Non-reportable
participants, who accounted for 10.4 percent of total open
interest, held net
short positions; they decreased their long positions by 15.2
percent and decreased their short positions by 4.5 percent. Soft Commodities
ICE Futures U.S. Sugar
futures open interest increased 3.9 percent in July.
Commercial
participants, who accounted for 63.9 percent of open interest,
held net short positions; they decreased their long positions by
0.5 percent and increased their short positions by 3.8 percent.
Non-commercial
participants, who accounted for 27.9 percent of open interest,
held net long positions. They increased their long positions by
8.7 percent and increased their short positions by 6.5 percent.
Non-reportable
participants, who accounted for 8.2 percent of total open
interest, held net
long positions; they increased their long positions by 7.3
percent and decreased their short positions by 1.1 percent.
ICE Futures U.S. Coffee
futures open interest fell 5.2 percent in July.
Commercial
participants, who accounted for 61.5 percent of open interest,
held net short positions; they decreased their long positions by
5.0 percent and decreased their short positions by 10.2 percent.
Non-commercial
participants, who accounted for 30.4 percent of open interest,
held net long positions. They decreased their long positions by
11.1 percent and increased their short positions by 3.5 percent.
Non-reportable
participants, who accounted for 8.1 percent of total open
interest, held net
long positions; they increased their long positions by 26.1
percent and increased their short positions by 17.0 percent.
ICE Futures U.S. Cocoa
futures open interest increased 8.3 percent in July.
Commercial
participants, who accounted for 62.6 percent of open interest,
held net short positions; they decreased their long positions by
1.4 percent and increased their short positions by 6.6 percent.
Non-commercial
participants, who accounted for 30.9 percent of open interest,
held net long positions. They increased their long positions by
16.6 percent and increased their short positions by 10.8 percent.
Non-reportable
participants, who accounted for 6.5 percent of total open
interest, held net
long positions; they increased their long positions by 41.1
percent and increased their short positions by 28.1 percent.
ICE Futures U.S. Cotton
futures open interest increased 15.2 percent in July.
Commercial
participants, who accounted for 68.8 percent of open interest,
held net short positions; they increased their long positions by
9.2 percent and increased their short positions by 26.6 percent.
Non-commercial
participants, who accounted for 24.2 percent of open interest,
held net long positions. They increased their long positions by
27.7 percent and decreased their short positions by 6.5 percent.
Non-reportable
participants, who accounted for 7.0 percent of total open
interest, held net
long positions; they increased their long positions by 15.8
percent and decreased their short positions by 33.1 percent. Financials
CME 3-month Eurodollars
futures open interest increased 7.6 percent in July.
Commercial
participants, who accounted for 65.5 percent of open interest,
held net short positions; they increased their long positions by
2.5 percent and increased their short positions by 4.4 percent.
Non-commercial
participants, who accounted for 20.6 percent of open interest,
held net long positions. They increased their long positions by
21.3 percent and increased their short positions by 28.2 percent.
Non-reportable
participants, who accounted for 13.9 percent of total open
interest, held net
long positions; they increased their long positions by 7.7
percent and increased their short positions by 6.4 percent.
CME Euro-FX
futures open interest increased 18.7 percent in July.
Commercial
participants, who accounted for 33.9 percent of open interest,
held net short positions; they increased their long positions by
2.5 percent and increased their short positions by 27.1 percent.
Non-commercial
participants, who accounted for 33.8 percent of open interest,
held net long positions. They increased their long positions by
16.8 percent and increased their short positions by 16.3 percent.
Non-reportable
participants, who accounted for 32.4 percent of total open
interest, held net
long positions; they increased their long positions by 31.2
percent and increased their short positions by 7.6 percent.
CBOT 10-year Treasury Notes
futures open interest increased 6.6 percent in July.
Commercial
participants, who accounted for 61.9 percent of open interest,
held net long positions; they increased their long positions by
11.5 percent and increased their short positions by 7.3 percent.
Non-commercial
participants, who accounted for 13.1 percent of open interest,
held net short positions. They decreased their long positions by
15.9 percent and decreased their short positions by 7.4 percent.
Non-reportable
participants, who accounted for 25.0 percent of total open
interest, held net
short positions; they increased their long positions by 1.6
percent and increased their short positions by 16.2 percent.
CME S&P 500
futures open interest fell 2.0 percent in July.
Commercial
participants, who accounted for 72.9 percent of open interest,
held net short positions; they increased their long positions by
5.9 percent and decreased their short positions by 1.0 percent.
Non-commercial
participants, who accounted for 9.4 percent of open interest,
held net short positions. They decreased their long positions by
20.7 percent and increased their short positions by 1.6 percent.
Non-reportable
participants, who accounted for 17.7 percent of total open
interest, held net
long positions; they decreased their long positions by 14.0
percent and decreased their short positions by 11.0 percent. Metals
NYMEX Gold
futures open interest increased 1.9 percent in July.
Commercial
participants, who accounted for 49.9 percent of open interest,
held net short positions; they increased their long positions by
3.7 percent and increased their short positions by 2.8 percent.
Non-commercial
participants, who accounted for 41.4 percent of open interest,
held net long positions. They increased their long positions by
4.3 percent and increased their short positions by 2.1 percent.
Non-reportable
participants, who accounted for 8.7 percent of total open
interest, held net
long positions; they decreased their long positions by 11.3
percent and decreased their short positions by 11.0 percent.
NYMEX Silver
futures open interest fell 6.5 percent in July.
Commercial
participants, who accounted for 48.7 percent of open interest,
held net short positions; they decreased their long positions by
6.1 percent and decreased their short positions by 9.1 percent.
Non-commercial
participants, who accounted for 36.0 percent of open interest,
held net long positions. They decreased their long positions by
6.3 percent and increased their short positions by 1.5 percent.
Non-reportable
participants, who accounted for 15.3 percent of total open
interest, held net
long positions; they decreased their long positions by 7.6
percent and decreased their short positions by 8.1 percent.
NYMEX Copper
futures open interest increased 15.6 percent in July.
Commercial
participants, who accounted for 50.0 percent of open interest,
held net long positions; they increased their long positions by
5.2 percent and increased their short positions by 27.5 percent.
Non-commercial
participants, who accounted for 39.4 percent of open interest,
held net short positions. They increased their long positions by
36.7 percent and increased their short positions by 10.7 percent.
Non-reportable
participants, who accounted for 10.6 percent of total open
interest, held net
long positions; they increased their long positions by 19.5
percent and decreased their short positions by 4.3 percent.
Livestock
CME Lean Hogs
futures open interest fell 6.3 percent in July.
Commercial
participants, who accounted for 38.6 percent of open interest,
held net long positions; they changed their long positions by
less then 0.1 percent and increased their short positions by 30.2 percent.
Non-commercial
participants, who accounted for 42.9 percent of open interest,
held net short positions. They decreased their long positions by
17.7 percent and decreased their short positions by 21.1 percent.
Non-reportable
participants, who accounted for 18.5 percent of total open
interest, held net
short positions; they increased their long positions by 4.7
percent and increased their short positions by 3.0 percent.
CME Live Cattle
futures open interest increased 7.2 percent in July.
Commercial
participants, who accounted for 46.4 percent of open interest,
held net short positions; they increased their long positions by
0.2 percent and increased their short positions by 20.2 percent.
Non-commercial
participants, who accounted for 39.0 percent of open interest,
held net long positions. They increased their long positions by
12.1 percent and decreased their short positions by 7.2 percent.
Non-reportable
participants, who accounted for 14.6 percent of total open
interest, held net
short positions; they increased their long positions by 19.2
percent and increased their short positions by 6.5 percent.
Futures and Options Combined Markets: Energy
NYMEX WTI Crude Oil
futures and options (thereafter combined) open interest increased 5.8
percent in July.
Commercial participants, who accounted for 56.7 percent of
open interest, held net short positions; their long exposure was
increased by 10.4 percent and their short exposure was increased by
7.7 percent.
Non-commercial participants, who accounted for 40.2 percent
of open interest, held net long positions. Their long exposure
was increased by 3.1 percent and their short exposure was increased
by 5.8 percent.
Non-reportable participants, who accounted for 3.2 percent
of total open interest, held net long positions; their long exposure was decreased by 22.7
percent and their short exposure was decreased by 21.8 percent.
NYMEX Henry Hub Natural Gas
combined open interest fell 0.4
percent in July.
Commercial participants, who accounted for 37.4 percent of
open interest, held net long positions; their long exposure was
increased by 0.5 percent and their short exposure was decreased by
0.1 percent.
Non-commercial participants, who accounted for 55.0 percent
of open interest, held net short positions. Their long exposure
was decreased by 1.8 percent and their short exposure was decreased
by 0.4 percent.
Non-reportable participants, who accounted for 7.5 percent
of total open interest, held net long positions; their long exposure was increased by 4.0
percent and their short exposure was decreased by 1.7 percent.
NYMEX Heating Oil
combined open interest increased 7.7
percent in July.
Commercial participants, who accounted for 62.5 percent of
open interest, held net short positions; their long exposure was
increased by 11.1 percent and their short exposure was increased by
5.7 percent.
Non-commercial participants, who accounted for 27.0 percent
of open interest, held net long positions. Their long exposure
was increased by 9.9 percent and their short exposure was increased
by 19.7 percent.
Non-reportable participants, who accounted for 10.6 percent
of total open interest, held net long positions; their long exposure was decreased by 9.8
percent and their short exposure was decreased by 2.5 percent.
NYMEX RBOB Gasoline
combined open interest increased 3.5
percent in July.
Commercial participants, who accounted for 65.0 percent of
open interest, held net short positions; their long exposure was
increased by 11.3 percent and their short exposure was increased by
7.7 percent.
Non-commercial participants, who accounted for 28.4 percent
of open interest, held net long positions. Their long exposure
was decreased by 3.7 percent and their short exposure was decreased
by 13.6 percent.
Non-reportable participants, who accounted for 6.6 percent
of total open interest, held net long positions; their long exposure was decreased by 8.5
percent and their short exposure was increased by 12.4 percent. Agriculture
CBOT Corn
combined open interest increased 2.5
percent in July.
Commercial participants, who accounted for 43.1 percent of
open interest, held net long positions; their long exposure was
increased by 0.6 percent and their short exposure was decreased by
5.2 percent.
Non-commercial participants, who accounted for 42.5 percent
of open interest, held net long positions. Their long exposure
was increased by 2.7 percent and their short exposure was increased
by 13.7 percent.
Non-reportable participants, who accounted for 14.4 percent
of total open interest, held net short positions; their long exposure was increased by 10.5
percent and their short exposure was decreased by 0.7 percent.
CBOT Wheat
combined open interest increased 6.3
percent in July.
Commercial participants, who accounted for 41.0 percent of
open interest, held net long positions; their long exposure was
increased by 3.7 percent and their short exposure was decreased by
3.5 percent.
Non-commercial participants, who accounted for 48.7 percent
of open interest, held net short positions. Their long exposure
was increased by 7.6 percent and their short exposure was increased
by 15.7 percent.
Non-reportable participants, who accounted for 10.3 percent
of total open interest, held net short positions; their long exposure was increased by 13.4
percent and their short exposure was increased by 3.3 percent.
CBOT Soybeans
combined open interest fell 8.5
percent in July.
Commercial participants, who accounted for 46.3 percent of
open interest, held net short positions; their long exposure was
increased by 2.4 percent and their short exposure was decreased by
13.7 percent.
Non-commercial participants, who accounted for 40.5 percent
of open interest, held net long positions. Their long exposure
was decreased by 16.6 percent and their short exposure was decreased
by 5.1 percent.
Non-reportable participants, who accounted for 13.2 percent
of total open interest, held net short positions; their long exposure was decreased by 10.5
percent and their short exposure was increased by 1.2 percent.
CBOT Soybean Oil
combined open interest fell 0.5
percent in July.
Commercial participants, who accounted for 50.6 percent of
open interest, held net long positions; their long exposure was
increased by 2.5 percent and their short exposure was decreased by
5.6 percent.
Non-commercial participants, who accounted for 40.2 percent
of open interest, held net short positions. Their long exposure
was decreased by 1.0 percent and their short exposure was increased
by 6.6 percent.
Non-reportable participants, who accounted for 9.2 percent
of total open interest, held net short positions; their long exposure was decreased by 14.7
percent and their short exposure was decreased by 6.1 percent. Soft Commodities
ICE
Futures U.S. Sugar
combined open interest increased 5.0
percent in July.
Commercial participants, who accounted for 56.9 percent of
open interest, held net short positions; their long exposure was
increased by 1.6 percent and their short exposure was increased by
3.5 percent.
Non-commercial participants, who accounted for 36.0 percent
of open interest, held net long positions. Their long exposure
was increased by 8.3 percent and their short exposure was increased
by 9.6 percent.
Non-reportable participants, who accounted for 7.1 percent
of total open interest, held net long positions; their long exposure was increased by 7.0
percent and their short exposure was increased by 3.2 percent. ICE
Futures U.S. Coffee
combined open interest fell 5.7
percent in July.
Commercial participants, who accounted for 53.2 percent of
open interest, held net short positions; their long exposure was
decreased by 7.3 percent and their short exposure was decreased by
10.7 percent.
Non-commercial participants, who accounted for 39.6 percent
of open interest, held net long positions. Their long exposure
was decreased by 7.9 percent and their short exposure was decreased
by 0.8 percent.
Non-reportable participants, who accounted for 7.2 percent
of total open interest, held net long positions; their long exposure was increased by 24.6
percent and their short exposure was increased by 18.8 percent. ICE
Futures U.S. Cocoa
combined open interest increased 10.2
percent in July.
Commercial participants, who accounted for 60.9 percent of
open interest, held net short positions; their long exposure was
increased by 1.3 percent and their short exposure was increased by
8.5 percent.
Non-commercial participants, who accounted for 33.0 percent
of open interest, held net long positions. Their long exposure
was increased by 18.4 percent and their short exposure was increased
by 12.7 percent.
Non-reportable participants, who accounted for 6.1 percent
of total open interest, held net long positions; their long exposure was increased by 37.3
percent and their short exposure was increased by 26.8 percent. ICE
Futures U.S. Cotton
combined open interest increased 14.1
percent in July.
Commercial participants, who accounted for 61.0 percent of
open interest, held net short positions; their long exposure was
increased by 9.5 percent and their short exposure was increased by
23.1 percent.
Non-commercial participants, who accounted for 33.5 percent
of open interest, held net long positions. Their long exposure
was increased by 20.6 percent and their short exposure was increased
by 2.3 percent.
Non-reportable participants, who accounted for 5.5 percent
of total open interest, held net long positions; their long exposure was increased by 12.4
percent and their short exposure was decreased by 30.4 percent. Financials
CME
3-month Eurodollars
combined open interest increased 7.8
percent in July.
Commercial participants, who accounted for 52.2 percent of
open interest, held net short positions; their long exposure was
increased by 4.3 percent and their short exposure was increased by
6.0 percent.
Non-commercial participants, who accounted for 39.2 percent
of open interest, held net long positions. Their long exposure
was increased by 11.8 percent and their short exposure was increased
by 10.1 percent.
Non-reportable participants, who accounted for 8.6 percent
of total open interest, held net long positions; their long exposure was increased by 9.8
percent and their short exposure was increased by 9.8 percent. CME
Euro-FX
combined open interest increased 14.4
percent in July.
Commercial participants, who accounted for 32.6 percent of
open interest, held net short positions; their long exposure was
increased by 0.3 percent and their short exposure was increased by
24.2 percent.
Non-commercial participants, who accounted for 36.9 percent
of open interest, held net long positions. Their long exposure
was increased by 10.6 percent and their short exposure was increased
by 7.8 percent.
Non-reportable participants, who accounted for 30.6 percent
of total open interest, held net long positions; their long exposure was increased by 30.0
percent and their short exposure was increased by 7.2 percent.
CBOT 10-year Treasury Notes
combined open interest increased 3.2
percent in July.
Commercial participants, who accounted for 60.7 percent of
open interest, held net long positions; their long exposure was
increased by 9.5 percent and their short exposure was increased by
8.7 percent.
Non-commercial participants, who accounted for 17.1 percent
of open interest, held net short positions. Their long exposure
was decreased by 15.5 percent and their short exposure was decreased
by 17.7 percent.
Non-reportable participants, who accounted for 22.3 percent
of total open interest, held net short positions; their long exposure was decreased by 0.8
percent and their short exposure was increased by 13.4 percent. CME
S&P 500
combined open interest increased 4.7
percent in July.
Commercial participants, who accounted for 68.0 percent of
open interest, held net short positions; their long exposure was
increased by 9.3 percent and their short exposure was increased by
1.7 percent.
Non-commercial participants, who accounted for 15.7 percent
of open interest, held net short positions. Their long exposure
was increased by 8.8 percent and their short exposure was increased
by 26.8 percent.
Non-reportable participants, who accounted for 16.3 percent
of total open interest, held net long positions; their long exposure was decreased by 9.4
percent and their short exposure was decreased by 2.3 percent. Metals
NYMEX Gold
combined open interest increased 0.1
percent in July.
Commercial participants, who accounted for 48.2 percent of
open interest, held net short positions; their long exposure was
increased by 2.0 percent and their short exposure was increased by
1.6 percent.
Non-commercial participants, who accounted for 43.9 percent
of open interest, held net long positions. Their long exposure
was increased by 1.5 percent and their short exposure was decreased
by 1.9 percent.
Non-reportable participants, who accounted for 7.8 percent
of total open interest, held net long positions; their long exposure was decreased by 10.7
percent and their short exposure was decreased by 8.4 percent.
NYMEX Silver
combined open interest fell 3.4
percent in July.
Commercial participants, who accounted for 43.9 percent of
open interest, held net short positions; their long exposure was
decreased by 0.8 percent and their short exposure was decreased by
6.9 percent.
Non-commercial participants, who accounted for 42.5 percent
of open interest, held net long positions. Their long exposure
was decreased by 3.6 percent and their short exposure was increased
by 4.4 percent.
Non-reportable participants, who accounted for 13.7 percent
of total open interest, held net long positions; their long exposure was decreased by 6.6
percent and their short exposure was decreased by 7.3 percent.
NYMEX Copper
combined open interest increased 15.7
percent in July.
Commercial participants, who accounted for 49.9 percent of
open interest, held net long positions; their long exposure was
increased by 5.2 percent and their short exposure was increased by
27.5 percent.
Non-commercial participants, who accounted for 39.4 percent
of open interest, held net short positions. Their long exposure
was increased by 36.7 percent and their short exposure was increased
by 10.7 percent.
Non-reportable participants, who accounted for 10.7 percent
of total open interest, held net long positions; their long exposure was increased by 19.8
percent and their short exposure was decreased by 3.9 percent.
NYMEX Platinum
combined open interest fell 3.1
percent in July.
Commercial participants, who accounted for 53.4 percent of
open interest, held net short positions; their long exposure was
decreased by 9.7 percent and their short exposure was decreased by
1.7 percent.
Non-commercial participants, who accounted for 36.0 percent
of open interest, held net long positions. Their long exposure
was decreased by 0.6 percent and their short exposure was decreased
by 3.4 percent.
Non-reportable participants, who accounted for 10.6 percent
of total open interest, held net long positions; their long exposure was decreased by 0.8
percent and their short exposure was decreased by 21.5 percent. Livestock
CME
Lean Hogs
combined open interest fell 6.9
percent in July.
Commercial participants, who accounted for 36.9 percent of
open interest, held net long positions; their long exposure was
increased by 1.4 percent and their short exposure was increased by
23.3 percent.
Non-commercial participants, who accounted for 45.4 percent
of open interest, held net short positions. Their long exposure
was decreased by 16.7 percent and their short exposure was decreased
by 21.6 percent.
Non-reportable participants, who accounted for 17.7 percent
of total open interest, held net short positions; their long exposure was increased by 2.7
percent and their short exposure was increased by 2.1 percent. CME
Live Cattle
combined open interest increased 8.9
percent in July.
Commercial participants, who accounted for 44.3 percent of
open interest, held net short positions; their long exposure was
increased by 2.7 percent and their short exposure was increased by
18.4 percent.
Non-commercial participants, who accounted for 42.0 percent
of open interest, held net long positions. Their long exposure
was increased by 12.7 percent and their short exposure was decreased
by 1.4 percent.
Non-reportable participants, who accounted for 13.7 percent
of total open interest, held net short positions; their long exposure was increased by 17.4
percent and their short exposure was increased by 7.0 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.
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