About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

COTTON
General Comments: Cotton was higher again last week and futures remain mostly in a trading range. The weekly export sales report showed weaker demand for US Cotton again, but the market seemed more impressed with what was going on in Washington and in growing areas of the US. Even news on Friday that China had bought a lot of Cotton in India and Brazil did not do enough to push prices lower to stay. The USDA reports were considered mostly neutral as USDA made no changes to any of the estimates in the monthly supply and demand tables. The trade had anticipated slightly less production and slightly less export demand. Everyone is waiting for the resolution of the US-China trade dispute, and the US government is indicating that a deal is going to be more difficult to achieve by the end of the month. Both sides are negotiating the final points, with the US worried about verification of the movers to fulfill commitments and the Chinese worried that they might give up too much to get a deal. It still looks like a deal will be done eventually, but it will take longer than had been indicated to get the last parts completed. The US weather continues to feature a lot of rain in the south, and fieldwork and initial planting in far southern areas is mostly delayed. Current long-range forecasts suggest that wet conditions will continue in the Southeast and that Texas could see unsettled and colder than normal weather at least through the end of this month.
Overnight News: The Delta and Southeast should get rains again this weekend and by the middle of next week. Temperatures should average near to above normal. Texas will have mostly dry weather, but moderate to heavy rain is expected on Monday. Temperatures will trend to above normal. The USDA average price is now 67.88 ct/lb. ICE said that certified stocks are now 123,219 bales, from 128,668 bales yesterday. ICE said that 0 notices were posted for delivery against March contracts and that total deliveries for the month are now 84 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 7250, 7190, and 7100 May, with resistance of 7410, 7490, and 7510 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 05, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
COTTON NO. 2 – ICE FUTURES U.S.
CFTC Code #033661 Open Interest is 266,373
: Positions :
: 39,519 62,766 61,701 64,939 116,132 85,088 11,402 251,246 252,001: 15,127 14,372
: Changes from: February 26, 2019 (Change in open interest: 5,728) :
: 3,407 285 3,743 641 1,095 -912 844 6,879 5,966: -1,151 -238
: Percent of Open Interest Represented by Each Category of Trader :
: 14.8 23.6 23.2 24.4 43.6 31.9 4.3 94.3 94.6: 5.7 5.4
: Total Traders: 303 Number of Traders in Each Category :
: 98 91 92 53 57 45 21 240 220:
——————————————————————————————————————-

DJ USDA Volume of Cotton Classed Report – Mar 8
Data quoted in bales for week ending Mar 7. Totals may not add due
to rounding. * denotes data withheld to avoid disclosure of individual
producer information. Source: USDA
Weekly Season Weekly Season
Southeast 3,332 4,084,893 Southwest 53,041 7,369,351
NC* – 703,165 Okla 15,152 549,819
SC – 363,542 Texas 23,436 6,670,913
Ga 2,046 1,944,755 Kansas 14,453 148,619
Ala 1,286 806,417
Fla – 82,621 Far West 17,571 603,855
Va – 184,393 NM – 33,626
Ariz 13,604 379,182
Delta 916 4,586,539 Calif 3,967 191,047
Miss* – 1,399,021
Tenn* – 762,547 Pima 12,588 752,925
Mo – 754,865 Other 0 0
Ark* – 1,254,667 Total US 87,448 17,397,563
La 916 415,439 pct tenderable 40.9 64.6

DJ USDA Supply/Demand: U.S. Cotton – Mar 8
U.S.Cotton Supply and Use 1/
===================================================================
Item 2017/18 2018/19
prev Mar 8 prev Mar 8
===================================================================
Area
Million acres
Planted 12.72 12.72 14.10 14.10
Harvested 11.10 11.10 10.53 10.53
Pounds
Yield per harv. acre 905.00 905.00 838.00 838.00
Million 480 pound bales
Beginning stocks 2.75 2.75 4.30 4.30
Production 20.92 20.92 18.39 18.39
Imports 0.00 0.00 0.01 0.01
Supply, total 23.68 23.68 22.70 22.70
Domestic use 3.23 3.23 3.20 3.20
Exports 15.85 15.85 15.00 15.00
Use, total 19.07 19.07 18.20 18.20
Unaccounted 2/ 0.30 0.30 0.20 0.20
Ending stocks 4.30 4.30 4.30 4.30
Avg. farm price 3/ 68.60 68.60 71.00 – 73.00 69.00 – 71.00
===================================================================
Note: Reliability calculations at end of report. 1/ Upland and extra-long
staple; marketing year beginning August 1. Totals may not add due to
rounding. 2/ Reflects the difference between the previous season’s supply
less total use and ending stocks. 3/ Cents per pound for upland cotton.

DJ USDA Supply/Demand: World Cotton – Mar 8
World Cotton Supply and Use 1/
(Million 480-pound bales)
==============================================================================
beginning domestic exports ending
stocks prod imports use loss 2/ stocks
==============================================================================
2018/19 (Projected)
World
Feb 81.05 118.45 42.31 123.64 42.32 0.36 75.50
Mar 81.14 118.89 42.18 123.59 42.18 0.36 76.09
United States
Feb 4.30 18.39 0.01 3.20 15.00 0.20 4.30
Mar 4.30 18.39 0.01 3.20 15.00 0.20 4.30
Total foreign
Feb 76.75 100.06 42.30 120.44 27.32 0.16 71.20
Mar 76.84 100.50 42.17 120.39 27.18 0.16 71.79
Major exporters 4/
Feb 26.75 54.77 2.35 33.80 23.22 0.02 26.83
Mar 26.84 55.01 2.32 33.80 23.03 0.02 27.32
Major Importers 8/
Feb 47.90 42.25 37.36 82.55 2.74 0.14 42.09
Mar 47.90 42.45 37.26 82.50 2.79 0.14 42.19
==============================================================================
1/ Marketing year beginning August 1. Totals may not add exactly and trade
may not balance due to rounding and other factors. 2/ Generally
reflects cotton lost or destroyed in the marketing channel; for Australia
Brazil China and the United States reflects the difference between
implicit stocks based on supply less total use and indicated ending
stocks

FCOJ
General Comments: FCOJ was lower and made new lows on the daily and weekly charts. Trends are down on both sets of charts on ideas that production remains strong and demand does not. The market has absorbed speculative long liquidation and producer selling through the Winter as no freeze has developed. The Oranges harvest remains active in Florida as the weather is mostly dry. The fruit is abundant. Florida producers are seeing small-sized to good-sized fruit, and work in groves maintenance is active. Irrigation is being used in all areas. Packing houses are open to process fruit for the fresh market, and all processors are open in the state to take packing house eliminations and fresh fruit. Mostly good conditions are reported in Brazil, and some beneficial rains should be seen this week. USDA left Florida production estimates unchanged at 77 million boxes last week.
Overnight News: Florida should get mostly dry weather. Temperatures will average near to below normal. Brazil should get scattered showers and above normal temperatures. ICE said that 0 delivery notices were posted against March contracts and that total deliveries for the month are now 300 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 115.00, 112.00, and 109.00 May, with resistance at 119.00, 122.00, and 126.00 May.

Utilized Production of Citrus Fruits by Crop – States and United States: 2017-2018 and
Forecasted March 1, 2019
[The crop year begins with the bloom of the first year shown and ends with the completion of harvest
the following year]
——————————————————————————————————
: Utilized production boxes 1/ :Utilized production ton equivalent
Crop and State :———————————————————————–
: 2017-2018 : 2018-2019 : 2017-2018 : 2018-2019
——————————————————————————————————
: —— 1,000 boxes —— —— 1,000 tons —–
Oranges :
California, all …………..: 45,400 49,500 1,816 1,980
Early, mid, and Navel 2/ 3/ .: 35,900 40,000 1,436 1,600
Valencia ………………..: 9,500 9,500 380 380
:
Florida, all ……………..: 44,950 77,000 2,023 3,465
Early, mid, and Navel 3/ ….: 18,950 31,000 853 1,395
Valencia ………………..: 26,000 46,000 1,170 2,070
:
Texas, all 2/ …………….: 1,880 2,600 80 111
Early, mid, and Navel 3/ ….: 1,530 2,000 65 85
Valencia ………………..: 350 600 15 26
:
United States, all ………..: 92,230 129,100 3,919 5,556
Early, mid, and Navel 3/ ….: 56,380 73,000 2,354 3,080
Valencia ………………..: 35,850 56,100 1,565 2,476

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 5, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
FRZN CONCENTRATED ORANGE JUICE – ICE FUTURES U.S. (CONTRACTS OF 15,000 POUNDS) :
CFTC Code #040701 Open Interest is 24,392 :
: Positions :
: 13,795 7,569 1,859 0 128 903 9,766 499 1,016 1,354 2,780 :
: Changes from: February 26, 2019 :
: -229 -891 16 0 0 -97 282 17 68 63 569 :
: Percent of Open Interest Represented by Each Category of Trader :
: 56.6 31.0 7.6 0.0 0.5 3.7 40.0 2.0 4.2 5.6 11.4 :
: Number of Traders in Each Category Total Traders: 93 :
: 23 10 6 0 . 5 28 . 17 8 12 :
—————————————————————————————————————-

COFFEE
General Comments: Futures were a little lower for the week in New York after testing recent lows for the move and holding. Prices closed unchanged for the week in London. New York trends are down. Weekly chart trends are sideways in London. Speculators are keeping the pressure on the New York market as they fear big supplies of Arabica with not enough demand. A stronger US Dollar has also created speculative selling pressure. Brazil export data has shown a strong pace at over 3 million bags for the second month in a row. The strong pace comes at a time when Brazil exports are starting to wane. The ICO has forecast a surplus year again this year, and inventory data from ICO and others shows ample supplies. Prices are moving below profitable levels for Colombia, and have been below profitable levels for producers in Central America. Further weakness will cause farmers in Brazil, Peru, and Vietnam to start losing money as well. Brazil had a big production year for the current crop, but the next crop should be less as it is the off-year for production. Ideas are that the current production of 62 or 63 or more million bags can become about 52 million bags next year. El Nino is fading, but remains in the forecast, and Coffee areas in Brazil could be affected by drought that could hurt production even more. Showers are in the forecast for this week. Vietnam is active in its harvest, but producers are not willing to sell at current prices. Production in Vietnam is estimated less than 30 million bags due to uneven weather during the growing season. It is still dry, and production potential for the next crop is being hurt.
Overnight News: Certified stocks are higher today and are about 2.491 million bags. The ICO composite price is now 98.44 ct/lb. Brazil will get scattered showers or dry conditions. Temperatures should be above normal. Colombia should get isolated showers. Central America and southern Mexico should get showers. Vietnam will get mostly dry weather. ICE said that 0 delivery notices were posted against March contracts and that total deliveries for the month now total 179 contracts.
Chart Trends: Trends in New York are mixed to down with no objectives. Support is at 97.00, 94.00, and 91.00 May, and resistance is at 103.00, 105.00 and 108.00 May. Trends in London are mixed to down with objectives of 1500 and 1470 May. Support is at 1500, 1480, and 1450 May, and resistance is at 1540, 1550, and 1560 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 05, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
COFFEE C – ICE FUTURES U.S.
CFTC Code #083731 Open Interest is 378,418
: Positions :
: 37,856 113,040 97,894 148,161 122,693 70,353 33,474 354,264 367,102: 24,154 11,316
: Changes from: February 26, 2019 (Change in open interest: 7,687) :
: -39 697 1,971 2,941 2,182 3,021 2,947 7,894 7,796: -207 -109
: Percent of Open Interest Represented by Each Category of Trader :
: 10.0 29.9 25.9 39.2 32.4 18.6 8.8 93.6 97.0: 6.4 3.0
: Total Traders: 532 Number of Traders in Each Category :
: 160 161 147 140 112 44 29 427 378:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Robusta Coffee Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 03/05/2019
Reportable Positions
===============================================================================
Producer/Merchant/
Processor/User Swap Dealers
OI Long Short Long Short Spreading
===============================================================================
ICE Robusta Coffee Futures and Options – ICE Futures Europe
126,552 71,610 56,375 16,116 4,843 1,488
Percent of Open Interest Represented by Each Category of Trader
100.0% 56.6% 44.5% 12.7% 3.8% 1.2%
Number of Traders in Each Category
162 55 45 16 6 10
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
==============================================================================
9,125 35,224 10,194 2,407 1,974 11,173
Percent of Open Interest Represented by Each Category of Trader
7.2% 27.8% 8.1% 1.9% 1.6% 8.8%
Number of Traders in Each Category
19 31 15 6 13 15
Nonreportable Positions
=======================
Long Short
=======================
4,438 5,279
Percent of Open Interest Represented by Each Category of Trader
3.5% 4.2%

DJ Uganda Coffee Exports Drop as Farmers Hoard Crop — Update
By Nicholas Bariyo
KAMPALA, Uganda–Uganda’s January coffee exports dropped for the fourth month in a row as farmers continue to hoard the crop amid low farm gate prices, the state-run Uganda Coffee Development Authority said Monday.
Shipments dropped 2% to 395,097 60-kilogram bags, bringing the cumulative exports since the 2018-2019 coffee year started in October to 1.47 million bags worth $149 million, representing a drop of 9% and 17% in quantity and value.
UCDA said that with global coffee output expected to surpass consumption by more than 2 million bags, this season, the “expected surplus continues to put pressure on prices.” Uganda, which grows mainly the bitter-tasting robusta coffee variety used in blends and instant drinks, exports nearly its entire output in bean form to the European Union, the U.S. and Asian markets.
Uganda projects 2018-2019 coffee output at 5.1 million bags, up 10% from a year earlier, as younger coffee trees enter the production phase.

SUGAR
General Comments: Both markets were lower for the week as the US Dollar trended higher. Chart patterns on the weekly charts are down. The fundamentals still suggest big supplies, and the weather in Brazil has improved to support big production ideas. Reports that Brazilian mills might pause and give Sugarcane production a chance to improve helped support the market. Brazil weather is improving in all areas as there is less rain in southern areas and more to the north. Brazil has been using a larger part of its Sugarcane harvest to produce ethanol this year instead of Sugar, but Thailand has shown increased production this year. Ideas that production in India and Pakistan is being hurt by news that Indian mills are asking the government not to force them to sell Sugar into a depressed world market. They do not want to lose more money as they have already needed government subsidies to keep working. The ISO now estimates the world Sugar surplus at 641,000 tons in 2018-19, from its previous estimate of 2.17 million tons. Very good conditions are reported in Thailand.
Overnight News: Brazil will get showers. Temperatures should be above normal.
Chart Trends: Trends in New York are down with objectives of 1200 and 1170 May. Support is at 1200, 1180, and 1160 May, and resistance is at 1250, 1280, and 1300 May. Trends in London are down with no objectives of 342.00 May. Support is at 335.00, 333.00, and 329.00 May, and resistance is at 343.00, 347.00, and 352.00 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 05, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SUGAR NO. 11 – ICE FUTURES U.S.
CFTC Code #080732 Open Interest is 961,098
: Positions :
: 85,316 180,185 190,716 314,044 469,412 283,246 54,257 873,322 894,570: 87,777 66,528
: Changes from: February 26, 2019 (Change in open interest: -3,784) :
: -5,340 23,887 11,393 -663 -45,619 -1,985 10,032 3,405 -307: -7,189 -3,477
: Percent of Open Interest Represented by Each Category of Trader :
: 8.9 18.7 19.8 32.7 48.8 29.5 5.6 90.9 93.1: 9.1 6.9
: Total Traders: 251 Number of Traders in Each Category :
: 57 56 76 83 74 36 20 217 194:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe White Sugar Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 03/05/2019
Reportable Positions
===============================================================================
Producer/Merchant/
Processor/User Swap Dealers
OI Long Short Long Short Spreading
===============================================================================
ICE White Sugar Futures and Options- ICE Futures Europe
86,472 40,750 55,121 11,609 4,182 365
Percent of Open Interest Represented by Each Category of Trader
100.0% 47.1% 63.7% 13.4% 4.8% 0.4%
Number of Traders in Each Category
128 44 46 10 6 7
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
16,390 13,585 6,773 2,582 681 3,000
Percent of Open Interest Represented by Each Category of Trader
19.0% 15.7% 7.8% 3.0% 0.8% 3.5%
Number of Traders in Each Category
25 12 14 7 4 11
Nonreportable Positions
=======================
Long Short
=======================
5,002 2,765
Percent of Open Interest Represented by Each Category of Trader
5.8% 3.2%

Sugarcane Area Harvested, Yield, and Production by Use – States and United States: 2017 and 2018
—————————————————————————————-
Use and State : Area harvested : Yield per acre 1/ : Production 1/
:———————————————————————
: 2017 : 2018 : 2017 : 2018 : 2017 : 2018
—————————————————————————————————-
: 1,000 acres —– tons —– — 1,000 tons —
For sugar :
Florida ………………….: 397.0 397.0 40.9 41.7 16,237 16,555
Louisiana ………………..: 414.0 425.0 32.5 35.3 13,455 15,003
Texas ……………………: 40.5 37.6 36.8 36.6 1,490 1,376
United States …………….: 851.5 859.6 36.6 38.3 31,182 32,934
For seed :
Florida ………………….: 15.7 15.3 44.9 45.8 705 701
Louisiana ………………..: 35.6 23.5 36.2 36.5 1,289 858
Texas ……………………: 1.3 1.3 48.0 37.9 62 49
United States …………….: 52.6 40.1 39.1 40.1 2,056 1,608
For sugar and seed :
Florida ………………….: 412.7 412.3 41.1 41.9 16,942 17,256
Louisiana ………………..: 449.6 448.5 32.8 35.4 14,744 15,861
Texas ……………………: 41.8 38.9 37.1 36.6 1,552 1,425
United States …………….: 904.1 899.7 36.8 38.4 33,238 34,542
—————————————————————————————————-
1/ Net tons.

U.S. Sugar Supply and Use 1/
================================================================================
2016/17 2017/18 Est. 2018/19 Proj. 2018/19 Proj.
Item Feb Mar
================================================================================
1000 Short Tons, Raw Value
Beginning Stocks 2054 1876 2008 2008
Production 2/ 8969 9293 9017 9103
Beet Sugar 5103 5279 4900 5004
Cane Sugar 3866 4014 4117 4099
Florida 2055 1983 2091 2078
Hawaii 43 0 0 0
Louisiana 1628 1862 1875 1875
Texas 140 169 150 145
Imports 3244 3277 3076 2862
TRQ 3/ 1611 1663 1560 1560
Other Program 4/ 419 326 350 350
Other 5/ 1213 1287 1165 952
Mexico 1201 1223 1120 897
Total Supply 14267 14445 14100 13973
Exports 95 170 35 35
Deliveries 12258 12185 12270 12270
Food 6/ 12102 12048 12125 12125
Other 7/ 156 137 145 145
Miscellaneous 38 82 0 0
Total Use 12391 12438 12305 12305
Ending Stocks 1876 2008 1795 1668
Stocks to Use Ratio 15.1 16.1 14.6 13.6
================================================================================

Mexico Sugar Supply and Use and High Fructose Corn Syrup Imports 1/
================================================================================
Supply Use
Fiscal Beginning Produc- Imports Domestic Exports Ending
Year Stocks tion 2/ Stocks
================================================================================

1000 Metric Tons, Actual Weight

Sugar
2017/18 Est.
Feb 1002 6010 204 4723 1099 1395
Mar 1002 6010 204 4723 1099 1395
2018/19 Proj.
Feb 1395 6025 70 4893 1266 1330
Mar 1395 6152 70 5095 1102 1420
================================================================================
WASDE – 586 – 17 March 2019

COCOA
General Comments: Futures closed higher. The main crop harvest is active in West Africa, and Ivory Coast arrivals are strong. However, arrivals have started to fade. The weekly pace just a month or two ago was about 15% ahead of a year ago and now is under 10% of a year ago. Growing conditions are generally good in West Africa. Rains are in the forecast for the next couple of days that will improve soil moisture conditions, and the cold and dry Harmattan winds of early this week will be a thing of the past. Nigeria is reporting losses to its crops due to recent hot and dry weather. Cameroon is also reporting less production and prices there are reported strong. Conditions appear good in East Africa and Asia.
Overnight News: Mostly dry conditions are expected in West Africa, but some showers are possible in southern Ghana and southeast Ivory Coast. Temperatures will average near to above normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to above normal temperatures. ICE certified stocks are higher today at 4.141 million bags. ICE said that there were 0 notices posted for delivery against March contracts and that total deliveries for the month are now 1,086 contracts.
Chart Trends: Trends in New York are mixed. Support is at 2170, 2150, and 2120 May, with resistance at 2230, 2240, and 2250 May. Trends in London are mixed. Support is at 1650, 1620, and 1600 Mary, with resistance at 1720, 1730, and 1750 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 05, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
COCOA – ICE FUTURES U.S.
CFTC Code #073732 Open Interest is 274,819
: Positions :
: 26,293 60,778 61,320 119,497 124,588 55,161 15,040 262,271 261,725: 12,548 13,094
: Changes from: February 26, 2019 (Change in open interest: 13,814) :
: -3,047 9,700 8,632 9,675 -5,514 228 1,022 15,488 13,841: -1,674 -27
: Percent of Open Interest Represented by Each Category of Trader :
: 9.6 22.1 22.3 43.5 45.3 20.1 5.5 95.4 95.2: 4.6 4.8
: Total Traders: 225 Number of Traders in Each Category :
: 67 68 75 44 36 34 16 182 164:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Cocoa Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 03/05/2019
Reportable Positions
===============================================================================
Producer/Merchant/
Processor/User Swap Dealers
OI Long Short Long Short Spreading
===============================================================================
ICE Cocoa Futures and Options – ICE Futures Europe
311,795 171,311 219,465 35,994 10,162 16,823
Percent of Open Interest Represented by Each Category of Trader
100.0% 54.9% 70.4% 11.5% 3.3% 5.4%
Number of Traders in Each Category
155 53 47 16 8 14
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
32,212 10,030 26,294 1,744 1,121 24,899
Percent of Open Interest Represented by Each Category of Trader
10.3% 3.2% 8.4% 0.6% 0.4% 8.0%
Number of Traders in Each Category
29 13 21 8 12 21
Nonreportable Positions
=======================
Long Short
=======================
2,517 3,001
Percent of Open Interest Represented by Each Category of Trader
0.8% 1.0%

Questions? Ask Jack Scoville today at 312-264-4322