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: Futures were a little lower last week but a little higher on Friday after the release of the USDA reports. It was a sell the rumor and buy the fact situation. Part of the selling was in preparation for the big USDA reports that found a significant increase in production potential for US Cotton. Export demand was also increased significantly to offset the production gains. Ending stocks were increased significantly anyway. The demand is expected to be strong from Asian countries as world economies recover from Covid lockdowns. Analysts say the demand is still very strong and likely to hold at high levels for the future. However, the expansion of the Delta variant has given pause to the better demand ideas due to fears of economies here and around the world starting to partially lock down again. Production ideas are being impacted in just about all areas due to the weather extremes. It has been very hot in parts of Texas and the Delta and Southeast have had drenching rains at various times in the last couple of months. Even so, good US production totals are expected.
Overnight News: The Delta will get mostly dry conditions and near normal temperatures and Southeast will get mostly dry conditions and near to above normal temperatures. Texas will have isolated showers and above normal temperatures. The USDA average price is now 91.41 ct/lb. ICE said that certified stocks are now 64,455 bales, from 64,455 bales yesterday.
Chart Trends: Trends in Cotton are mixed. Support is at 9200, 9180, and 9160 Decmber, with resistance of 9370, 9510 and 9600 December.

All cotton production is forecast at 18.5 million 480-pound bales, up
7 percent from the previous forecast and up 27 percent from 2020. Based on
conditions as of September 1, yields are expected to average 895 pounds per
harvested acre, up 95 pounds from the previous forecast and up 48 pounds from
2020. Upland cotton production is forecast at 18.2 million 480-pound bales,
up 8 percent from the previous forecast and up 29 percent from 2020. Pima
cotton production is forecast at 335,000 bales, down 10 percent from the
previous forecast and down 39 percent from 2020. All cotton planted area
totaled 11.2 million acres, down 5 percent from the previous forecast and
down 7 percent from 2020. All cotton area harvested is forecast at
9.92 million acres, down 4 percent from the previous forecast but up
20 percent from 2020. Acreage updates were made in several States based on a
thorough review of all available data.

U.S. Cotton Supply and Use 1/
================================================================================
2019/20 2020/21 Est. 2021/22 Proj. 2021/22 Proj.
Item Aug Sep
================================================================================
Million Acres
Planted 13.74 12.09 11.72 11.19
Harvested 11.50 8.28 10.36 9.92
Pounds
Yield per Harvested
Acre 831 847 800 895
Million 480 Pound Bales
Beginning Stocks 4.85 7.25 3.20 3.15
Production 19.91 14.61 17.26 18.51
Imports 0.00 0.00 0.00 0.00
Supply, Total 24.77 21.86 20.47 21.66
Domestic Use 2.15 2.35 2.50 2.50
Exports, Total 15.51 16.37 15.00 15.50
Use, Total 17.66 18.72 17.50 18.00
Unaccounted 2/ -0.15 -0.01 -0.03 -0.04
Ending Stocks 7.25 3.15 3.00 3.70
Avg. Farm Price 3/ 59.6 66.5 80.0 84.0
================================================================================
WASDE – 616 – 18 September 2021

World Cotton Supply and Use 1/
(Million 480-Pound Bales)
================================================================================
Supply Use
Region Beginning Produc- Loss Ending
Stocks tion Imports Domestic Exports 2/ Stocks
================================================================================

2021/22 Proj.
World
Aug 91.78 118.84 46.25 123.33 46.25 0.07 87.23
Sep 91.30 119.59 46.76 124.14 46.76 0.07 86.68
World Less China
Aug 52.64 92.09 36.25 82.33 46.20 0.07 52.39
Sep 52.05 92.84 36.76 83.14 46.71 0.07 51.73
United States
Aug 3.20 17.26 3/ 2.50 15.00 -0.03 3.00
Sep 3.15 18.51 3/ 2.50 15.50 -0.04 3.70
Total Foreign
Aug 88.58 101.58 46.25 120.83 31.25 0.11 84.23
Sep 88.15 101.08 46.76 121.64 31.26 0.11 82.98
Major Exporters 4/
Aug 36.07 60.32 1.78 34.58 26.95 0.02 36.61
Sep 35.61 59.92 1.78 34.74 26.94 0.02 35.61
Major Importers 8/
Aug 49.86 38.14 42.00 82.32 2.64 0.09 44.96
Sep 49.89 38.04 42.51 82.98 2.67 0.09 44.71
================================================================================
WASDE – 616 – 28 September 2021

COT — Supplemental Report – Option and Futures Combined Positions as of September 07, 2021
: 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 332,370
: Positions :
: 99,431 12,208 64,786 52,132 237,357 95,151 8,670 311,499 323,021: 20,870 9,349
: Changes from: August 31, 2021 (Change in open interest: 6,677) :
: 3,930 -648 3,708 959 4,252 -2,561 -432 6,036 6,880: 640 -203
: Percent of Open Interest Represented by Each Category of Trader :
: 29.9 3.7 19.5 15.7 71.4 28.6 2.6 93.7 97.2: 6.3 2.8
: Total Traders: 324 Number of Traders in Each Category :
: 156 40 92 56 65 46 17 289 192:
——————————————————————————————————————-

FCOJ
General Comments: FCOJ closed higher on Friday and higher for the week and chart trends are still mostly up on weather concerns, especially for Brazil but also for Florida and Mexico. A freeze hit Sao Paulo state several weeks ago and reports of significant losses are being heard. Weather conditions in Florida are rated mostly good for the crops with scattered showers and near normal temperatures. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. Northeastern Mexico areas are too dry, but the rest of northern and western Mexico are rated in good condition.
Overnight News: Florida should get scattered showers. Temperatures will average near normal. Brazil should get mostly dry conditions and above normal temperatures. ICE said that 0 notices were posted for delivery against September contracts and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 135.00, 130.00, and 128.00 November, with resistance at 143.00, 144.00, and 146.00 November.

California Navel orange production for the 2021-2022 season is forecast at
1.40 million tons (35.0 million boxes), down 14 percent from last season.
This initial forecast is based on an objective measurement survey conducted
in California’s Central Valley from mid-June to the beginning of September.
The objective measurement survey indicated that fruit set was down 25 percent
from last year but the average fruit size was down 2 percent from last year.
Harvest is expected to begin in October.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 7, 2021
: 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 13,791 :
: Positions :
: 2,588 10,872 1,389 98 0 3,526 0 99 1,759 565 1,564 :
: Changes from: August 31, 2021 :
: -515 -438 40 0 0 -39 0 37 34 20 168 :
: Percent of Open Interest Represented by Each Category of Trader :
: 18.8 78.8 10.1 0.7 0.0 25.6 0.0 0.7 12.8 4.1 11.3 :
: Number of Traders in Each Category Total Traders: 75 :
: 16 14 5 . 0 17 0 . 24 4 7 :
—————————————————————————————————————-

COFFEE
General Comments: New York and London closed lower last week as speculators appeared to liquidate some long positions and as chart trends started to turn down. London is having trouble sourcing Coffee from Vietnam due to a shortage of containers to carry the Coffee out of the country and the expansion of the Delta variant that has caused so many problems around the world and is really affecting the Vietnamese. Prices in New York have been firm as the current Brazil harvest starts to wind down with smaller production. The damage from the Brazil freeze several weeks ago is apparent. Some trees were killed and will have to be replaced. Scattered showers are now in the forecast for Southeast Asia. Good conditions are reported in northern South America and good conditions reported in Central America. Colombia is having trouble exporting Coffee due to protests inside the country. Conditions are reported to be generally good in parts of Africa, but Ivory Coast and Ghana have been a little dry.
Overnight News: ICE certified stocks are s little lower today at 2.161 million bags. The ICO daily average price is now 167.75 ct/lb. Brazil will get mostly dry conditions with above normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers. ICE NY said that 0 contracts were tendered for delivery against September futures and that total deliveries for the month are now 1,047 contracts.
Chart Trends: Trends in New York are down with objectives of 182.00 and 172.00 December. Support is at 182.00, 178.00, and 176.00 December, and resistance is at 191.00, 194.00 and 201.00 December. Trends in London are mixed. Support is at 2030, 2000, and 1950 November, and resistance is at 2100, 2120, and 2150 November.

COT — Supplemental Report – Option and Futures Combined Positions as of September 07, 2021
: 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 357,668
: Positions :
: 52,419 15,908 126,543 93,281 193,593 73,737 15,167 345,980 351,211: 11,688 6,457
: Changes from: August 31, 2021 (Change in open interest: 5,743) :
: 2,579 -111 5,625 936 479 -3,514 -782 5,628 5,212: 115 530
: Percent of Open Interest Represented by Each Category of Trader :
: 14.7 4.4 35.4 26.1 54.1 20.6 4.2 96.7 98.2: 3.3 1.8
: Total Traders: 430 Number of Traders in Each Category :
: 164 65 135 116 124 45 19 380 300:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Robusta Coffee Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 09/07/2021
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
138,310 47,376 79,476 7,654 9,916 1,808
Percent of Open Interest Represented by each Category of Trader
100% 34.3% 57.5% 5.5% 7.2% 1.3%
Number of Traders in Each Category
148 39 38 13 5 10
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
29,589 1,130 11,376 5,065 2,564 28,710
Percent of Open Interest Represented by Each Category of Trader
21.4% 0.8% 8.2% 3.7% 1.9% 20.8%
Number of Traders in Each Category
46 5 12 17 10 19
Nonreportable Positions
=======================
Long Short
=======================
6,732 3,330
Percent of Open Interest Represented by Each Category of Trader
4.9% 2.4%

SUGAR
General Comments: New York and London were lower last week and the trends turned mostly down on the daily and weekly charts. The reduced production potential from Brazil is still impacting the market, but the stronger US Dollar makes Sugar more expensive in local currency terms and the recently weaker Crude Oil prices mean that Ethanol prices will probably work lower. Wire reports suggest that Ethanol and Sugar prices are at parity so any lower Crude Oil prices now could mean that Ethanol prices move below those of Sugar. That idea is not seen in the latest UNICA data that showed a slightly greater percentage of Sugarcane processed for Ethanol than Sugar in the latest two week period. The ISO has noted that this will be the second year of deficit production for the world, in large part because of the Brazil freeze that cut production. Consumption of Sugar remains on the light side. Fears that the Covid is returning and could reduce economic activity and demand are around. The market is still working through a short supply. The freeze and drought damage is there in Brazil as industry sources have said to expect a short season for processing. Thailand is expecting improved production.
Overnight News: Brazil will get mostly dry conditions. Temperatures should average above normal.
Chart Trends: Trends in New York are down with objectives of 1950 and 1880 March. Support is at 1940, 1920, and 1890 March, and resistance is at 2020, 2050, and 2090 March. Trends in London are down with objectives of 486.00 December. Support is at 486.00, 481.00, and 476.00 December, and resistance is at 495.00, 504.00, and 508.00 December.

DJ Brazil Sugar Crush Up 2.1% in 2H August, Unica Says
By Jeffrey T. Lewis
SAO PAULO–Brazilian sugar mills in the country’s center-south region crushed more cane in the second half of August compared with a year earlier, as low productivity and frosts in the month accelerated processing, according to industry group Unica.
Center-south mills crushed 43.1 million metric tons of cane in the period, an increase of 2.1% from the same period a year earlier. They produced 2.95 million tons of sugar, up 0.7%, and made 2.2 billion liters of ethanol, an increase 2.4%.
The production mix for the second half of August was 46.4% sugar to 53.6% ethanol, compared with 46.7% sugar and 53.3% ethanol in the same period a year ago.
Unusually cold weather in July and August and droughts during this year have had an impact on the development of the crop in the center south, resulting in lower amounts of sugar content in the cane. Mills in the region are speeding up processing as a result, according to Antonio de Padua Rodrigues, Unica’s technical director.
“We should see a shorter harvest, with a larger share of companies ending industrial processing before the end of October,” Mr. Rodrigues said, adding that a recent survey of producers in the center south show that expectations are still for a crop of 530 million tons of cane.
In the season from April 1 through Aug. 31, mills in the region crushed 392.6 million tons of cane, down 5.8% from the same period a year earlier. Sugar production fell 6.6% to 24.3 million tons, and ethanol output fell 2.2% to 18.6 billion liters.
The production mix for the season through Aug. 31 was 46.3% sugar to 53.7% ethanol, compared with 47% sugar and 53% ethanol in the same period a year ago.

U.S. Sugar Supply and Use 1/
================================================================================
2019/20 2020/21 Est. 2021/22 Proj. 2021/22 Proj.
Item Aug Sep
================================================================================
1000 Short Tons, Raw Value
Beginning Stocks 1783 1618 1753 1632
Production 2/ 8149 9202 9048 9162
Beet Sugar 4351 5031 5078 5202
Cane Sugar 3798 4171 3970 3960
Florida 2106 2089 2015 2005
Louisiana 1566 1949 1825 1825
Texas 126 134 130 130
Imports 4165 3169 3136 3212
TRQ 3/ 2152 1693 1387 1803
Other Program 4/ 432 315 250 250
Other 5/ 1581 1161 1499 1159
Mexico 1376 981 1449 1084
Total Supply 14097 13989 13937 14006
Exports 61 52 35 35
Deliveries 12344 12305 12230 12305
Food 12246 12200 12125 12200
Other 6/ 98 105 105 105
Miscellaneous 74 0 0 0
Total Use 12479 12357 12265 12340
Ending Stocks 1618 1632 1672 1666
Stocks to Use Ratio 13.0 13.2 13.6 13.5
================================================================================
Mexico Sugar Supply and Use and High Fructose Corn Syrup Consumption 1/
================================================================================
Supply Use
Fiscal Beginning Produc- Imports Domestic Exports Ending
Year Stocks tion 2/ Stocks
================================================================================
1000 Metric Tons, Actual Weight
Sugar
2020/21 Est.
Aug 858 5715 105 4405 1357 916
Sep 858 5715 75 4390 1345 913
2021/22 Proj.
Aug 916 5809 85 4397 1497 916
Sep 913 5809 55 4382 1482 913
================================================================================
WASDE – 616 – 17 September 2021

Sugarbeet Area Planted and Harvested – States and United States: 2020 and 2021
[Includes updates to planted and harvested area previously published]
——————————————————————————————
: Area planted : Area harvested
State :———————————————————————–
: 2020 : 2021 : 2020 : 2021 1/
——————————————————————————————
: 1,000 acres
:
California …….: 24.0 24.0 23.9 23.9
Colorado ………: 24.2 24.4 23.7 23.7
Idaho …………: 172.0 172.0 169.0 170.0
Michigan ………: 157.0 154.0 154.0 152.0
Minnesota ……..: 432.0 429.0 427.0 427.0
Montana ……….: 43.6 44.0 38.0 42.0
Nebraska ………: 46.2 44.0 45.7 43.6
North Dakota …..: 221.0 226.0 219.0 224.0
Oregon ………..: 9.4 10.3 9.4 10.3
Washington …….: 1.8 1.9 1.8 1.9
Wyoming ……….: 31.0 31.0 30.8 30.5
:
United States ….: 1,162.2 1,160.6 1,142.3 1,148.9
——————————————————————————————
1/ Forecasted.

Sugarbeet for Sugar Area Harvested, Yield, and Production – States and United States: 2020 and
Forecasted September 1, 2021
[Relates to year of intended harvest in all States except California]
————————————————————————————————-
: Area harvested : Yield per acre : Production
:———————————————————————————
State : : : : 2021 : :
: 2020 : 2021 : 2020 :—————————: 2020 : 2021
: : : : August 1 : September 1 : :
————————————————————————————————-
: — 1,000 acres — ———— tons ———— — 1,000 tons —
:
California 1/ .: 23.9 23.9 45.5 45.5 45.5 1,087 1,087
Colorado ……: 23.7 23.7 31.3 31.8 32.8 742 777
Idaho ………: 169.0 170.0 40.5 40.4 41.1 6,845 6,987
Michigan ……: 154.0 152.0 28.3 29.3 31.6 4,358 4,803
Minnesota …..: 427.0 427.0 26.1 26.5 26.6 11,145 11,358
Montana …….: 38.0 42.0 31.3 30.9 31.6 1,189 1,327
Nebraska ……: 45.7 43.6 31.0 29.8 29.7 1,417 1,295
North Dakota ..: 219.0 224.0 24.9 25.1 25.0 5,453 5,600
Oregon ……..: 9.4 10.3 40.9 44.0 40.3 384 415
Washington ….: 1.8 1.9 47.8 48.1 47.8 86 91
Wyoming …….: 30.8 30.5 29.6 28.2 28.6 912 872
:
United States .: 1,142.3 1,148.9 29.4 29.7 30.1 33,618 34,612
————————————————————————————————-
1/ Relates to year of planting for overwintered beets in southern California.

Sugarcane for Sugar and Seed Area Harvested, Yield, and Production – States and United States:
2020 and Forecasted September 1, 2021
————————————————————————————————-
: Area harvested : Yield per acre 1/ : Production 1/
:———————————————————————————
State : : : : 2021 : :
: 2020 : 2021 : 2020 :—————————: 2020 : 2021
: : : : August 1 : September 1 : :
————————————————————————————————-
: 1,000 acres ———— tons ———— — 1,000 tons —
:
Florida …….: 423.3 405.0 44.4 42.7 42.7 18,795 17,294
Louisiana …..: 488.4 490.0 33.1 32.3 33.2 16,167 16,268
Texas ………: 35.9 36.0 31.7 32.0 32.5 1,138 1,170
:
United States .: 947.6 931.0 38.1 36.8 37.3 36,100 34,732
————————————————————————————————-
1/ Net tons.

COT — Supplemental Report – Option and Futures Combined Positions as of September 07, 2021
: 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 1,278,236
: Positions :
: 227,489 38,018 281,064 397,575 812,525 279,913 96,567 1,186,041 1,228,173: 92,196 50,063
: Changes from: August 31, 2021 (Change in open interest: -11,820) :
: -1,461 1,005 4,948 8,463 -10,150 -16,557 -5,096 -4,607 -9,293: -7,213 -2,527
: Percent of Open Interest Represented by Each Category of Trader :
: 17.8 3.0 22.0 31.1 63.6 21.9 7.6 92.8 96.1: 7.2 3.9
: Total Traders: 264 Number of Traders in Each Category :
: 99 28 89 80 80 40 21 247 194:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe White Sugar Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 09/07/2021
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
84,652 39,370 64,071 8,394 3,472 3,992
Percent of Open Interest Represented by each Category of Trader
100% 46.5% 75.7% 9.9% 4.1% 4.7%
Number of Traders in Each Category
97 31 35 10 5 7
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
18,841 1,906 5,546 364 583 1,689
Percent of Open Interest Represented by Each Category of Trader
22.3% 2.3% 6.6% 0.4% 0.7% 2.0%
Number of Traders in Each Category
21 6 12 5 4 8
Nonreportable Positions
=======================
Long Short
=======================
6,456 3,393
Percent of Open Interest Represented by Each Category of Trader
7.6% 4.0%

COCOA
General Comments: New York and London closed lower last week on what was called speculative long liquidation. Trends are turning sideways to down on the daily charts and are mixed on the weekly charts. Ivory Coast has stopped selling for the next crop on fears of less supplies. World economies are starting to reopen after Covid and the open economies are giving demand the boost. The weather has had below normal rains in West Africa and crop conditions are rated good for now but there is concern about the lack of rain. Some are forecasting less production in the coming year but the ICCO said that it expects a production surplus of 230,000 tons this year, from its previous estimate of 165,000 tons. Ivory Coast sources told wire services that the country has sold between 1.64 million and 1.66 million tons of Cocoa so far this season. This is considered a very big amount and there are concerns about Cocoa availability at origin moving forward.
Overnight News: Isolated to scattered showers are forecast for West Africa. Temperatures will be 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 lower today at 5.485 million bags. ICE said that 0 contracts were posted for delivery against September futures and that total deliveries for the month are now 1,510 contracts.
Chart Trends: Trends in New York are mixed. Support is at 2600, 2570, and 2540 December, with resistance at 2710, 2740, and 2770 December. Trends in London are mixed to down with objectives of 1730 December. Support is at 1770, 1740, and 1710 December, with resistance at 1810, 1840, and 1870 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 07, 2021
: 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 267,032
: Positions :
: 34,883 30,547 51,498 118,330 154,156 50,136 22,420 254,848 258,622: 12,184 8,410
: Changes from: August 31, 2021 (Change in open interest: 5,001) :
: 3,909 1,297 3,741 -3,985 4,266 731 -3,752 4,396 5,553: 605 -552
: Percent of Open Interest Represented by Each Category of Trader :
: 13.1 11.4 19.3 44.3 57.7 18.8 8.4 95.4 96.9: 4.6 3.1
: Total Traders: 228 Number of Traders in Each Category :
: 75 57 74 45 42 33 18 191 159:
——————————————————————————————————————-

DJ ICE Commitments: ICE Europe Cocoa Futures/Options
Commitments of Traders-Options and Futures
Combined Positions as of 09/07/2021
Reportable Positions
===============================================================================
Producer/Merchant/ Swap Dealers
Processor/User
OI Long Short Long Short Spreading
===============================================================================
ICE Futures Europe
330,712 207,727 245,968 18,681 17,687 17,076
Percent of Open Interest Represented by each Category of Trader
100% 62.8% 74.4% 5.6% 5.3% 5.2%
Number of Traders in Each Category
149 46 42 16 7 9
Reportable Positions
===============================================================================
Managed Money Other Reportables
Long Short Spreading Long Short Spreading
===============================================================================
37,205 7,780 12,824 7,063 366 27,304
Percent of Open Interest Represented by Each Category of Trader
11.2% 2.4% 3.9% 2.1% 0.1% 8.3%
Number of Traders in Each Category
39 8 12 17 6 21
Nonreportable Positions
=======================
Long Short
=======================
2,832 1,707
Percent of Open Interest Represented by Each Category of Trader
0.9% 0.5%

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