Hi guys,

This week we moved into a new crop year with COT analysis and data started to make more sense.

Weekly Summary - Speculators

Index of speculators is 93%. Previous reading was 76%.

During the week speculators were buying at low speed. They bought 16012 contracts. Last 3 weeks show sporadic buying pattern.

Speculators index sits not far from extreme levels. During last weeks index moved towards extreme values. Current market balance indicates limited bullish potential (and good potential for bears), however this indicator alone is not enough to make good decisions.

Weekly Summary - Producers

Index of producers is 19%. Previous reading was 69%.

During the week producers were selling at low speed. They sold 39670 contracts. Last 3 weeks show sporadic buying pattern.

Producers index sits in the lower quartile. During last weeks index moved towards extreme values. Current market balance indicates limited bullish potential (and good potential for bears), however this indicator alone is not enough to make good decisions.

Further analysis is on my site https://www.valknut-analytical.com

We have interesting situations in gold and silver - these two are highly correlated but GC shows a strong trend while SI shows signs of the end of the story. Cotton seems to be bottoming but a bit early to call it (read regression analysis part of the report), and corn is in the depression zone.