Discussion

These charts show the net position of both hedge funds (in green) and index funds (in blue) reported in terms of contracts. One contract is about 100 bales. The vertical green bars in chart above show the net position of hedge fund-type speculative traders, similar to the ICE Futures spechedge report (except the latter are reported in baled equivalents). The higher vertical blue bars (behind the green bars) show the net position of the Index Funds (which generally hold long-only positions). The combined net speculative position has an apparent influence on price (the red line) in the short run.

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