🚨BREAKING

CFTC CoT (12/30-01/06 data, released Jan 9):
• Ags: Corn/SRW wheat MM short
• Energy: P/M hedge short; MM long
• NatGas: Huge OI; Swap Dealers heavy short; MM long
• Electricity: Commercials led; MM limited
• Metals & other: Gold MM strong long; Copper OR short

Grains leaned defensive versus the prior report, but with important nuance. Corn remained Managed Money net short, though the net short narrowed as funds added longs and trimmed shorts. SRW wheat stayed firmly net short, with specs cutting longs and adding shorts. This confirms grain positioning remains contract-specific, not a broad directional bet, while commercial hedging continues to anchor the complex.

Energy markets remain structurally unchanged. Producer/Merchant hedge shorts continue to dominate, while Managed Money holds net long exposure across key petroleum contracts, including Brent last day. The slight increase in MM net length reflects position maintenance rather than fresh speculative crowding.

Natural gas continues to be defined by hedgers versus funds. Open interest remains extremely elevated, Swap Dealers retain very large net short exposure, and Managed Money stays net long. Week-to-week changes suggest volatility engagement, not a reset or directional regime shift.

Electricity positioning remains commercial-led. Producer/Merchant positions are substantially larger than speculative exposure, though Managed Money participation remains visible in key hubs such as PJM, indicating funds are present but not driving price formation.

In metals, gold maintains very large Managed Money net longs despite a modest weekly trim, reinforcing its role as a defensive macro hedge. Copper remains cautious, with Other Reportables net short and that net short widening, signaling continued restraint around near-term industrial demand.

Overall, positioning continues to show persistence over rotation. Grains remain defensive with selective adjustments, energy and gas structures are intact, power stays commercially driven, gold remains a hedge, and copper has yet to signal renewed optimism.