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Energy: Open Interest (in thousands)

Open Interest			Change from Last
12/27/2011			Month		Year
Crude Oil	Futures	1325.6		23.1		-76.4
Crude Oil	Futures & Options	2242.0		-1.2		-222.8
Natural Gas	Futures	1000.2		45.1		240.2
Natural Gas	Futures & Options	1025.3		43.7		198.4
Heating Oil	Futures	277.1		5.9		-31.7
Heating Oil	Futures & Options	302.0		-4.8		-82.4
RBOB Gasoline	Futures	275.1		8.8		-6.2
RBOB Gasoline	Futures & Options	284.0		9.5		-23.4

Agriculture: Open Interest (in thousands)

Open Interest			Change from Last
12/27/2011			Month		Year
Corn	Futures	1154.0		-3.0		-388.5
Corn	Futures & Options	1558.9		79.6		-661.7
Wheat	Futures	380.9		11.7		-107.4
Wheat	Futures & Options	451.4		35.1		-145.5
Soybeans	Futures	480.0		-42.7		-166.4
Soybeans	Futures & Options	639.9		-80.5		-287.6
Soybean Oil	Futures	290.3		-30.1		-60.7
Soybean Oil	Futures & Options	334.2		-32.9		-95.2

Soft Commodities: Open Interest (in thousands)

Open Interest			Change from Last
12/27/2011			Month		Year
Sugar	Futures	544.8		40.0		-62.5
Sugar	Futures & Options	729.8		24.3		-306.0
Coffee	Futures	104.1		4.5		-35.5
Coffee	Futures & Options	143.6		5.3		-62.8
Cocoa	Futures	167.8		8.9		28.5
Cocoa	Futures & Options	192.4		14.2		40.9
Cotton	Futures	151.3		13.1		-50.5
Cotton	Futures & Options	206.5		21.2		-155.4

Financials: Open Interest (in thousands)

Open Interest			Change from Last
12/27/2011			Month		Year
Three Month EuroDollars	Futures	7467.0		-1254.6		416.0
Three Month EuroDollars	Futures & Options	11538.2		-3315.4		137.8
Euro FX	Futures	276.0		-1.5		113.7
Euro FX	Futures & Options	318.7		-15.5		103.6
Ten Year Treasury Notes	Futures	1475.9		-80.6		141.2
Ten Year Treasury Notes	Futures & Options	1654.5		-115.1		-82.7
S&P 500 Stock Index	Futures	242.6		-56.5		-31.2
S&P 500 Stock Index	Futures & Options	291.8		-87.9		-48.0

Metals: Open Interest (in thousands)

Open Interest			Change from Last
12/27/2011			Month		Year
Gold	Futures	418.9		-4.2		-175.5
Gold	Futures & Options	624.2		-22.6		-179.2
Silver	Futures	104.0		5.0		-33.9
Silver	Futures & Options	138.6		6.6		-45.9
Copper	Futures	117.2		4.8		-50.2
Copper	Futures & Options	117.3		4.8		-50.3
Platinum	Futures	42.9		4.1		4.0
Platinum	Futures & Options	43.9		2.2		4.2

Livestock: Open Interest (in thousands)

Open Interest			Change from Last
12/27/2011			Month		Year
Live Cattle	Futures	316.4		-0.5		-8.9
Live Cattle	Futures & Options	396.3		-17.7		-8.6
Lean Hogs	Futures	236.6		-27.6		31.5
Lean Hogs	Futures & Options	281.1		-33.7		54.8

This Month in Futures Markets

December 2011

Wednesday, January 04, 2012

OCE, Commodity Futures Trading Commission

Disclaimer: This report is based on the Commitments of Traders (COT) report released on December 30, 2011. Up to date COT reports can be accessed at http://www.cftc.gov/MarketReports/CommitmentsOfTraders/Index.htm

For each commodity, the COT reports provide information on the size and the direction of the positions taken, across all maturities, by three categories of futures traders. These three trader categories are called “commercials", "non-commercials”, and “non-reportables”. Commercial traders are those who use futures or option contracts in a given commodity for hedging purposes, as defined in CFTC regulations. Commercial traders hold positions in both the underlying commodity and in the futures (or options) contracts on that commodity. By contrast, non-commercial traders do not own the underlying asset or its financial equivalent; they hold only positions in futures (or options) contracts. Finally, non-reportable positions are those held by traders who do not meet the reporting thresholds set by the CFTC (usually small traders).

Futures Markets:

Energy

NYMEX WTI Crude Oil futures open interest increased 1.8 percent in December. Commercial participants, who accounted for 50.1 percent of open interest, held net short positions; they increased their long positions by 0.9 percent and decreased their short positions by 1.2 percent. Non-commercial participants, who accounted for 44.7 percent of open interest, held net long positions. They increased their long positions by 3.2 percent and increased their short positions by 6.7 percent. Non-reportable participants, who accounted for 5.2 percent of total open interest, held net long positions; they decreased their long positions by 3.9 percent and decreased their short positions by 1.0 percent.

NYMEX Henry Hub Natural Gas futures open interest increased 4.7 percent in December. Commercial participants, who accounted for 34.5 percent of open interest, held net long positions; they increased their long positions by 1.5 percent and increased their short positions by 8.4 percent. Non-commercial participants, who accounted for 59.7 percent of open interest, held net short positions. They increased their long positions by 6.5 percent and increased their short positions by 3.3 percent. Non-reportable participants, who accounted for 5.8 percent of total open interest, held net long positions; they increased their long positions by 11.8 percent and increased their short positions by 4.9 percent.

NYMEX Heating Oil futures open interest increased 2.2 percent in December. Commercial participants, who accounted for 63.5 percent of open interest, held net short positions; they increased their long positions by 10.2 percent and increased their short positions by 1.0 percent. Non-commercial participants, who accounted for 24.3 percent of open interest, held net long positions. They decreased their long positions by 8.3 percent and increased their short positions by 2.4 percent. Non-reportable participants, who accounted for 12.2 percent of total open interest, held net long positions; they decreased their long positions by 6.5 percent and increased their short positions by 10.4 percent.

NYMEX RBOB Gasoline futures open interest increased 3.3 percent in December. Commercial participants, who accounted for 65.4 percent of open interest, held net short positions; they increased their long positions by 1.6 percent and increased their short positions by 6.0 percent. Non-commercial participants, who accounted for 28.1 percent of open interest, held net long positions. They increased their long positions by 0.9 percent and decreased their short positions by 8.2 percent. Non-reportable participants, who accounted for 6.5 percent of total open interest, held net long positions; they increased their long positions by 36.0 percent and increased their short positions by 10.2 percent.

Agriculture

CBOT Corn futures open interest fell 0.3 percent in December. Commercial participants, who accounted for 52.5 percent of open interest, held net short positions; they decreased their long positions by 5.5 percent and decreased their short positions by 8.3 percent. Non-commercial participants, who accounted for 31.5 percent of open interest, held net long positions. They increased their long positions by 5.9 percent and increased their short positions by 13.5 percent. Non-reportable participants, who accounted for 16.0 percent of total open interest, held net short positions; they increased their long positions by 5.1 percent and increased their short positions by 9.5 percent.

CBOT Wheat futures open interest increased 3.2 percent in December. Commercial participants, who accounted for 48.9 percent of open interest, held net long positions; they decreased their long positions by 0.8 percent and increased their short positions by 5.5 percent. Non-commercial participants, who accounted for 39.9 percent of open interest, held net short positions. They increased their long positions by 12.0 percent and increased their short positions by 3.9 percent. Non-reportable participants, who accounted for 11.2 percent of total open interest, held net short positions; they decreased their long positions by 1.4 percent and decreased their short positions by 5.1 percent.

CBOT Soybeans futures open interest fell 8.2 percent in December. Commercial participants, who accounted for 53.6 percent of open interest, held net short positions; they decreased their long positions by 12.1 percent and decreased their short positions by 3.9 percent. Non-commercial participants, who accounted for 33.5 percent of open interest, held net long positions. They decreased their long positions by 3.1 percent and decreased their short positions by 13.9 percent. Non-reportable participants, who accounted for 12.9 percent of total open interest, held net short positions; they decreased their long positions by 3.5 percent and decreased their short positions by 10.3 percent.

CBOT Soybean Oil futures open interest fell 9.4 percent in December. Commercial participants, who accounted for 54.7 percent of open interest, held net long positions; they decreased their long positions by 14.1 percent and decreased their short positions by 4.7 percent. Non-commercial participants, who accounted for 35.1 percent of open interest, held net short positions. They decreased their long positions by 2.5 percent and decreased their short positions by 12.9 percent. Non-reportable participants, who accounted for 10.2 percent of total open interest, held net short positions; they decreased their long positions by 2.4 percent and decreased their short positions by 17.9 percent.

Soft Commodities

ICE Futures U.S. Sugar futures open interest increased 7.9 percent in December. Commercial participants, who accounted for 60.8 percent of open interest, held net short positions; they increased their long positions by 11.9 percent and increased their short positions by 7.2 percent. Non-commercial participants, who accounted for 27.3 percent of open interest, held net long positions. They increased their long positions by 2.3 percent and increased their short positions by 14.8 percent. Non-reportable participants, who accounted for 11.9 percent of total open interest, held net short positions; they increased their long positions by 4.2 percent and increased their short positions by 0.2 percent.

ICE Futures U.S. Coffee futures open interest increased 4.5 percent in December. Commercial participants, who accounted for 59.5 percent of open interest, held net long positions; they increased their long positions by 3.2 percent and decreased their short positions by 8.9 percent. Non-commercial participants, who accounted for 34.4 percent of open interest, held net long positions. They increased their long positions by 6.5 percent and increased their short positions by 40.4 percent. Non-reportable participants, who accounted for 6.1 percent of total open interest, held net short positions; they increased their long positions by 6.7 percent and increased their short positions by 7.0 percent.

ICE Futures U.S. Cocoa futures open interest increased 5.6 percent in December. Commercial participants, who accounted for 60.6 percent of open interest, held net long positions; they increased their long positions by 3.7 percent and increased their short positions by 2.0 percent. Non-commercial participants, who accounted for 33.3 percent of open interest, held net short positions. They increased their long positions by 8.7 percent and increased their short positions by 10.8 percent. Non-reportable participants, who accounted for 6.1 percent of total open interest, held net short positions; they increased their long positions by 11.8 percent and increased their short positions by 11.8 percent.

ICE Futures U.S. Cotton futures open interest increased 9.5 percent in December. Commercial participants, who accounted for 55.2 percent of open interest, held net short positions; they increased their long positions by 5.6 percent and increased their short positions by 5.3 percent. Non-commercial participants, who accounted for 35.7 percent of open interest, held net long positions. They increased their long positions by 11.6 percent and increased their short positions by 33.0 percent. Non-reportable participants, who accounted for 9.2 percent of total open interest, held net short positions; they increased their long positions by 30.2 percent and decreased their short positions by 19.3 percent.

Financials

CME 3-month Eurodollars futures open interest fell 14.4 percent in December. Commercial participants, who accounted for 62.3 percent of open interest, held net long positions; they decreased their long positions by 15.7 percent and decreased their short positions by 12.2 percent. Non-commercial participants, who accounted for 26.6 percent of open interest, held net short positions. They decreased their long positions by 12.5 percent and decreased their short positions by 18.3 percent. Non-reportable participants, who accounted for 11.2 percent of total open interest, held net short positions; they decreased their long positions by 9.2 percent and decreased their short positions by 14.1 percent.

CME Euro-FX futures open interest fell 0.5 percent in December. Commercial participants, who accounted for 45.7 percent of open interest, held net long positions; they decreased their long positions by 6.5 percent and decreased their short positions by 40.9 percent. Non-commercial participants, who accounted for 39.9 percent of open interest, held net short positions. They increased their long positions by 54.3 percent and increased their short positions by 29.7 percent. Non-reportable participants, who accounted for 14.5 percent of total open interest, held net short positions; they decreased their long positions by 12.1 percent and decreased their short positions by 13.3 percent.

CBOT 10-year Treasury Notes futures open interest fell 5.2 percent in December. Commercial participants, who accounted for 66.3 percent of open interest, held net long positions; they decreased their long positions by 2.7 percent and decreased their short positions by 6.2 percent. Non-commercial participants, who accounted for 15.1 percent of open interest, held net short positions. They decreased their long positions by 10.1 percent and decreased their short positions by 2.0 percent. Non-reportable participants, who accounted for 18.6 percent of total open interest, held net short positions; they decreased their long positions by 9.8 percent and decreased their short positions by 4.2 percent.

CME S&P 500 futures open interest fell 18.9 percent in December. Commercial participants, who accounted for 63.1 percent of open interest, held net short positions; they decreased their long positions by 27.6 percent and decreased their short positions by 26.1 percent. Non-commercial participants, who accounted for 11.3 percent of open interest, held net long positions. They increased their long positions by 24.3 percent and increased their short positions by 11.4 percent. Non-reportable participants, who accounted for 25.6 percent of total open interest, held net long positions; they decreased their long positions by 9.4 percent and decreased their short positions by 3.8 percent.

Metals

NYMEX Gold futures open interest fell 1.0 percent in December. Commercial participants, who accounted for 58.4 percent of open interest, held net short positions; they increased their long positions by 7.0 percent and decreased their short positions by 5.5 percent. Non-commercial participants, who accounted for 31.9 percent of open interest, held net long positions. They decreased their long positions by 4.7 percent and increased their short positions by 26.1 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net long positions; they decreased their long positions by 7.9 percent and increased their short positions by 2.9 percent.

NYMEX Silver futures open interest increased 5.1 percent in December. Commercial participants, who accounted for 46.4 percent of open interest, held net short positions; they increased their long positions by 6.0 percent and decreased their short positions by 7.1 percent. Non-commercial participants, who accounted for 37.5 percent of open interest, held net long positions. They increased their long positions by 6.4 percent and increased their short positions by 28.0 percent. Non-reportable participants, who accounted for 16.0 percent of total open interest, held net long positions; they increased their long positions by 0.7 percent and increased their short positions by 12.6 percent.

NYMEX Copper futures open interest increased 4.3 percent in December. Commercial participants, who accounted for 52.9 percent of open interest, held net long positions; they increased their long positions by 4.4 percent and increased their short positions by 3.8 percent. Non-commercial participants, who accounted for 35.5 percent of open interest, held net short positions. They increased their long positions by 3.8 percent and increased their short positions by 4.1 percent. Non-reportable participants, who accounted for 11.6 percent of total open interest, held net short positions; they increased their long positions by 5.2 percent and increased their short positions by 6.3 percent.

NYMEX Platinum futures open interest increased 10.6 percent in December. Commercial participants, who accounted for 41.3 percent of open interest, held net short positions; they increased their long positions by 22.6 percent and decreased their short positions by 2.2 percent. Non-commercial participants, who accounted for 46.8 percent of open interest, held net long positions. They increased their long positions by 9.0 percent and increased their short positions by 61.6 percent. Non-reportable participants, who accounted for 11.9 percent of total open interest, held net long positions; they increased their long positions by 6.7 percent and increased their short positions by 21.3 percent.

Livestock

CME Live Cattle futures open interest fell 0.2 percent in December. Commercial participants, who accounted for 48.8 percent of open interest, held net short positions; they increased their long positions by 7.9 percent and decreased their short positions by 4.4 percent. Non-commercial participants, who accounted for 38.7 percent of open interest, held net long positions. They decreased their long positions by 5.5 percent and increased their short positions by 7.4 percent. Non-reportable participants, who accounted for 12.5 percent of total open interest, held net short positions; they decreased their long positions by 11.6 percent and decreased their short positions by 0.2 percent.

CME Lean Hogs futures open interest fell 10.5 percent in December. Commercial participants, who accounted for 46.8 percent of open interest, held net short positions; they decreased their long positions by 2.0 percent and decreased their short positions by 16.4 percent. Non-commercial participants, who accounted for 39.7 percent of open interest, held net long positions. They decreased their long positions by 16.0 percent and increased their short positions by 1.5 percent. Non-reportable participants, who accounted for 13.5 percent of total open interest, held net short positions; they decreased their long positions by 16.3 percent and decreased their short positions by 13.2 percent.

Futures and Options Combined Markets:

Energy

NYMEX WTI Crude Oil futures and options (thereafter combined) open interest fell 0.1 percent in December. Commercial participants, who accounted for 53.5 percent of open interest, held net short positions; their long exposure was increased by 1.4 percent and their short exposure was increased by 0.2 percent. Non-commercial participants, who accounted for 43.0 percent of open interest, held net long positions. Their long exposure was decreased by 1.1 percent and their short exposure was decreased by 0.3 percent. Non-reportable participants, who accounted for 3.5 percent of total open interest, held net long positions; their long exposure was decreased by 3.7 percent and their short exposure was decreased by 1.9 percent.

NYMEX Henry Hub Natural Gas combined open interest increased 4.5 percent in December. Commercial participants, who accounted for 34.0 percent of open interest, held net long positions; their long exposure was increased by 1.0 percent and their short exposure was increased by 7.2 percent. Non-commercial participants, who accounted for 60.0 percent of open interest, held net short positions. Their long exposure was increased by 6.1 percent and their short exposure was increased by 3.4 percent. Non-reportable participants, who accounted for 6.0 percent of total open interest, held net long positions; their long exposure was increased by 14.1 percent and their short exposure was increased by 4.3 percent.

NYMEX Heating Oil combined open interest fell 1.6 percent in December. Commercial participants, who accounted for 61.7 percent of open interest, held net short positions; their long exposure was increased by 6.8 percent and their short exposure was decreased by 2.5 percent. Non-commercial participants, who accounted for 26.7 percent of open interest, held net long positions. Their long exposure was decreased by 13.1 percent and their short exposure was decreased by 3.6 percent. Non-reportable participants, who accounted for 11.7 percent of total open interest, held net long positions; their long exposure was decreased by 6.7 percent and their short exposure was increased by 11.2 percent.

NYMEX RBOB Gasoline combined open interest increased 3.5 percent in December. Commercial participants, who accounted for 64.6 percent of open interest, held net short positions; their long exposure was increased by 1.6 percent and their short exposure was increased by 6.0 percent. Non-commercial participants, who accounted for 28.9 percent of open interest, held net long positions. Their long exposure was increased by 1.1 percent and their short exposure was decreased by 7.1 percent. Non-reportable participants, who accounted for 6.5 percent of total open interest, held net long positions; their long exposure was increased by 36.8 percent and their short exposure was increased by 11.3 percent.

Agriculture

CBOT Corn combined open interest increased 5.4 percent in December. Commercial participants, who accounted for 45.7 percent of open interest, held net short positions; their long exposure was decreased by 2.2 percent and their short exposure was decreased by 4.4 percent. Non-commercial participants, who accounted for 40.2 percent of open interest, held net long positions. Their long exposure was increased by 13.3 percent and their short exposure was increased by 18.2 percent. Non-reportable participants, who accounted for 14.1 percent of total open interest, held net short positions; their long exposure was increased by 7.9 percent and their short exposure was increased by 12.0 percent.

CBOT Wheat combined open interest increased 8.4 percent in December. Commercial participants, who accounted for 45.7 percent of open interest, held net long positions; their long exposure was increased by 2.2 percent and their short exposure was increased by 10.4 percent. Non-commercial participants, who accounted for 44.2 percent of open interest, held net short positions. Their long exposure was increased by 20.2 percent and their short exposure was increased by 10.2 percent. Non-reportable participants, who accounted for 10.2 percent of total open interest, held net short positions; their long exposure was increased by 0.5 percent and their short exposure was decreased by 2.9 percent.

CBOT Soybeans combined open interest fell 11.2 percent in December. Commercial participants, who accounted for 46.2 percent of open interest, held net short positions; their long exposure was decreased by 14.2 percent and their short exposure was decreased by 3.8 percent. Non-commercial participants, who accounted for 43.2 percent of open interest, held net long positions. Their long exposure was decreased by 9.2 percent and their short exposure was decreased by 18.6 percent. Non-reportable participants, who accounted for 10.5 percent of total open interest, held net short positions; their long exposure was decreased by 4.7 percent and their short exposure was decreased by 10.8 percent.

CBOT Soybean Oil combined open interest fell 9.0 percent in December. Commercial participants, who accounted for 52.9 percent of open interest, held net long positions; their long exposure was decreased by 13.4 percent and their short exposure was decreased by 4.0 percent. Non-commercial participants, who accounted for 37.8 percent of open interest, held net short positions. Their long exposure was decreased by 3.7 percent and their short exposure was decreased by 12.9 percent. Non-reportable participants, who accounted for 9.3 percent of total open interest, held net short positions; their long exposure was decreased by 1.5 percent and their short exposure was decreased by 17.4 percent.

Soft Commodities

ICE Futures U.S. Sugar combined open interest increased 3.4 percent in December. Commercial participants, who accounted for 54.8 percent of open interest, held net short positions; their long exposure was increased by 6.0 percent and their short exposure was increased by 6.2 percent. Non-commercial participants, who accounted for 35.4 percent of open interest, held net long positions. Their long exposure was changed by less then 0.1 percent and their short exposure was increased by 0.8 percent. Non-reportable participants, who accounted for 9.8 percent of total open interest, held net short positions; their long exposure was increased by 4.4 percent and their short exposure was decreased by 2.4 percent.

ICE Futures U.S. Coffee combined open interest increased 3.8 percent in December. Commercial participants, who accounted for 50.7 percent of open interest, held net long positions; their long exposure was increased by 2.6 percent and their short exposure was decreased by 8.1 percent. Non-commercial participants, who accounted for 44.5 percent of open interest, held net long positions. Their long exposure was increased by 5.0 percent and their short exposure was increased by 20.8 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net short positions; their long exposure was increased by 6.7 percent and their short exposure was increased by 9.4 percent.

ICE Futures U.S. Cocoa combined open interest increased 8.0 percent in December. Commercial participants, who accounted for 56.2 percent of open interest, held net long positions; their long exposure was increased by 5.2 percent and their short exposure was increased by 1.7 percent. Non-commercial participants, who accounted for 38.3 percent of open interest, held net short positions. Their long exposure was increased by 12.2 percent and their short exposure was increased by 16.6 percent. Non-reportable participants, who accounted for 5.6 percent of total open interest, held net short positions; their long exposure was increased by 13.7 percent and their short exposure was increased by 12.2 percent.

ICE Futures U.S. Cotton combined open interest increased 11.5 percent in December. Commercial participants, who accounted for 51.8 percent of open interest, held net short positions; their long exposure was increased by 8.5 percent and their short exposure was increased by 9.5 percent. Non-commercial participants, who accounted for 41.0 percent of open interest, held net long positions. Their long exposure was increased by 12.9 percent and their short exposure was increased by 24.0 percent. Non-reportable participants, who accounted for 7.1 percent of total open interest, held net short positions; their long exposure was increased by 27.7 percent and their short exposure was decreased by 17.4 percent.

Financials

CME 3-month Eurodollars combined open interest fell 22.3 percent in December. Commercial participants, who accounted for 51.2 percent of open interest, held net long positions; their long exposure was decreased by 19.7 percent and their short exposure was decreased by 17.3 percent. Non-commercial participants, who accounted for 40.9 percent of open interest, held net short positions. Their long exposure was decreased by 27.2 percent and their short exposure was decreased by 28.3 percent. Non-reportable participants, who accounted for 7.9 percent of total open interest, held net short positions; their long exposure was decreased by 11.1 percent and their short exposure was decreased by 15.8 percent.

CME Euro-FX combined open interest fell 4.6 percent in December. Commercial participants, who accounted for 42.5 percent of open interest, held net long positions; their long exposure was decreased by 6.3 percent and their short exposure was decreased by 41.0 percent. Non-commercial participants, who accounted for 43.5 percent of open interest, held net short positions. Their long exposure was increased by 7.0 percent and their short exposure was increased by 20.9 percent. Non-reportable participants, who accounted for 14.0 percent of total open interest, held net short positions; their long exposure was decreased by 17.4 percent and their short exposure was decreased by 15.8 percent.

CBOT 10-year Treasury Notes combined open interest fell 6.5 percent in December. Commercial participants, who accounted for 64.0 percent of open interest, held net long positions; their long exposure was decreased by 2.8 percent and their short exposure was decreased by 5.6 percent. Non-commercial participants, who accounted for 18.6 percent of open interest, held net short positions. Their long exposure was decreased by 15.6 percent and their short exposure was decreased by 11.3 percent. Non-reportable participants, who accounted for 17.4 percent of total open interest, held net short positions; their long exposure was decreased by 9.1 percent and their short exposure was decreased by 4.1 percent.

CME S&P 500 combined open interest fell 23.2 percent in December. Commercial participants, who accounted for 62.4 percent of open interest, held net short positions; their long exposure was decreased by 29.8 percent and their short exposure was decreased by 28.5 percent. Non-commercial participants, who accounted for 15.2 percent of open interest, held net long positions. Their long exposure was decreased by 8.5 percent and their short exposure was decreased by 16.3 percent. Non-reportable participants, who accounted for 22.4 percent of total open interest, held net long positions; their long exposure was decreased by 12.1 percent and their short exposure was decreased by 6.8 percent.

Metals

NYMEX Gold combined open interest fell 3.5 percent in December. Commercial participants, who accounted for 53.3 percent of open interest, held net short positions; their long exposure was increased by 5.2 percent and their short exposure was decreased by 7.3 percent. Non-commercial participants, who accounted for 39.5 percent of open interest, held net long positions. Their long exposure was decreased by 7.7 percent and their short exposure was increased by 7.3 percent. Non-reportable participants, who accounted for 7.2 percent of total open interest, held net long positions; their long exposure was decreased by 12.2 percent and their short exposure was decreased by 7.2 percent.

NYMEX Silver combined open interest increased 5.0 percent in December. Commercial participants, who accounted for 45.0 percent of open interest, held net short positions; their long exposure was increased by 9.8 percent and their short exposure was decreased by 3.4 percent. Non-commercial participants, who accounted for 42.1 percent of open interest, held net long positions. Their long exposure was increased by 5.2 percent and their short exposure was increased by 19.6 percent. Non-reportable participants, who accounted for 12.9 percent of total open interest, held net long positions; their long exposure was decreased by 5.5 percent and their short exposure was increased by 3.4 percent.

NYMEX Copper combined open interest increased 4.3 percent in December. Commercial participants, who accounted for 52.9 percent of open interest, held net long positions; their long exposure was increased by 4.4 percent and their short exposure was increased by 3.8 percent. Non-commercial participants, who accounted for 35.5 percent of open interest, held net short positions. Their long exposure was increased by 3.7 percent and their short exposure was increased by 4.2 percent. Non-reportable participants, who accounted for 11.7 percent of total open interest, held net short positions; their long exposure was increased by 5.7 percent and their short exposure was increased by 6.3 percent.

NYMEX Platinum combined open interest increased 5.2 percent in December. Commercial participants, who accounted for 42.3 percent of open interest, held net short positions; their long exposure was decreased by 4.8 percent and their short exposure was decreased by 7.6 percent. Non-commercial participants, who accounted for 46.1 percent of open interest, held net long positions. Their long exposure was increased by 8.0 percent and their short exposure was increased by 57.9 percent. Non-reportable participants, who accounted for 11.6 percent of total open interest, held net long positions; their long exposure was increased by 5.6 percent and their short exposure was increased by 19.7 percent.

Livestock

CME Lean Hogs combined open interest fell 10.7 percent in December. Commercial participants, who accounted for 43.8 percent of open interest, held net short positions; their long exposure was decreased by 0.8 percent and their short exposure was decreased by 16.9 percent. Non-commercial participants, who accounted for 43.4 percent of open interest, held net long positions. Their long exposure was decreased by 16.6 percent and their short exposure was decreased by 0.7 percent. Non-reportable participants, who accounted for 12.8 percent of total open interest, held net short positions; their long exposure was decreased by 14.0 percent and their short exposure was decreased by 11.4 percent.

CME Live Cattle combined open interest fell 4.3 percent in December. Commercial participants, who accounted for 44.4 percent of open interest, held net short positions; their long exposure was increased by 5.3 percent and their short exposure was decreased by 5.0 percent. Non-commercial participants, who accounted for 44.1 percent of open interest, held net long positions. Their long exposure was decreased by 9.7 percent and their short exposure was decreased by 4.9 percent. Non-reportable participants, who accounted for 11.5 percent of total open interest, held net short positions; their long exposure was decreased by 11.1 percent and their short exposure was decreased by 0.4 percent.

Notes:

1. Percentage changes are calculated using data representing last Tuesday of the previous month and last Tuesday of the current month.

2. Percentages of open interest held by the commercial, non-commercial, and non-reportable traders reflect the averages of the percentages of long and short positions held by these groups of traders.

3. The share of Commercial, Non-Commercial, and Non-Reportable positions may not sum up to 100 due to rounding errors.

Net Position of Commercials, Non-commercials and Non-reportables (in thousands, net long:+, net short:-) Futures-Only
	Commercials		Non-commercials		Non-reportables
	12/27/2011	Month Ago	12/27/2011	Month Ago	12/27/2011	Month Ago
Crude Oil	-163.4	-177.8	144.6	156.5	18.8	21.4
Natural Gas	139.4	154.3	-160.6	-170.5	21.2	16.2
Heating Oil	-22.0	-35.5	11.1	19.2	10.9	16.3
RBOB Gasoline	-61.8	-52.1	54.9	49.5	6.9	2.6
Corn	-55.5	-78.8	154.8	164.3	-99.3	-85.5
Wheat	66.6	76.4	-44.7	-52.1	-21.9	-24.3
Soybeans	-0.6	24.4	29.0	11.1	-28.4	-35.5
Soybean Oil	10.5	29.7	-8.2	-21.4	-2.3	-8.3
Sugar	-25.6	-36.2	38.5	51.4	-12.9	-15.1
Coffee	0.2	-7.8	1.6	9.4	-1.8	-1.6
Cocoa	9.5	7.6	-7.6	-6.0	-1.9	-1.7
Cotton	-2.6	-2.8	6.1	12.8	-3.5	-10.1
3-month Eurodollars	781.4	1126.2	-512.0	-768.2	-269.3	-358.0
Euro-FX	156.6	137.8	-127.9	-104.3	-28.7	-33.5
10-year Treasury Notes	27.6	-8.5	-3.0	17.3	-24.6	-8.8
S&P 500	-13.8	-14.7	6.9	3.3	7.0	11.4
Gold	-163.9	-193.5	130.8	154.8	33.1	38.8
Silver	-14.1	-20.7	6.9	12.1	7.3	8.6
Copper	10.4	9.6	-3.6	-3.3	-6.8	-6.3
Platinum	-21.5	-23.4	18.6	20.3	2.9	3.1
Live Cattle	-11.5	-29.8	42.4	57.7	-30.9	-27.9
Lean Hogs	-14.6	-35.6	25.0	46.5	-10.5	-10.9

Net Position of Commercials, Non-commercials and Non-reportables (in thousands, net long:+, net short:-) Futures and Futures-Equivalent Options Contracts
	Commercials		Non-commercials		Non-reportables
	12/27/2011	Month Ago	12/27/2011	Month Ago	12/27/2011	Month Ago
Crude Oil	-228.6	-240.0	210.3	219.7	18.3	20.4
Natural Gas	138.9	153.6	-163.2	-170.9	24.3	17.3
Heating Oil	-22.1	-38.2	10.8	21.0	11.2	17.1
RBOB Gasoline	-63.1	-53.4	56.0	50.7	7.0	2.6
Corn	-54.9	-73.2	158.1	159.7	-103.2	-86.5
Wheat	66.7	77.9	-44.2	-53.5	-22.5	-24.4
Soybeans	-9.1	27.2	38.5	9.6	-29.5	-36.8
Soybean Oil	6.0	26.5	-4.1	-18.4	-1.9	-8.2
Sugar	-38.1	-35.3	51.9	53.7	-13.8	-18.4
Coffee	1.8	-6.4	0.1	8.0	-1.9	-1.6
Cocoa	12.1	8.3	-10.6	-6.8	-1.6	-1.5
Cotton	-10.6	-8.8	14.4	18.9	-3.8	-10.1
3-month Eurodollars	736.3	1111.1	-451.8	-725.4	-284.5	-385.7
Euro-FX	158.1	133.2	-126.9	-96.9	-31.1	-36.3
10-year Treasury Notes	26.7	-5.5	-2.8	14.5	-23.9	-9.0
S&P 500	-14.9	-16.5	8.7	5.5	6.2	11.1
Gold	-169.6	-214.4	135.9	174.3	33.7	40.1
Silver	-18.5	-25.8	11.0	16.5	7.5	9.2
Copper	10.3	9.6	-3.6	-3.3	-6.7	-6.3
Platinum	-21.7	-23.8	18.8	20.6	2.9	3.2
Live Cattle	-30.9	-49.2	68.8	84.1	-38.0	-34.9
Lean Hogs	-24.3	-50.8	38.1	65.3	-13.8	-14.6