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Energy: Open Interest (in thousands)

Open Interest			Change from Last
4/24/2012			Month		Year
Crude Oil	Futures	1539.3		-22.9		-14.4
Crude Oil	Futures & Options	2446.8		-90.5		-514.3
Natural Gas	Futures	1284.7		53.3		354.6
Natural Gas	Futures & Options	1334.1		68.7		349.2
Heating Oil	Futures	315.3		26.7		3.4
Heating Oil	Futures & Options	347.6		31.0		-35.7
RBOB Gasoline	Futures	345.9		-22.9		50.6
RBOB Gasoline	Futures & Options	372.3		-15.6		44.0

Agriculture: Open Interest (in thousands)

Open Interest			Change from Last
4/24/2012			Month		Year
Corn	Futures	1309.7		0.7		-283.0
Corn	Futures & Options	1739.6		-4.6		-557.9
Wheat	Futures	456.8		8.1		-13.9
Wheat	Futures & Options	552.7		7.4		-40.0
Soybeans	Futures	815.8		131.2		222.3
Soybeans	Futures & Options	1077.3		138.1		259.1
Soybean Oil	Futures	377.9		12.1		37.8
Soybean Oil	Futures & Options	417.4		3.0		8.2

Soft Commodities: Open Interest (in thousands)

Open Interest			Change from Last
4/24/2012			Month		Year
Sugar	Futures	725.1		-21.6		127.6
Sugar	Futures & Options	863.1		-31.1		109.6
Coffee	Futures	146.4		-8.5		29.7
Coffee	Futures & Options	209.5		-14.5		35.7
Cocoa	Futures	177.4		5.5		22.8
Cocoa	Futures & Options	190.0		3.8		8.9
Cotton	Futures	182.8		-6.4		27.9
Cotton	Futures & Options	247.5		-6.6		-44.6

Financials: Open Interest (in thousands)

Open Interest			Change from Last
4/24/2012			Month		Year
Three Month EuroDollars	Futures	8698.8		439.5		-1074.7
Three Month EuroDollars	Futures & Options	13568.9		169.8		-1511.6
Euro FX	Futures	287.2		47.8		38.2
Euro FX	Futures & Options	331.1		46.7		27.7
Ten Year Treasury Notes	Futures	1819.9		62.4		159.8
Ten Year Treasury Notes	Futures & Options	2221.3		72.8		280.2
S&P 500 Stock Index	Futures	241.1		14.9		-81.9
S&P 500 Stock Index	Futures & Options	308.2		2.1		-101.4

Metals: Open Interest (in thousands)

Open Interest			Change from Last
4/24/2012			Month		Year
Gold	Futures	395.4		-21.9		-134.7
Gold	Futures & Options	641.9		15.2		-121.9
Silver	Futures	122.3		12.5		-21.0
Silver	Futures & Options	163.8		17.0		-45.5
Copper	Futures	159.3		7.2		28.4
Copper	Futures & Options	159.4		7.1		28.5
Platinum	Futures	40.8		-1.0		3.7
Platinum	Futures & Options	43.3		-1.6		3.9

Livestock: Open Interest (in thousands)

Open Interest			Change from Last
4/24/2012			Month		Year
Live Cattle	Futures	354.3		-0.5		-10.1
Live Cattle	Futures & Options	463.1		8.8		8.2
Lean Hogs	Futures	267.2		1.3		40.5
Lean Hogs	Futures & Options	329.0		11.0		70.0

This Month in Futures Markets

April 2012

Wednesday, May 02, 2012

OCE, Commodity Futures Trading Commission

Disclaimer: This report is based on the Commitments of Traders (COT) report released on April 27, 2012. 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 fell 1.5 percent in April. Commercial participants, who accounted for 47.6 percent of open interest, held net short positions; they increased their long positions by 0.6 percent and decreased their short positions by 3.2 percent. Non-commercial participants, who accounted for 47.6 percent of open interest, held net long positions. They decreased their long positions by 1.6 percent and increased their short positions by 0.6 percent. Non-reportable participants, who accounted for 4.8 percent of total open interest, held net long positions; they decreased their long positions by 13.5 percent and increased their short positions by 2.2 percent.

NYMEX Henry Hub Natural Gas futures open interest increased 4.3 percent in April. Commercial participants, who accounted for 32.9 percent of open interest, held net long positions; they decreased their long positions by 1.0 percent and increased their short positions by 8.1 percent. Non-commercial participants, who accounted for 62.4 percent of open interest, held net short positions. They increased their long positions by 9.3 percent and increased their short positions by 3.3 percent. Non-reportable participants, who accounted for 4.7 percent of total open interest, held net long positions; they decreased their long positions by 6.8 percent and decreased their short positions by 4.5 percent.

NYMEX Heating Oil futures open interest increased 9.2 percent in April. Commercial participants, who accounted for 59.4 percent of open interest, held net short positions; they increased their long positions by 21.4 percent and increased their short positions by 6.4 percent. Non-commercial participants, who accounted for 28.8 percent of open interest, held net long positions. They decreased their long positions by 1.5 percent and increased their short positions by 12.0 percent. Non-reportable participants, who accounted for 11.7 percent of total open interest, held net long positions; they decreased their long positions by 3.5 percent and increased their short positions by 24.2 percent.

NYMEX RBOB Gasoline futures open interest fell 6.2 percent in April. Commercial participants, who accounted for 63.2 percent of open interest, held net short positions; they decreased their long positions by 6.2 percent and decreased their short positions by 8.9 percent. Non-commercial participants, who accounted for 31.8 percent of open interest, held net long positions. They decreased their long positions by 3.8 percent and increased their short positions by 4.1 percent. Non-reportable participants, who accounted for 5.1 percent of total open interest, held net long positions; they decreased their long positions by 20.1 percent and increased their short positions by 1.4 percent.

Agriculture

CBOT Corn futures open interest increased 0.1 percent in April. Commercial participants, who accounted for 49.5 percent of open interest, held net short positions; they increased their long positions by 9.9 percent and decreased their short positions by 10.0 percent. Non-commercial participants, who accounted for 35.4 percent of open interest, held net long positions. They decreased their long positions by 10.3 percent and increased their short positions by 18.2 percent. Non-reportable participants, who accounted for 15.1 percent of total open interest, held net short positions; they increased their long positions by 3.8 percent and increased their short positions by 5.8 percent.

CBOT Wheat futures open interest increased 1.8 percent in April. Commercial participants, who accounted for 47.9 percent of open interest, held net long positions; they increased their long positions by 8.5 percent and decreased their short positions by 1.6 percent. Non-commercial participants, who accounted for 42.9 percent of open interest, held net short positions. They decreased their long positions by 4.0 percent and increased their short positions by 4.0 percent. Non-reportable participants, who accounted for 9.2 percent of total open interest, held net short positions; they decreased their long positions by 14.1 percent and increased their short positions by 4.7 percent.

CBOT Soybeans futures open interest increased 19.2 percent in April. Commercial participants, who accounted for 51.5 percent of open interest, held net short positions; they increased their long positions by 16.7 percent and increased their short positions by 17.4 percent. Non-commercial participants, who accounted for 38.1 percent of open interest, held net long positions. They increased their long positions by 22.0 percent and increased their short positions by 28.7 percent. Non-reportable participants, who accounted for 10.4 percent of total open interest, held net short positions; they increased their long positions by 13.7 percent and increased their short positions by 12.8 percent.

CBOT Soybean Oil futures open interest increased 3.3 percent in April. Commercial participants, who accounted for 54.5 percent of open interest, held net short positions; they decreased their long positions by 7.2 percent and increased their short positions by 3.8 percent. Non-commercial participants, who accounted for 36.5 percent of open interest, held net long positions. They increased their long positions by 15.3 percent and increased their short positions by 3.4 percent. Non-reportable participants, who accounted for 9.0 percent of total open interest, held net long positions; they increased their long positions by 9.0 percent and decreased their short positions by 1.0 percent.

Soft Commodities

ICE Futures U.S. Sugar futures open interest fell 2.9 percent in April. Commercial participants, who accounted for 61.1 percent of open interest, held net short positions; they increased their long positions by 6.1 percent and decreased their short positions by 11.8 percent. Non-commercial participants, who accounted for 28.8 percent of open interest, held net long positions. They decreased their long positions by 8.3 percent and increased their short positions by 22.1 percent. Non-reportable participants, who accounted for 10.1 percent of total open interest, held net short positions; they decreased their long positions by 23.1 percent and increased their short positions by 21.4 percent.

ICE Futures U.S. Coffee futures open interest fell 5.5 percent in April. Commercial participants, who accounted for 55.3 percent of open interest, held net long positions; they changed their long positions by less then 0.1 percent and decreased their short positions by 3.3 percent. Non-commercial participants, who accounted for 39.9 percent of open interest, held net short positions. They decreased their long positions by 12.1 percent and decreased their short positions by 6.4 percent. Non-reportable participants, who accounted for 4.8 percent of total open interest, held net short positions; they decreased their long positions by 10.5 percent and decreased their short positions by 18.6 percent.

ICE Futures U.S. Cocoa futures open interest increased 3.2 percent in April. Commercial participants, who accounted for 60.7 percent of open interest, held net long positions; they increased their long positions by 9.6 percent and decreased their short positions by 1.4 percent. Non-commercial participants, who accounted for 33.6 percent of open interest, held net short positions. They decreased their long positions by 5.5 percent and increased their short positions by 12.7 percent. Non-reportable participants, who accounted for 5.7 percent of total open interest, held net short positions; they decreased their long positions by 12.5 percent and decreased their short positions by 4.3 percent.

ICE Futures U.S. Cotton futures open interest fell 3.4 percent in April. Commercial participants, who accounted for 53.6 percent of open interest, held net short positions; they increased their long positions by 2.3 percent and decreased their short positions by 0.9 percent. Non-commercial participants, who accounted for 37.8 percent of open interest, held net long positions. They decreased their long positions by 6.9 percent and decreased their short positions by 6.4 percent. Non-reportable participants, who accounted for 8.6 percent of total open interest, held net long positions; they decreased their long positions by 15.1 percent and decreased their short positions by 6.5 percent.

Financials

CME 3-month Eurodollars futures open interest increased 5.3 percent in April. Commercial participants, who accounted for 60.7 percent of open interest, held net long positions; they increased their long positions by 6.0 percent and increased their short positions by 6.5 percent. Non-commercial participants, who accounted for 28.8 percent of open interest, held net short positions. They increased their long positions by 2.9 percent and increased their short positions by 2.9 percent. Non-reportable participants, who accounted for 10.5 percent of total open interest, held net short positions; they increased their long positions by 8.7 percent and increased their short positions by 5.6 percent.

CME Euro-FX futures open interest increased 19.9 percent in April. Commercial participants, who accounted for 50.4 percent of open interest, held net long positions; they increased their long positions by 30.4 percent and increased their short positions by 25.8 percent. Non-commercial participants, who accounted for 32.9 percent of open interest, held net short positions. They increased their long positions by 7.2 percent and increased their short positions by 21.5 percent. Non-reportable participants, who accounted for 16.7 percent of total open interest, held net short positions; they decreased their long positions by 16.3 percent and increased their short positions by 11.1 percent.

CBOT 10-year Treasury Notes futures open interest increased 3.5 percent in April. Commercial participants, who accounted for 66.2 percent of open interest, held net long positions; they decreased their long positions by 0.2 percent and increased their short positions by 6.9 percent. Non-commercial participants, who accounted for 16.7 percent of open interest, held net short positions. They increased their long positions by 17.2 percent and decreased their short positions by 1.4 percent. Non-reportable participants, who accounted for 17.1 percent of total open interest, held net short positions; they increased their long positions by 13.1 percent and decreased their short positions by 0.6 percent.

CME S&P 500 futures open interest increased 6.6 percent in April. Commercial participants, who accounted for 65.7 percent of open interest, held net long positions; they increased their long positions by 7.5 percent and increased their short positions by 0.4 percent. Non-commercial participants, who accounted for 5.0 percent of open interest, held net long positions. They decreased their long positions by 4.5 percent and increased their short positions by 30.5 percent. Non-reportable participants, who accounted for 29.3 percent of total open interest, held net short positions; they increased their long positions by 6.9 percent and increased their short positions by 18.4 percent.

Metals

NYMEX Gold futures open interest fell 5.3 percent in April. Commercial participants, who accounted for 58.8 percent of open interest, held net short positions; they decreased their long positions by 2.2 percent and decreased their short positions by 6.3 percent. Non-commercial participants, who accounted for 31.4 percent of open interest, held net long positions. They decreased their long positions by 6.5 percent and decreased their short positions by 0.8 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net long positions; they decreased their long positions by 8.8 percent and decreased their short positions by 1.2 percent.

NYMEX Silver futures open interest increased 11.3 percent in April. Commercial participants, who accounted for 48.7 percent of open interest, held net short positions; they increased their long positions by 24.8 percent and increased their short positions by 3.4 percent. Non-commercial participants, who accounted for 38.0 percent of open interest, held net long positions. They increased their long positions by 9.7 percent and increased their short positions by 22.4 percent. Non-reportable participants, who accounted for 13.3 percent of total open interest, held net long positions; they decreased their long positions by 9.4 percent and increased their short positions by 30.9 percent.

NYMEX Copper futures open interest increased 4.7 percent in April. Commercial participants, who accounted for 51.3 percent of open interest, held net long positions; they increased their long positions by 21.2 percent and decreased their short positions by 1.5 percent. Non-commercial participants, who accounted for 37.3 percent of open interest, held net long positions. They decreased their long positions by 7.6 percent and increased their short positions by 1.4 percent. Non-reportable participants, who accounted for 11.4 percent of total open interest, held net short positions; they decreased their long positions by 20.0 percent and increased their short positions by 45.3 percent.

NYMEX Platinum futures open interest fell 2.5 percent in April. Commercial participants, who accounted for 45.6 percent of open interest, held net short positions; they increased their long positions by 31.4 percent and decreased their short positions by 22.6 percent. Non-commercial participants, who accounted for 43.8 percent of open interest, held net long positions. They decreased their long positions by 8.7 percent and increased their short positions by 146.1 percent. Non-reportable participants, who accounted for 10.7 percent of total open interest, held net long positions; they decreased their long positions by 13.5 percent and increased their short positions by 41.8 percent.

Livestock

CME Live Cattle futures open interest fell 0.1 percent in April. Commercial participants, who accounted for 44.0 percent of open interest, held net short positions; they increased their long positions by 0.3 percent and increased their short positions by 1.1 percent. Non-commercial participants, who accounted for 44.2 percent of open interest, held net long positions. They decreased their long positions by 1.9 percent and increased their short positions by 6.1 percent. Non-reportable participants, who accounted for 11.8 percent of total open interest, held net short positions; they increased their long positions by 9.0 percent and decreased their short positions by 16.2 percent.

CME Lean Hogs futures open interest increased 0.5 percent in April. Commercial participants, who accounted for 40.2 percent of open interest, held net long positions; they decreased their long positions by 1.1 percent and decreased their short positions by 10.8 percent. Non-commercial participants, who accounted for 47.5 percent of open interest, held net short positions. They increased their long positions by 4.1 percent and increased their short positions by 11.6 percent. Non-reportable participants, who accounted for 12.3 percent of total open interest, held net short positions; they decreased their long positions by 7.1 percent and decreased their short positions by 2.0 percent.

Futures and Options Combined Markets:

Energy

NYMEX WTI Crude Oil futures and options (thereafter combined) open interest fell 3.6 percent in April. Commercial participants, who accounted for 52.4 percent of open interest, held net short positions; their long exposure was decreased by 1.2 percent and their short exposure was decreased by 4.0 percent. Non-commercial participants, who accounted for 44.2 percent of open interest, held net long positions. Their long exposure was decreased by 4.8 percent and their short exposure was decreased by 3.0 percent. Non-reportable participants, who accounted for 3.3 percent of total open interest, held net long positions; their long exposure was decreased by 13.8 percent and their short exposure was decreased by 1.1 percent.

NYMEX Henry Hub Natural Gas combined open interest increased 5.4 percent in April. Commercial participants, who accounted for 32.1 percent of open interest, held net long positions; their long exposure was decreased by 0.5 percent and their short exposure was increased by 8.5 percent. Non-commercial participants, who accounted for 63.0 percent of open interest, held net short positions. Their long exposure was increased by 10.5 percent and their short exposure was increased by 4.7 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; their long exposure was decreased by 4.0 percent and their short exposure was decreased by 2.4 percent.

NYMEX Heating Oil combined open interest increased 9.8 percent in April. Commercial participants, who accounted for 58.1 percent of open interest, held net short positions; their long exposure was increased by 20.1 percent and their short exposure was increased by 7.3 percent. Non-commercial participants, who accounted for 30.6 percent of open interest, held net long positions. Their long exposure was increased by 0.9 percent and their short exposure was increased by 10.9 percent. Non-reportable participants, who accounted for 11.2 percent of total open interest, held net long positions; their long exposure was decreased by 1.8 percent and their short exposure was increased by 26.6 percent.

NYMEX RBOB Gasoline combined open interest fell 4.0 percent in April. Commercial participants, who accounted for 61.7 percent of open interest, held net short positions; their long exposure was decreased by 4.6 percent and their short exposure was decreased by 6.8 percent. Non-commercial participants, who accounted for 33.3 percent of open interest, held net long positions. Their long exposure was decreased by 0.6 percent and their short exposure was increased by 6.4 percent. Non-reportable participants, who accounted for 5.0 percent of total open interest, held net long positions; their long exposure was decreased by 20.5 percent and their short exposure was decreased by 2.1 percent.

Agriculture

CBOT Corn combined open interest fell 0.3 percent in April. Commercial participants, who accounted for 43.5 percent of open interest, held net short positions; their long exposure was increased by 6.6 percent and their short exposure was decreased by 9.0 percent. Non-commercial participants, who accounted for 42.7 percent of open interest, held net long positions. Their long exposure was decreased by 6.3 percent and their short exposure was increased by 8.8 percent. Non-reportable participants, who accounted for 13.7 percent of total open interest, held net short positions; their long exposure was increased by 1.7 percent and their short exposure was increased by 5.5 percent.

CBOT Wheat combined open interest increased 1.4 percent in April. Commercial participants, who accounted for 46.2 percent of open interest, held net long positions; their long exposure was increased by 7.4 percent and their short exposure was increased by 2.6 percent. Non-commercial participants, who accounted for 45.6 percent of open interest, held net short positions. Their long exposure was decreased by 3.0 percent and their short exposure was decreased by 0.1 percent. Non-reportable participants, who accounted for 8.2 percent of total open interest, held net short positions; their long exposure was decreased by 14.4 percent and their short exposure was increased by 3.8 percent.

CBOT Soybeans combined open interest increased 14.7 percent in April. Commercial participants, who accounted for 45.3 percent of open interest, held net short positions; their long exposure was increased by 16.4 percent and their short exposure was increased by 14.3 percent. Non-commercial participants, who accounted for 45.8 percent of open interest, held net long positions. Their long exposure was increased by 13.7 percent and their short exposure was increased by 15.7 percent. Non-reportable participants, who accounted for 8.9 percent of total open interest, held net short positions; their long exposure was increased by 14.8 percent and their short exposure was increased by 13.9 percent.

CBOT Soybean Oil combined open interest increased 0.7 percent in April. Commercial participants, who accounted for 53.2 percent of open interest, held net short positions; their long exposure was decreased by 7.2 percent and their short exposure was increased by 1.3 percent. Non-commercial participants, who accounted for 38.6 percent of open interest, held net long positions. Their long exposure was increased by 8.6 percent and their short exposure was increased by 0.2 percent. Non-reportable participants, who accounted for 8.2 percent of total open interest, held net long positions; their long exposure was increased by 7.6 percent and their short exposure was decreased by 2.3 percent.

Soft Commodities

ICE Futures U.S. Sugar combined open interest fell 3.5 percent in April. Commercial participants, who accounted for 57.4 percent of open interest, held net short positions; their long exposure was increased by 5.9 percent and their short exposure was decreased by 12.7 percent. Non-commercial participants, who accounted for 33.4 percent of open interest, held net long positions. Their long exposure was decreased by 9.3 percent and their short exposure was increased by 17.1 percent. Non-reportable participants, who accounted for 9.1 percent of total open interest, held net short positions; their long exposure was decreased by 22.4 percent and their short exposure was increased by 16.2 percent.

ICE Futures U.S. Coffee combined open interest fell 6.5 percent in April. Commercial participants, who accounted for 46.8 percent of open interest, held net long positions; their long exposure was decreased by 4.1 percent and their short exposure was decreased by 4.0 percent. Non-commercial participants, who accounted for 49.6 percent of open interest, held net short positions. Their long exposure was decreased by 8.2 percent and their short exposure was decreased by 7.4 percent. Non-reportable participants, who accounted for 3.6 percent of total open interest, held net short positions; their long exposure was decreased by 14.6 percent and their short exposure was decreased by 20.0 percent.

ICE Futures U.S. Cocoa combined open interest increased 2.0 percent in April. Commercial participants, who accounted for 58.2 percent of open interest, held net long positions; their long exposure was increased by 8.7 percent and their short exposure was decreased by 2.1 percent. Non-commercial participants, who accounted for 36.3 percent of open interest, held net short positions. Their long exposure was decreased by 6.4 percent and their short exposure was increased by 9.5 percent. Non-reportable participants, who accounted for 5.5 percent of total open interest, held net short positions; their long exposure was decreased by 12.4 percent and their short exposure was decreased by 5.6 percent.

ICE Futures U.S. Cotton combined open interest fell 2.6 percent in April. Commercial participants, who accounted for 51.3 percent of open interest, held net short positions; their long exposure was decreased by 4.0 percent and their short exposure was increased by 0.1 percent. Non-commercial participants, who accounted for 42.0 percent of open interest, held net long positions. Their long exposure was increased by 1.2 percent and their short exposure was decreased by 5.9 percent. Non-reportable participants, who accounted for 6.7 percent of total open interest, held net long positions; their long exposure was decreased by 15.3 percent and their short exposure was decreased by 5.5 percent.

Financials

CME 3-month Eurodollars combined open interest increased 1.3 percent in April. Commercial participants, who accounted for 51.2 percent of open interest, held net short positions; their long exposure was increased by 3.0 percent and their short exposure was increased by 4.5 percent. Non-commercial participants, who accounted for 41.7 percent of open interest, held net long positions. Their long exposure was decreased by 1.6 percent and their short exposure was decreased by 3.0 percent. Non-reportable participants, who accounted for 7.1 percent of total open interest, held net short positions; their long exposure was increased by 7.4 percent and their short exposure was increased by 4.3 percent.

CME Euro-FX combined open interest increased 16.4 percent in April. Commercial participants, who accounted for 47.0 percent of open interest, held net long positions; their long exposure was increased by 27.3 percent and their short exposure was increased by 22.4 percent. Non-commercial participants, who accounted for 37.1 percent of open interest, held net short positions. Their long exposure was increased by 4.2 percent and their short exposure was increased by 16.7 percent. Non-reportable participants, who accounted for 15.9 percent of total open interest, held net short positions; their long exposure was decreased by 14.3 percent and their short exposure was increased by 9.8 percent.

CBOT 10-year Treasury Notes combined open interest increased 3.4 percent in April. Commercial participants, who accounted for 62.8 percent of open interest, held net long positions; their long exposure was decreased by 0.6 percent and their short exposure was increased by 7.9 percent. Non-commercial participants, who accounted for 22.0 percent of open interest, held net short positions. Their long exposure was increased by 14.2 percent and their short exposure was decreased by 3.1 percent. Non-reportable participants, who accounted for 15.2 percent of total open interest, held net short positions; their long exposure was increased by 10.7 percent and their short exposure was decreased by 1.1 percent.

CME S&P 500 combined open interest increased 0.7 percent in April. Commercial participants, who accounted for 64.8 percent of open interest, held net long positions; their long exposure was increased by 1.6 percent and their short exposure was decreased by 3.8 percent. Non-commercial participants, who accounted for 10.5 percent of open interest, held net long positions. Their long exposure was decreased by 15.9 percent and their short exposure was decreased by 7.9 percent. Non-reportable participants, who accounted for 24.7 percent of total open interest, held net short positions; their long exposure was increased by 7.8 percent and their short exposure was increased by 18.3 percent.

Metals

NYMEX Gold combined open interest increased 2.4 percent in April. Commercial participants, who accounted for 53.0 percent of open interest, held net short positions; their long exposure was increased by 6.4 percent and their short exposure was decreased by 2.0 percent. Non-commercial participants, who accounted for 40.1 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 12.2 percent. Non-reportable participants, who accounted for 6.9 percent of total open interest, held net long positions; their long exposure was increased by 0.3 percent and their short exposure was increased by 15.7 percent.

NYMEX Silver combined open interest increased 11.6 percent in April. Commercial participants, who accounted for 46.3 percent of open interest, held net short positions; their long exposure was increased by 22.4 percent and their short exposure was increased by 3.4 percent. Non-commercial participants, who accounted for 42.4 percent of open interest, held net long positions. Their long exposure was increased by 10.1 percent and their short exposure was increased by 21.3 percent. Non-reportable participants, who accounted for 11.2 percent of total open interest, held net long positions; their long exposure was decreased by 7.6 percent and their short exposure was increased by 30.2 percent.

NYMEX Copper combined open interest increased 4.7 percent in April. Commercial participants, who accounted for 51.3 percent of open interest, held net long positions; their long exposure was increased by 21.2 percent and their short exposure was decreased by 1.4 percent. Non-commercial participants, who accounted for 37.3 percent of open interest, held net long positions. Their long exposure was decreased by 7.5 percent and their short exposure was increased by 1.2 percent. Non-reportable participants, who accounted for 11.4 percent of total open interest, held net short positions; their long exposure was decreased by 20.5 percent and their short exposure was increased by 45.1 percent.

NYMEX Platinum combined open interest fell 3.5 percent in April. Commercial participants, who accounted for 46.5 percent of open interest, held net short positions; their long exposure was increased by 16.5 percent and their short exposure was decreased by 21.7 percent. Non-commercial participants, who accounted for 43.5 percent of open interest, held net long positions. Their long exposure was decreased by 7.6 percent and their short exposure was increased by 100.6 percent. Non-reportable participants, who accounted for 10.1 percent of total open interest, held net long positions; their long exposure was decreased by 14.2 percent and their short exposure was increased by 40.2 percent.

Livestock

CME Lean Hogs combined open interest increased 3.5 percent in April. Commercial participants, who accounted for 37.5 percent of open interest, held net long positions; their long exposure was increased by 0.1 percent and their short exposure was decreased by 4.5 percent. Non-commercial participants, who accounted for 50.9 percent of open interest, held net long positions. Their long exposure was increased by 7.6 percent and their short exposure was increased by 11.1 percent. Non-reportable participants, who accounted for 11.7 percent of total open interest, held net short positions; their long exposure was decreased by 3.4 percent and their short exposure was increased by 0.1 percent.

CME Live Cattle combined open interest increased 1.9 percent in April. Commercial participants, who accounted for 39.8 percent of open interest, held net short positions; their long exposure was increased by 3.2 percent and their short exposure was increased by 1.0 percent. Non-commercial participants, who accounted for 49.2 percent of open interest, held net long positions. Their long exposure was decreased by 0.5 percent and their short exposure was increased by 9.6 percent. Non-reportable participants, who accounted for 10.9 percent of total open interest, held net short positions; their long exposure was increased by 15.9 percent and their short exposure was decreased by 14.0 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
	4/24/2012	Month Ago	4/24/2012	Month Ago	4/24/2012	Month Ago
Crude Oil	-232.5	-263.9	212.4	229.5	20.1	34.5
Natural Gas	95.0	127.8	-113.3	-148.7	18.3	21.0
Heating Oil	-36.5	-53.9	19.9	30.1	16.6	23.9
RBOB Gasoline	-92.2	-106.7	83.2	91.9	9.0	14.8
Corn	-22.3	-153.5	147.1	269.1	-124.8	-115.6
Wheat	76.3	53.2	-53.8	-38.1	-22.5	-15.0
Soybeans	-215.3	-181.7	249.3	212.4	-34.1	-30.7
Soybean Oil	-71.4	-49.4	54.4	36.2	17.0	13.2
Sugar	-81.3	-169.3	82.3	135.3	-1.0	34.0
Coffee	5.0	2.3	-4.5	-1.0	-0.5	-1.4
Cocoa	14.0	2.5	-13.7	-3.2	-0.3	0.7
Cotton	-11.1	-14.2	8.4	9.4	2.8	4.8
3-month Eurodollars	89.1	108.0	-7.0	-7.1	-82.1	-100.9
Euro-FX	149.3	112.6	-113.4	-89.1	-35.9	-23.4
10-year Treasury Notes	230.1	302.6	-157.1	-195.7	-73.0	-106.9
S&P 500	7.0	-3.6	1.6	4.9	-8.6	-1.3
Gold	-167.2	-185.1	135.0	147.8	32.2	37.3
Silver	-22.4	-29.7	16.5	18.7	5.9	11.0
Copper	10.1	-6.3	2.3	8.1	-12.4	-1.8
Platinum	-17.9	-28.3	14.9	23.5	3.0	4.8
Live Cattle	-11.6	-10.2	34.7	46.1	-23.1	-35.9
Lean Hogs	21.6	11.2	-12.1	-3.1	-9.5	-8.1

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
	4/24/2012	Month Ago	4/24/2012	Month Ago	4/24/2012	Month Ago
Crude Oil	-301.8	-348.0	280.5	312.6	21.3	35.4
Natural Gas	96.9	129.0	-118.3	-152.2	21.4	23.2
Heating Oil	-35.9	-51.7	18.8	27.3	17.1	24.4
RBOB Gasoline	-94.4	-105.9	85.1	91.0	9.3	14.9
Corn	-1.2	-123.6	146.1	255.1	-144.9	-131.5
Wheat	67.9	53.5	-44.2	-37.5	-23.7	-16.0
Soybeans	-206.8	-186.9	247.9	223.6	-41.2	-36.7
Soybean Oil	-66.1	-48.1	49.0	34.6	17.1	13.4
Sugar	-85.6	-188.8	87.0	156.7	-1.5	32.1
Coffee	9.1	9.7	-8.7	-8.6	-0.4	-1.1
Cocoa	14.8	3.2	-14.6	-3.8	-0.2	0.6
Cotton	-26.7	-21.9	24.3	17.2	2.4	4.7
3-month Eurodollars	-88.1	10.8	187.3	109.5	-99.2	-120.3
Euro-FX	151.0	116.1	-112.1	-89.2	-38.9	-26.9
10-year Treasury Notes	200.9	304.3	-124.4	-194.8	-76.5	-109.6
S&P 500	7.0	-4.0	2.1	5.8	-9.1	-1.8
Gold	-173.9	-198.0	139.4	160.1	34.4	37.9
Silver	-25.2	-33.8	18.5	21.9	6.6	11.9
Copper	10.0	-6.3	2.3	8.0	-12.3	-1.7
Platinum	-18.0	-27.7	15.0	22.9	3.0	4.8
Live Cattle	-26.2	-29.5	54.8	73.7	-28.7	-44.2
Lean Hogs	8.8	3.0	3.9	8.5	-12.7	-11.5