Loading…
Cheese and Class III futures traded mixed in late November 2023, with prices testing new contract lows. The CFTC report showed a new three-year net record short position held by the Other category of smaller traders.
Managed money was also heavily short.
Heavy speculative short positioning signals bearish sentiment and adds pressure on futures amid a weak spot market. Short covering could trigger a rebound, but current positioning favors lower futures prices.
stonex.comDairy TeamNov 28, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Futures were testing new contract lows with record-large net short positions from smaller traders and heavy managed-money shorts, signaling selling pressure and bearish sentiment that could fuel a sharp one-day drop.
