# Early Morning Update - November 28, 2023

> 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.

- Date: 2023-11-28 · published 2023-11-28T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6753-early-morning-update-november-28-2023
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2023-11-29 | 1 | -6.0% | -4.7 | 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. |

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update-november-28-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.