Investors and big speculators sold commodities again last week, continuing to wind down bets that the “Trump trade” would boost markets across the board. The Commodity Futures Trading Commission collects its data as of Tuesday, with results reported Fridays, so there’s a lag in the data that the latest results may not show.
Some of that had to do with the calendar: Funds tend to juggle positions for end-of-the-month and end-of-the-quarter statements, taking profits on some positions, putting on new bets for others. Fundamentals were also shifting, both in energy as well as agriculture, where USDA’s big March 31 reports produced volatile trading.
Here’s what the funds were doing in the latest week, and what it could mean for prices.