Energy complex sold off hard; precious metals bid; cotton and meal firm

Cross-section

All 23 markets

Market	Last	1d	1w	Net (MM)	z 52w
Energy
WTI Crude Oil	84.28	-2.54%	+0.35%	79,916	+0.76
Brent Crude Oil	91.39	-4.09%	-0.68%	7,084	-0.97
RBOB Gasoline	2.97	-10.13%	-6.81%	69,851	+0.38
Heating Oil (ULSD)	4.33	-4.84%	-0.05%	13,574	-0.32
Natural Gas	2.81	-0.35%	+0.72%	-110,630	-1.18
Precious Metals
Gold	4,490.39	+1.97%	+2.27%	137,662	+1.07
Silver	65.79	+1.07%	+1.83%	11,158	-0.58
Platinum	1,811.50	+3.36%	+4.20%	7,718	-0.67
Palladium	1,334.50	+1.32%	+1.09%	-4,947	-0.99
Base Metals
Copper	6.49	+0.06%	-1.71%	79,027	+1.61
Grains
Corn	4.98	—	—	125,875	+0.69
Wheat (SRW)	6.96	—	—	-33,400	+0.61
Wheat (HRW)	7.74	—	—	25,606	+1.11
Soybeans	12.36	—	—	109,109	-0.06
Soybean Oil	0.70	+0.24%	+1.17%	79,284	+0.35
Soybean Meal	325.70	+4.06%	+5.51%	73,690	+0.73
Softs
Sugar No. 11	0.18	+0.52%	+5.78%	43,584	+3.51
Coffee C	3.28	—	—	32,433	+0.06
Cocoa	5,934.00	+0.49%	+3.49%	-6,667	-0.08
Cotton No. 2	0.88	+4.26%	+4.90%	66,780	+1.74
Livestock
Live Cattle	2.17	—	—	65,949	-2.43
Feeder Cattle	3.29	—	—	10,902	-1.39
Lean Hogs	0.81	+0.96%	-14.57%	-24,363	-1.50

Net position is managed money longs minus shorts, in contracts; a positive number is a net long. Net positions are as of the 11 Aug report; prices are the 19 Aug close.

Energy

Energy was softer, 5 of 5 lower.

All five energy contracts fell, RBOB Gasoline −10.13% to 2.9674 $/gal, Heating Oil −4.84% to 4.33, Brent −4.09% to 91.39 $/bbl and WTI −2.54% to 84.28, against headlines stressing products over crude, India’s higher oil import bill and Iraq export-route diversification; managed-money net in WTI was 79916 (−7042) and in natural gas −110630 (+16303).

Energy — session change

Natural Gas covered a heavily short net short.

Energy — positioning, 52-week z

WTI Crude Oil — price and positioning

Brent Crude Oil — price and positioning

RBOB Gasoline — price and positioning

Heating Oil (ULSD) — price and positioning

Natural Gas — price and positioning

Headlines

• Fesharaki: Oil’s Real Story Lies in Products, Not Crude Bloomberg Markets

• India’s oil import bill soars 57% in April-July as crude surges - Moneycontrol.com Moneycontrol IN (via GN)

• Iraq approves 3-month mechanism to diversify crude export routes - Arab News PK Google News GCC Pubs

Precious Metals

Precious Metals were firmer, 4 of 4 higher.

Gold, silver, platinum and palladium all advanced, gold +1.97% to 4490.39 $/oz, platinum +3.36% to 1811.5 and silver +1.07% to 65.79, with supplied headlines that gold firms and hit a 4-week peak; managed-money net in gold was 137662 (+6896).

Precious Metals — session change

Gold added to a extended net long.

Precious Metals — positioning, 52-week z

Gold — price and positioning

Silver — price and positioning

Platinum — price and positioning

Palladium — price and positioning

Headlines

• Gold prices fall VnExpress EN

• Gold prices hit 4-week peak VnExpress EN

• <a href="https://www.thedailystar.net/business/economy/news/gold-firms-4251836" hreflang="en">Gold firms</a> Daily Star BD

Base Metals

Base Metals were firmer, 1 of 1 higher.

Copper was barely higher at 6.4865 $/lb, +0.06% on the day and −1.71% on the week, with managed-money net 79027 (+3269); a supplied headline flagged China property and $6 support.

Base Metals — session change

Copper added to a extended net long.

Base Metals — positioning, 52-week z

Copper — price and positioning

Headlines

• Copper Price Forecast: China Property Slump Puts $6 Support in Focus - FXEmpire Google News CN Trade

• Oil prices gain on Middle East supply concerns RTÉ Business

• Chinese Coking Coal Futures Soar as Shanxi Supply Crunch Worsens Bloomberg Markets

Grains

Grains were firmer, 2 of 2 higher.

Soybean meal rose 4.06% to 325.7 $/short ton and soybean oil 0.24% to 0.6986 $/lb alongside a South Africa–China soybean export-deal headline, while managed-money nets were cut in soybeans (−23415 to 109109), corn (−18946 to 125875) and both wheats.

Grains — session change

Wheat (HRW) trimmed a extended net long.

Grains — positioning, 52-week z

Corn — price and positioning

Wheat (SRW) — price and positioning

Wheat (HRW) — price and positioning

Soybeans — price and positioning

Soybean Oil — price and positioning

Soybean Meal — price and positioning

Headlines

• South Africa secures 200,000-tonne soybean export deal with China - logupdateafrica.com Google News CN Trade

• South Africa secures 200,000-tonne soybean export deal with China - Logistics Update Africa Google News CN Trade

• Shein Seeks to Attract Boyu, UBS as IPO Cornerstone Investors Bloomberg Markets

Softs

Softs were firmer, 3 of 3 higher.

Cotton No. 2 jumped 4.26% to 0.877 $/lb, sugar +0.52% to 0.1756 and cocoa +0.49% to 5934.0 $/mt, with headlines on Ethiopian coffee exports to China, ECC sugar-export tenders and rain supportive for sugar; managed-money net in sugar was 43584 (+130772) and in cotton 66780 (+11459).

Softs — session change

Sugar No. 11 flipped net long; Cotton No. 2 added to a extended net long.

Softs — positioning, 52-week z

Sugar No. 11 — price and positioning

Coffee C — price and positioning

Cocoa — price and positioning

Cotton No. 2 — price and positioning

Headlines

• Ethiopian Coffee Thrives as China Emerges as a Key Export Hub - Alwihda Info Google News CN Trade

• ECC calls tenders for sugar export of 108,000 tonnes Dawn PK

• Forecast rain sweet for Sugar and Kalpana City A.M.

Livestock

Livestock was firmer, 1 of 1 higher.

Lean hogs gained 0.96% to 0.815 $/lb (−14.57% on the week) with managed-money net −24363 (−5184); live cattle last was 2.1695 $/lb and feeder cattle 3.2865 with no one-day percent changes supplied.

Livestock — session change

Live Cattle added to a washed out net long; Feeder Cattle added to a heavily short net long; Lean Hogs added to a heavily short net short.

Livestock — positioning, 52-week z

Live Cattle — price and positioning

Feeder Cattle — price and positioning

Lean Hogs — price and positioning

Headlines

• Gold prices fall VnExpress EN

• Gold prices hit 4-week peak VnExpress EN

• Private rent and house prices, UK: August 2026 - ons.gov.uk ONS Statistics

Positioning

Books against the session

Managed-money net position expressed as a z-score over 52 weeks, against the session price change. Live cross-section.

Notes

Prices are the 19 Aug close. This note is written before the US open and carries no overnight session: moves in Asian and European hours after that close are not reflected above.

Positioning is the CFTC Commitments of Traders (Disaggregated) report for 11 Aug, futures only. The Base Metals section covers copper alone — it is the only base metal in this universe with a daily price.

Price sources: EIA via FRED, LBMA, Yahoo Finance. Live commodities dashboard.

Contract rolls. A continuous front-month series is two different contracts either side of a roll, and the change across that seam measures the calendar spread rather than the tape.

Corn: the two closes belong to two different contracts (ZCU26.CBT then ZCZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Wheat (SRW): the two closes belong to two different contracts (ZWU26.CBT then ZWZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Wheat (HRW): the two closes belong to two different contracts (KEU26.CBT then KEZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Soybeans: the two closes belong to two different contracts (ZSU26.CBT then ZSX26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Coffee C: the two closes belong to two different contracts (KCU26.NYB then KCZ26.NYB) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Live Cattle: the two closes belong to two different contracts (LEQ26.CME then LEV26.CME) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

Feeder Cattle: the two closes belong to two different contracts (GFQ26.CME then GFU26.CME) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.

RoboMacro Research.