The views on institutional players on wheat have turned slightly bearish after wheat prices surged to a level not seen over the last 10 years due to an extremely low inventory level in 2020-2021.

Institutional traders have maintained their view on gold price although the conflict is escalating. In the long run, the real interest rate is the determining force for the gold price while regional conflict's impact on gold prices was only temporary and quickly vanished.

Institutional traders have been closing down their long position on oil after a strong bull run from the 2020 negative oil price. Russia highly relies on oil export and Europe is highly relying on Russia's energy export. Don't think there could be any major long-term disruption to the oil market.

Hedge Funds traders are placing their long bets on the Russian Ruble after the currency has fallen to a historical low accompanied by the high oil price environment.

We will follow closely on their position level again after the latest data is released this weekend.