Cotton Futures : Long or Short? CFTC Commitment of Traders Report

Cotton No. 2 Futures - Commitment of Traders Report

Take a look at the disaggregated Cotton No. 2 chart. Usually the commercials aka the producers and swap dealers are moving in tandem. Both will either go long or short at roughly the same time. But for this commodity we can see that they move in the opposite direction. See the producers (blue line) and swap dealers (red line). Why is this so?

Please take note also that prior to 4th September 2007, Cotton No. 2 was traded on the New York Board of Trade before switching to ICE Futures US.