Ouch- rough day to be in a long-only commodities fund yesterday, wasn’t it? While commodities across the board were mostly down (including Silver’s ugly 6.64% plunge), the Grains sector took the most consistent beating. It was one week ago today that we crowned Cocoa the winner in the race to new 2011 lows after the nosedive taken by most in early October, and, apparently, Grains got jealous, because Soybean Meal, Rough Rice, Wheat, and Oats all dipped below their respective lows for the close yesterday, along with a tagalong from Softs- Sugar. Congrats, guys. Welcome to the losers circle.

Not in the losers circle were several of the managers we track, with Covenant Capital, Global Ag, Integrated Managed Futures Concentrated, and James River Navigator short Wheat, and Clarke Capital Worldwide short Soybean Meal. We said at the beginning of the year that we thought managed futures gains in 2011 would come from shorting commodities, and while a handful of managers does not a trend make, and while acknowledging that there are still plenty of managers out there who haven’t been able to shake October’s sting… here’s cautious optimism that we were right.