CFTC Commitment of Traders
What are the big funds doing across the grain board, the crush complex, livestock, and dairy? Managed money net positioning from the CFTC's weekly Disaggregated Futures-Only report, refreshed after each Friday release.
🧠 What Does This Mean for Farmers?
What is the COT Report?
The CFTC releases Commitments of Traders data every Friday afternoon. It shows the net position of managed money — hedge funds and large speculators — in each commodity futures market. When funds are heavily long, prices are often stretched and vulnerable to selling. When they're heavily short, there's potential for a short-covering rally.
How to Use It
COT data is a sentiment indicator, not a timing tool. Extreme long positioning (near the 52-week high) can signal crowded trades that may unwind. Extreme short positioning can indicate pessimism that may reverse. Use it alongside fundamentals — a fund-short market with bullish supply news can move fast.
What "Managed Money" Means
This is the speculative money: CTAs, commodity pools, and hedge funds. They don't own grain — they trade paper. Their positions move prices in the short term, which affects basis and cash prices at your elevator. Large fund selling often corresponds to basis weakness at harvest.
52-Week Range Context
The bar gauge shows where current positioning sits within the last year's range. A dot near the top means funds are historically long — grain is more priced for good news. A dot near the bottom means funds are historically short — there's room for price improvement if fundamentals support it.
Overnight markets, fund positioning shifts, and what to watch — by 6am CT on weekdays. Available at no charge.