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Home › Commitments of Traders

Commitments of Traders

Every week the US Commodity Futures Trading Commission publishes who holds the futures contracts behind gold, oil, the grain markets, the big equity indices, the major currencies and US Treasuries. This is that report for 31 markets. Click a column header to sort.

Report week13 Oct 2026
Markets31
Weeks held104
UpdatedWeekly

How to read the net figure

Non-commercial traders are the speculators: funds and managed money with no underlying business in the commodity. Commercial traders are the producers, refiners and merchants who do. Their nets are mirror images by construction, because every futures contract has a buyer and a seller, so a large speculative long is also a large commercial short and neither side is "the smart money". The figure shows how the market was positioned on the Tuesday of that week. It is not a forecast, and this page does not publish one.

What changed in the week to 13 October 2026

4 things worth noticing in this week's figures, across 4 markets. These describe what the positions did; they are not calls on what to do about it.

MarketKindWhat happened
SugarExtreme Most net long in two years. Net long 292,362 contracts, the highest in the 104 weeks held.
EuroExtreme Most net short in two years. Net short 162,986 contracts, the lowest in the 104 weeks held.
Australian dollarExtreme Most net short in two years. Net short 121,908 contracts, the lowest in the 104 weeks held.
Russell 2000Big move Unusually large weekly move. The net rose 27,312 contracts in the week. This market's typical weekly move is 11,142 either way, so this is 2.5 times that.

"Most net long in two years" means exactly that and nothing more: the highest reading in the weeks we hold, which is a short window. A position can sit at its extreme for months, and a market that looks crowded has no obligation to turn. An unusually large move is measured against that market's own weekly standard deviation, so each is judged on its own scale rather than against corn.

Where the "smart money" sits right now

In classic COT analysis the commercial traders (producers, refiners, merchants and other hedgers) are nicknamed the "smart money", because they know their physical market first-hand, and the small non-reportable traders the "dumb money". The tables below rank every market by where each group stands inside its own last 52 weeks: 100 means its most net long of the year, 0 its most net short, 50 the middle. That is the standard "COT index" arithmetic, on the CFTC's own figures.

Read this before using it. "Smart money" is a label, not a finding. Commercials hedge a business; they are not forecasting price, and their position can stay at an extreme for months. Nothing on this page is a buy or sell signal, and we have not tested whether any of these readings predicts price.

Commercials most net long against their own year

MarketCommercial net% of open interestCommercial indexReadingSpeculatorsSmall traders
Palladium+7,392+30.9% 100at its most net long of the year 0 37
Euro+135,961+13.4% 100at its most net long of the year 0 15
Australian dollar+110,351+30.9% 100at its most net long of the year 0 19
Natural gas+217,758+12.4% 99at its most net long of the year 3 49
US 10-year Treasury+933,877+13.0% 97near its most net long of the year 1 22
Silver−38,124−30.9% 96near its most net long of the year 2 38
British pound+120,614+41.6% 96near its most net long of the year 2 14
Platinum−16,029−22.6% 94near its most net long of the year 16 1

Commercials most net short against their own year

MarketCommercial net% of open interestCommercial indexReadingSpeculatorsSmall traders
Sugar−353,283−23.4% 0at its most net short of the year 100 100
Nasdaq 100−61,351−19.4% 11in the bottom quarter of its range 90 48
Soybeans−223,272−16.8% 12in the bottom quarter of its range 89 37
US 2-year Treasury+883,514+18.7% 14in the bottom quarter of its range 87 22
US 5-year Treasury+1,108,653+14.9% 17in the bottom quarter of its range 85 26
Bitcoin−2,734−13.0% 19in the bottom quarter of its range 71 46
Cotton−96,325−17.8% 23in the bottom quarter of its range 78 56
US dollar index−14,805−28.6% 24in the bottom quarter of its range 75 70

Where commercials and small traders disagree most

The "smart money versus dumb money" comparison: the gap between the two indices, largest first. Positive means commercials sit higher in their range than small traders do.

MarketCommercialsSmall tradersGapSpeculators
Sugar 0 100−100 100
Platinum 94 1+93 16
Euro 100 15+85 0
British pound 96 14+82 2
Australian dollar 100 19+81 0
US 10-year Treasury 97 22+75 1
Palladium 100 37+63 0
Silver 96 38+58 2

Index = (this week's net minus the lowest net in the last 52 weeks) divided by the highest minus the lowest, times 100, for each group separately. "Speculators" are the non-commercial traders (funds and managed money). Updated every week after the CFTC's Friday release.

Bar charts: every market on one scale

Speculative net position as a share of open interest

Net = non-commercial long minus short, divided by the total contracts outstanding, so a market with 2,000 contracts and one with 2 million can sit on the same axis. Blue to the right is net long, red to the left is net short. This is our own arithmetic on the CFTC's figures. Click a market for its full page.

Gold +38.0% US dollar index +24.9% RBOB gasoline +22.1% Copper +20.8% Sugar +19.4% Soybeans +18.9% Platinum +17.8% Silver +16.6% Cotton +16.3% Nasdaq 100 +16.1% Japanese yen +12.2% Bitcoin +12.1% Live cattle +11.9% Corn +10.3% Coffee +5.6% WTI crude oil +0.7% S&P 500 −4.1% Wheat −5.0% Cocoa −8.7% Natural gas −13.2% Russell 2000 −13.3% US 10-year Treasury −13.7% US 5-year Treasury −15.4% Euro −16.1% Swiss franc −16.3% US 2-year Treasury −19.5% VIX −21.5% Canadian dollar −23.2% Australian dollar −34.1% Palladium −35.1% British pound −36.6%

This week's change in the net, as a share of open interest

Which markets saw speculators add to (blue) or cut (red) their net position most this week, relative to the size of each market.

Russell 2000 +6.0% Swiss franc +2.4% US dollar index +1.8% RBOB gasoline +1.4% Sugar +0.8% British pound +0.6% Cocoa +0.6% US 5-year Treasury +0.5% S&P 500 +0.4% Natural gas +0.2% Bitcoin +0.1% Cotton −0.3% Gold −0.4% Copper −0.4% Live cattle −0.6% Silver −0.7% Wheat −0.7% Canadian dollar −0.7% WTI crude oil −1.0% VIX −1.2% Euro −1.2% US 2-year Treasury −1.2% Soybeans −1.4% Coffee −1.4% Platinum −1.4% US 10-year Treasury −2.0% Nasdaq 100 −3.2% Japanese yen −3.3% Corn −3.6% Palladium −4.7% Australian dollar −5.2%

All 31 markets

MarketGroupSpeculative netWeek changeLong share2-year rankOpen interest
GoldMetals +199,733 −1,846 86.9% 44th 526,276
SilverMetals +20,544 −817 73.1% 4th 123,414
CopperMetals +68,388 −1,195 73.7% 82nd 328,963
PlatinumMetals +12,613 −1,028 65.7% 15th 70,934
PalladiumMetals −8,398 −1,133 33.6% 12th 23,942
WTI crude oilEnergy +6,643 −10,159 52.4% 24th 1,016,495
Natural gasEnergy −232,878 +4,177 35.3% 2nd 1,761,366
RBOB gasolineEnergy +75,323 +4,924 73.1% 88th 341,577
CornAgriculture +259,130 −91,725 72.5% 78th 2,519,671
WheatAgriculture −30,308 −4,209 44.0% 70th 608,955
SoybeansAgriculture +251,649 −17,953 81.3% 94th 1,329,482
SugarAgriculture +292,362 +11,844 74.7% 100th 1,509,322
CoffeeAgriculture +11,308 −2,762 58.2% 6th 201,085
CocoaAgriculture −20,915 +1,433 32.3% 17th 239,962
CottonAgriculture +88,493 −1,575 82.0% 80th 542,451
Live cattleAgriculture +46,562 −2,166 69.4% 5th 390,003
S&P 500Equity index −115,841 +12,113 39.8% 42nd 2,802,490
Nasdaq 100Equity index +50,776 −10,235 71.9% 92nd 315,756
Russell 2000Equity index −61,011 +27,313 39.3% 18th 458,058
VIXEquity index −96,455 −5,161 33.0% 8th 448,476
US dollar indexCurrencies +12,896 +947 62.3% 81st 51,849
EuroCurrencies −162,986 −11,800 35.3% 1st 1,011,324
Japanese yenCurrencies +49,493 −13,306 57.4% 63rd 404,924
British poundCurrencies −106,162 +1,831 23.2% 3rd 289,928
Swiss francCurrencies −25,088 +3,740 34.2% 82nd 153,651
Canadian dollarCurrencies −92,816 −2,809 33.0% 59th 399,645
Australian dollarCurrencies −121,908 −18,644 30.6% 1st 357,266
US 2-year TreasuryRates −919,940 −55,359 30.2% 95th 4,717,364
US 5-year TreasuryRates −1,144,285 +34,292 27.1% 96th 7,426,083
US 10-year TreasuryRates −987,276 −145,165 25.6% 4th 7,203,725
BitcoinCrypto +2,546 +15 54.0% 88th 21,018

Source: CFTC Commitments of Traders, legacy futures-only report, read from the Commission's public reporting API. Positions are as of the close on the Tuesday shown; the CFTC releases them the following Friday afternoon. Blue means net long and red net short. "2-year rank" is where that week's net sits among the weeks we hold for that market: our own arithmetic on the Commission's numbers, not a CFTC figure. Educational only, not financial advice.