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Cocoa: Commitments of Traders

CFTC positions as of the close on 13 October 2026. COCOA - ICE FUTURES U.S., contracts of 10 metric tons.

Speculators net short20,915

Change on the week+1,433

Rank in 2 years17th

Open interest239,962

This week

In the week to 13 October 2026, non-commercial traders in Cocoa held a net short position of 20,915 contracts. That is 1,433 contracts more than a week earlier. Commercial traders were net long 19,111, which is the other side of the same market. A year ago the speculative net was long 2,334, so it has moved by 23,249 contracts since. Longs were 32.3% of speculative positions. 213 traders reported.

Bar charts in detail

1. Who is long and who is short, in the week to 13 October 2026

Short positions extend to the left in red, long positions to the right in blue, each scaled against the biggest single side in this market. Percentages are of open interest.

Non-commercial (speculators) net −20,915

40,081 16.7% 19,166 8.0%

Commercial (producers, hedgers) net +19,111

107,335 44.7% 126,446 52.7%

Non-reportable (small traders) net +1,804

9,088 3.8% 10,892 4.5%

2. How the week's change was made

Change in each side since the previous report, as published by the CFTC. A rising net can come from longs being added, shorts being closed, or both; this shows which.

Non-commercial long +452

Non-commercial short −981

Commercial long +806

Commercial short +2,872

Open interest −2,853

3. Speculative net position, week by week

Last 52 weeks. Blue bars are net long, red bars net short. Hover a bar for the week and the value.

4. Weekly change in the speculative net

Blue bars: speculators added to their net position that week. Red bars: they reduced it. Tall bars of either colour are the unusual weeks.

5. Open interest, week by week

Total contracts outstanding. Rising open interest means money is entering the contract; falling means positions are being closed.

Where each group sits against its own year

0 means a group is at its most net short of the last 52 weeks, 100 at its most net long. It says where positioning is, not what price does next.

Commercials (producers, hedgers) the group classic COT analysis calls "smart money"

71 net +19,111 (+8.0% of OI)

Mid-range.

Speculators (funds, managed money) trend-following money with no commercial business in it

23 net −20,915 (−8.7% of OI)

In the bottom quarter of its range.

Small traders (non-reportable) the group classic analysis calls "dumb money"

62 net +1,804 (+0.8% of OI)

Mid-range.

Who holds what

Trader category	Long	Short	Net	Week change (long)
Non-commercial (speculators)	19,166	40,081	−20,915	+452
Commercial (producers, hedgers)	126,446	107,335	+19,111	+806
Non-reportable (small traders)	10,892	9,088	+1,804	–
Non-commercial spreading	83,458 on both sides		0	–

Spreading is a speculator holding an equal long and short in different months, so it nets to zero and is listed apart. The three net figures should sum to zero, because a futures market cannot be net long or net short overall, only differently distributed between the people in it. In the Commission's published figures they occasionally miss by a contract or two: for the week shown the three nets sum to 0. That is rounding in the source, not an error on this page, and we leave the CFTC's numbers as published rather than adjusting one to make the column balance.

The last two years

Speculative net position in Cocoa, Oct 2024 to Oct 2026. Above the line is net long, below it net short.

Week	Spec net	Change	Long share	Open interest
13 Oct 2026	−20,915	+1,433	32.3%	239,962
6 Oct 2026	−22,348	+2,783	31.3%	242,815
29 Sep 2026	−25,131	+553	29.8%	238,851
22 Sep 2026	−25,684	−8,333	28.1%	233,275
15 Sep 2026	−17,351	−884	36.5%	242,913
8 Sep 2026	−16,467	−5,194	37.5%	239,937
1 Sep 2026	−11,273	+7,112	41.3%	253,495
25 Aug 2026	−18,386	−1,298	35.3%	228,066
18 Aug 2026	−17,088	−1,482	36.0%	229,991
11 Aug 2026	−15,606	−2,285	37.5%	258,272
4 Aug 2026	−13,320	+2,107	39.8%	277,024
28 Jul 2026	−15,428	−2,378	38.2%	262,836
21 Jul 2026	−13,050	+5,465	40.1%	269,255
14 Jul 2026	−18,516	+1,535	37.0%	272,953
7 Jul 2026	−20,051	+1,828	37.6%	267,273
30 Jun 2026	−21,877	+5,648	36.9%	243,087

Across the 104 weeks held, the speculative net ranged from -29,350 to 36,007, averaging 1,405. This week's -20,915 sits at the 17th percentile of that range. Two years is a short window, and a position that looks far from its recent average can stay there for months. It describes where positioning has been, not where price goes.

Related on StocksXray

S&P 500 companies that operate in this industry. Their share prices respond to far more than futures positioning, so this list is a starting point for research, not a link between the two.

Company	Price	1D
HSY Hershey Co	$170.83	+1.27%
MDLZ Mondelez International, Inc.	$63.91	+1.40%

What this report is, and what it is not

The CFTC requires anyone holding more than a set number of contracts in a US futures market to report their position. Every Friday afternoon the Commission publishes the totals as they stood at Tuesday's close, split by the kind of trader holding them. The gap between Tuesday and Friday is deliberate and cannot be shortened: the figures are always three days old when you first see them.

Non-commercial traders have no commercial use for the underlying. Commercial traders do: a miner selling forward, an airline hedging fuel, a mill buying wheat. Non-reportable is everybody below the reporting threshold. The categories describe why someone is registered, not how clever they are, and the common framing of commercials as "smart money" does not follow from the data: a producer hedging output sells into a rising market because that is their business, not because they predict a fall.

Nothing on this page is a signal. Positioning shows how crowded a trade was on a particular Tuesday. It does not say when a crowd disperses, and crowded positions have stayed crowded for many months at a time in most of these markets.

Other agriculture markets

Source: CFTC Commitments of Traders, legacy futures-only report, contract market code 073732. Net positions, long share and the two-year rank are our arithmetic on the Commission's published figures; every input is in the tables above. Educational only, not financial advice.