COT Extremes - Positioning at the Edge of Its 3-Year Range
Positions as of Tuesday 2026-09-01. Large-speculator net position vs. its own 156-week range.
A COT index of 100 means the most net-long reading in three years; 0 the most net-short. Extremes are conditions, not signals - how to read this.
Most net-long (3-year COT index ≥ 90)
| Market | Open interest | Large spec net | Δ w/w | COT index 3y |
|---|---|---|---|---|
| Corn | 1,764,182 | 536,743 | +95,828 | 100.0 |
| Wheat (SRW) | 470,560 | 24,703 | +31,482 | 100.0 |
| KC Wheat (HRW) | 306,154 | 31,750 | +9,605 | 100.0 |
| Soybean Meal | 649,027 | 177,863 | +56,892 | 100.0 |
| Cotton No. 2 | 383,730 | 130,721 | +7,818 | 100.0 |
| Calif Carbon Current Auction | 53,239 | -9,086 | +670 | 100.0 |
| Maryland Solar Rec | 55,581 | 7,600 | +0 | 100.0 |
| Pa Solar Alter Energy Credit | 24,210 | 13,700 | +0 | 100.0 |
| Soybeans | 1,027,541 | 247,987 | +26,560 | 98.6 |
| 2-Year T-Note | 4,348,838 | -882,518 | -21,222 | 97.6 |
| Copper | 282,640 | 80,869 | -4,397 | 96.3 |
| Mini Soybeans | 28,677 | 23,156 | +1,278 | 94.6 |
| MSCI EAFE | 467,918 | 23,847 | +4,637 | 94.1 |
| Ethanol | 49,127 | 8,852 | +390 | 93.3 |
| Brazilian Real | 127,273 | 72,813 | +4,911 | 92.9 |
| Usgc Hsfo (Platts) | 34,677 | 12,341 | +531 | 91.4 |
| Mt Belv Nat Gasoline Opis | 51,644 | 797 | -110 | 90.6 |
Most net-short (3-year COT index ≤ 10)
| Market | Open interest | Large spec net | Δ w/w | COT index 3y |
|---|---|---|---|---|
| Crude Diff-Tmx Sw 1A Index | 11,520 | -2,025 | -120 | 9.1 |
| Propane Non-Ldh Mt Bel | 31,590 | 2,317 | +197 | 8.6 |
| Fuel Oil-3% Usgc/3.5% Fob Rdam | 20,561 | -7,783 | +510 | 6.6 |
| Live Cattle | 300,731 | 27,380 | -8,466 | 4.5 |
| Lean Hogs | 286,408 | -62,771 | +3,150 | 1.9 |
| Milk, Class III | 34,567 | -10,047 | -1,051 | 0.7 |