COT Extremes — Positioning at the Edge of Its 3-Year Range
Week of 2026-07-21. 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 |
|---|---|---|---|---|
| Maryland Solar Rec | 55,581 | 7,600 | +0 | 100.0 |
| Pa Solar Alter Energy Credit | 31,075 | 9,480 | +1,980 | 100.0 |
| KC Wheat (HRW) | 294,133 | 14,300 | +12,531 | 98.7 |
| Cotton No. 2 | 317,825 | 95,112 | -335 | 95.7 |
| Copper | 270,048 | 73,977 | +9,592 | 95.6 |
| Wheat (SRW) | 455,433 | -7,009 | +9,330 | 93.4 |
Most net-short (3-year COT index ≤ 10)
| Market | Open interest | Large spec net | Δ w/w | COT index 3y |
|---|---|---|---|---|
| Lean Hogs | 267,566 | -48,802 | +16,426 | 9.7 |
| Canadian Dollar | 365,599 | -174,448 | +1,831 | 9.4 |
| Japanese Yen | 423,796 | -152,125 | -29,462 | 8.8 |
| Propane Non-Ldh Mt Bel | 26,483 | 1,923 | -385 | 7.3 |
| 3-Month SOFR | 13,083,893 | -2,665,085 | +26,996 | 6.6 |
| Nj Srecs | 163,804 | -34,785 | -322 | 4.0 |
| WTI Houston Argus/WTI Tr Mo | 481,037 | -78,583 | +1,891 | 3.4 |
| 30-Day Fed Funds | 2,406,137 | -392,302 | +15,277 | 2.1 |
| Crude Diff-Tmx Wcs 1A Index | 55,209 | -14,106 | +41 | 0.2 |
| Nat Gaslne Opis Mt B Nontet Fp | 17,536 | -3,795 | -125 | 0.1 |