COT data on the chart.

You do not know which direction to keep for trading. The positions of the major market participants are graphically displayed in our COT tool. Here you can see the direction of the trade and receive the necessary COT signals.

How it works

1.

Select market from the table

2.

Analyze COT data

3.

Recognize trends

COT report online with free charts

How To Trade Using COT Report see moreGet a free advice
Last Trades: -$673 -$911 see more
The COT report is published by the CFTC on Friday about 15:30 CET. The data shows positions as of Tuesday’s close. Info below has been updated 03/15/2024 after market closure and contains the newest CoT report.
* Click on the futures symbols to draw the chart!
Week to:
03/15/2024
Price change, % Trend Commercial Large Speculators Small Traders Open Interest Net Positions - Commercials 26-weeks Position Extremes Commercial COT Index
Long Change Short Change Long Change Short Change Long Change Short Change Value Change,% Net Change Change,% High Low
Indices
S&P500-0.25%Same icon1 911 694170 0861 769 963149 031280 718-4 492520 54530 895291 70027 107193 60412 7752 678 33913%141 73121 05517%161 838-34 73690%
NASDAQ-1.31%Same icon188 65627 525197 30026 01887 5015 25686 1064 49644 8993 34037 6505 607331 91215%-8 6441 507-15%1 646-47 89379%
RUSSELL-2.30%Same icon453 34034 742438 34931 99566 2214 72185 31599229 908-1 13225 8055 344564 6939%14 9912 74722%72 636-31 97645%
DOW E-MINI-0.20%Same icon56 8853 50674 7033 99330 25180814 580-27716 1251 37513 9781 973112 36613%-17 818-4873%42 559-26 35112%
Bonds
30-YR T-BONDS-2.49%Same icon1 043 93239 5241 045 24940 018231 115670285 648-2 833196 307-8 856140 457-5 8471 498 1230%-1 317-49460%210 303-33 38213%
10-YR T-BONDS-1.57%Same icon3 342 267-21 6182 781 08888 172457 83945 5811 061 385-64 131390 056-24 518347 689-24 5964 253 098-1%561 179-109 790-16%822 775467 00126%
Currencies
DOLLAR INDEX0.36%Same icon3 127-2 4559 508-4917 547-21911 361-3 3062 853-5342 65814726 365-7%-6 381-2 40661%-739-20 77272%
EURO FX-0.12%Same icon402 081-2 690506 6855 148193 998-6 027119 591-14 12384 3062 77454 1093 032717 7202%-104 604-7 8388%-72 264-188 92972%
SWISS FRANC0.24%Same icon56 8857 37828 1827 85211 236-5 69929 106-5 3809 57529520 408-49882 4428%28 703-474-2%30 33327395%
BRITISH POUND-0.93%Same icon104 33832 683183 25847 480123 28521 00652 8348 94030 123-2 47321 654-5 204277 70225%-78 920-14 79723%35 439-78 9200%
JAPANESE YEN-0.08%Same icon207 4787 349109 60122 99754 923252157 245-16 26947 58620643 1411 079325 6754%97 877-15 648-14%133 27252 65956%
CANADIAN DOLLAR-0.30%Same icon113 9427 76083 6461 03135 964-6 62666 8384 41130 1491 82729 571-2 481193 2235%30 2966 72929%77 698-4 20042%
AUSTRALIAN DOLLAR-0.75%Same icon151 731-17254 053-2 10541 591-12 375132 431-6 27820 8581 16127 696-3 003229 723-2%97 6781 9332%110 01221 07086%
NEW ZEALAND $ -1.51%Same icon26 4084 98930 7451 54016 391-5 50813 926-7454 7004192 828-89552 7115%-4 3373 449-44%24 301-12 42522%
MEXICAN PESO-0.79%Same icon131 14421 349241 95419 443180 1408 26975 84810 5639 1724382 65450330 04612%-110 8101 906-2%-33 883-112 7162%
Energy
CRUDE OIL4.05%Same icon600 73645 031865 79038 430329 318-12 84395 530-8 11984 032-1 53352 7663441 718 9855%-265 0546 601-2%-175 326-381 94657%
GASOLINE7.38%Same icon195 0483 377266 6677 91491 7481 63732 21073127 0863 96215 005331378 9973%-71 619-4 5377%-36 853-83 37425%
HEATING OIL3.62%Same icon150 5194 332182 26271052 346-1 70639 9303 03246 597-10227 270-1 218311 4360%-31 7433 622-10%-31 743-69 894100%
NATURAL GAS-7.96%Same icon567 15911 482497 24840 059351 70317 279453 196-9 97673 8232 21842 2418961 595 6524%69 911-28 577-29%115 54433 46044%
Metals
GOLD-1.23%Same icon129 43225 409347 70536 890283 06218 91481 4608 60547 9923 21031 3212 038516 0579%-218 273-11 4816%-90 428-235 47812%
SILVER3.59%Same icon40 997-1 87796 1278 22867 0948 20926 116-4 45427 826-1 26613 6741 292144 5342%-55 130-10 10522%-26 218-55 1300%
PLATINUM2.75%Same icon20 286-4 69733 3275 07844 716-4 67537 297-16 4589 273-2 1333 651-12586 082-11%-13 041-9 775299%-2 365-32 85065%
PALLADIUM5.59%Same icon12 517-9891 7748534 64515715 226-1 8591 427-2881 589-11419 970-6%10 743-1 842-15%13 0428 19853%
COPPER5.91%Same icon69 378-1 16076 8238 99387 43916 46982 0125 71517 0501 17815 0321 779219 44511%-7 445-10 153-375%30 426-11 63810%
Grains
SOYBEANS1.16%Same icon450 05311 892258 72227 83999 3471 444279 760-15 38451 5451 24262 4632 123743 0553%191 331-15 947-8%207 278-69 49594%
SOYBEAN MEAL-2.28%Same icon231 555-4 708190 98059085 247-1 753142 134-4 37545 24496628 932-1 710461 6720%40 575-5 298-12%56 238-155 77193%
SOYBEAN OIL7.29%Same icon254 151-11 208223 6537 556112 6522 340145 174-13 94628 33675226 312-1 726547 7100%30 498-18 764-38%49 262-64 41183%
CORN-0.40%Same icon658 12211 446459 07251 857297 2445 415486 274-36 442151 688-964161 7084821 532 1712%199 050-40 411-17%282 46883 03458%
WHEAT-1.63%Same icon143 984-76588 204-9 373120 577-9 146174 346-16531 9841 16933 995796396 389-1%55 7808 60818%98 64533 76034%
ROUGH RICE-0.31%Same icon2 9374909 209-6585 721-8071 3092212 689-294829-17411 694-5%-6 2721 148-15%-2 643-7 44824%
Softs
COTTON-1.40%Same icon89 5115 158196 3912 078129 746-1 76432 2331 83518 4211 3189 054799274 9271%-106 8803 080-3%-3 342-112 8815%
COFFEE-0.92%Same icon80 666-89138 9282 81577 5761 92721 145-1 0328 4355736 604628215 929-1%-58 262-2 9045%14 700-61 4424%
COCOA26.44%Same icon59 269-4 151110 286-1 35775 301-1 26829 529-3 73714 8128969 567571210 6912%-51 017-2 7946%-46 871-91 61791%
SUGAR4.49%Same icon429 842-9 407519 310-500177 558-4 98892 595-8 17469 3837 83664 8782 115819 781-3%-89 468-8 90711%-80 561-294 61496%
ORANGE JUICE2.59%Same icon2 545184 260-2673 691982 3711911 748-1921 35308 2690%-1 715285-14%-388-3 81361%
Meats
LIVE CATTLE-0.19%Same icon103 112-4 136169 744-1 595123 2321 54850 387-2 38433 17495439 3872 345313 505-1%-66 632-2 5414%-22 619-83 32427%
FEEDER CATTLE-0.70%Same icon15 94683113 95913717 199-1 40013 318-4310 70423616 572-42757 686-1%1 98769454%5 445-2 26455%
LEAN HOGS2.42%Same icon92 5975 342120 1794 28889 564-7 70357 548-5 89122 62673527 060-23256 7330%-27 5821 054-4%34 468-28 6362%
Other
BITCOIN-1.18%Up icon1 486-141 42738724 9772 62125 9712 2631 800958655230 39810%59-401-87%1 387-2 03361%
VIX FUTURES-3.31%Up icon169 3799 122118 7527 52370 068-1 725119 1741 42629 419-16930 940-1 721375 7103%50 6271 5993%60 40318 71377%
Source from CFTC. Release Schedule of COT report. Download Excel. Download PDF.
* Click on the futures symbols to draw the chart!

COT Report Online With Free Charts

What is the “COT Report” and what exactly does it tell us? How do we evaluate it and how do we use COT data for our trading preparation? This article will give you the answers to those questions.

What is the Commitments of Traders (COT) report?

The Commitments of Traders (COT) report is an exchange report that is published weekly by the American Commodity Futures Trading Commission (CFTC).

The CFTC was created by the US Congress as an independent authority in 1974.

It has the mandate to regulate the commodity and options markets in the United States. Through this oversight, the CFTC ensures that the futures markets perform two important functions: pricing in the commodities sector and reducing price risk in the futures and options market.

The report presents the US futures as transparent financial instruments and thereby creates fair competitive conditions for all large and small traders on the futures markets.

It is usually published at market close (at 21:30 CET) on a Friday on the CFTC website and presents the positions of the market participants subject to reporting requirements. These positions are reported by brokers to the CFTC for analysis and verification. The data refers to the market situation at market close on Tuesday of the relevant trading week.

What information does the report offer?

Firstly, one thing must be clarified: There is no ONE COT report. Instead, there are a number of different formats that have evolved over time since the beginning of reporting. They also highlight special areas of the futures markets, such as the Traders in Financial Futures report (TFF), which covers traders in financial futures contracts such as currencies, US Treasury securities, Eurodollars, stocks, VIX or the Bloomberg Commodity Index.

In this article, I will deal exclusively with the Legacy Report, the report originally broken down by exchange and, specifically, we will regard the “Futures Only” report, not the “Futures and Options Combined” report.

After downloading the current report from the website of the CFTC, you will see the following picture. (click on the graphics to zoom)

The long and short positions of the three groups of market participants can be seen (note: a special feature is the “spreads” value of the group of non-commercials, which we are not interested in at the moment). The report also shows the total open interest in this market.

CFTC Commitments of Traders Short Report – CBT (Futures Only)

Fig. 1: CFTC Commitments of Traders Short Report – CBT (Futures Only)

What groups of market participants can we find in the COT report?

There are two major groups of market participants active in the market: commercials and non-commercials. Non-commercials are also known as large speculators. These two groups are the reporting agent traders, known as reportables. The third group, the non-reportables (often referred to as small speculators or small traders) is calculated by subtracting the total number of long or short positions in the reportables from the total open interest.

Commercials aka the hedgers

The term “commercials” refers to market participants who operate on the futures markets primarily for hedging purposes. Another term for commercials is hedgers. They are typically manufacturing or processing companies that wish to hedge against price fluctuations on the futures market in order to avoid dependence on commodity prices. Commercials do not speculate. They want to protect themselves by opening positions against price expectations.

A commercial produces a product and therefore has a larger stock of the product, or needs the product for his business. Commercials could be, for example, large agricultural cooperatives or multinational production companies (Nestle, Procter & Gamble, etc.)

Non-commercials aka the large speculators

The non-commercials are different. These are the market participants who conduct speculative transactions on a large scale. Typically, this would be the institutional traders, hedge funds or large investment banks, all of whose positions exceed the limit of the reporting obligation.

Non-reportables aka the small fish

The figures for non-reportables are calculated by deducting the totals of the reportables from the total value of open interest. Non-reportables are those market participants who are not subject to reporting requirements, in other words, they are “small traders like you and me”. However, they could also be trading companies (small banks, trading houses), which do not exceed the defined limits on traded contracts.

How do we use the report for our trading?

The report is analyzed for the net positions

We use the COT report as a source of basic information for our actions. However, in the form in which it is available from the CFTC site, it is not very helpful. Compare it to Figure 1, where the raw data must first be evaluated. Let’s take a look at the net positions of the commercials.

The result comes from the difference between the long and short positions of the report. From the example above, we can see:

Net position = 113,175 – 128,957 = – 15,782

which means 15,782 contracts net short

We then present these net values graphically in order to get an overview of the development, and especially the changes of the positions.

Significance of the net positions in terms of the commercial index

After calculating the net positions, we are already one step further, but have not yet reached our goal. The net position itself does not tell us anything about how the commercials have actually positioned themselves. If we only know that the commercials are 15,782 contracts short this week, that does not help us much.

How should this figure be interpreted? Are the commercials now extremely short or are they actually in their normal short range?

We need an indicator that lets us evaluate this figure. And we get it by relating the current position to the positions over a certain period. So, we calculate an index that allows us to evaluate the current position as a percentage:

We calculate the commercial index (as a fixed period, we are looking at three years here):

COT Commercial index as a formula

Fig. 2: COT Commercial index as a formula

With the help of this calculation, we now have some informative value of the current net position, which serves as the basis for our trading.

Why do we pay so much attention to the commercials?

Commercials produce commodities and supply the world market with them. Or they need the commodities in large quantities for their business. The existence of these people depends on the commodities, and of course on the commodity prices. Because of their direct link to commodities, the commercials will predict future price developments much earlier than other participants in the market – and hedge against them.

Commercials usually trade counter cyclically. Their positions allow an inference to be drawn about the expected market movement. This data does not serve as a timing instrument, however!

In other words: Just because the commercials are now moving extremely short does NOT mean that we’re going to go short tomorrow. But it is an indication of a market situation that tends to change. It is now advisable to analyze this market and watch it closely, because there may be movement here soon, which we can then use to our advantage.

Soybeans, Pricechart and COT-Data

Fig. 3: COT Commercial index as a formula

A specific example: Soybeans 12/2018 – 11/2019

You can see the price on the soybeans market and the net positions of the three groups of participants (weekly chart). Look at the net positions of the commercials (red line) and the soya beans price at points A and B and the subsequent price development.

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Disclaimer

Futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

CFTC Rules 4.41 - Hypothetical or Simulated performance results have certain limitations, unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

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