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Futures Intelligence

Commitment of Traders

Weekly CFTC positioning across equity index, rates, currency, and commodity futures. See where speculators and hedgers are crowded — and where positioning looks stretched enough to matter.

Positioning Extremes This Week

Contracts where speculative positioning is furthest from its own 3-year average — the most-watched contrarian signals.

SoybeansCommodities
z=-2.79 · 3th pctCrowded Short
10-Year Treasury NoteInterest Rates
z=-1.95 · 7th pctCrowded Short
CopperCommodities
z=-1.47 · 6th pctStretched Short
CornCommodities
z=-1.46 · 6th pctStretched Short
Russell 2000Equity Index
z=1.26 · 93th pctStretched Long
VIXEquity Index
z=1.26 · 87th pctStretched Long
Australian DollarCurrencies
z=1.14 · 83th pctStretched Long
Euro FXCurrencies
z=-0.98 · 13th pctStretched Short

Equity Index

S&P 500 (E-mini)

Report Jan 16, 2024 · OI 2,217,057

Neutral

Positioning near its historical average (67th percentile) — no strong crowding signal either direction.

Leveraged Funds (net)-13.5%
Dealers (net)-28.7%
Asset Managers (net)+41.8%

Speculator net position, % of open interest

-9%-12%-15%-18%Jun 23Aug 23Oct 23Nov 23Jan 24

Nasdaq 100 (Mini)

Report Jan 16, 2024 · OI 273,460

Neutral

Positioning near its historical average (37th percentile) — no strong crowding signal either direction.

Leveraged Funds (net)-12.4%
Dealers (net)-18.4%
Asset Managers (net)+31.3%

Speculator net position, % of open interest

4%-4%-13%-21%Jun 23Aug 23Oct 23Nov 23Jan 24

Russell 2000

Report Jun 5, 2018 · OI 10,450

Stretched Long

Net long 2.4% of OI, above its typical range (93th percentile). Worth watching for a positioning unwind.

Leveraged Funds (net)+2.4%
Dealers (net)-5.0%
Asset Managers (net)+2.4%

Speculator net position, % of open interest

13%-0%-14%-27%May 15Feb 16Nov 16Aug 17Jun 18

Dow Jones Industrial Average

Report Dec 16, 2014 · OI 15,724

Neutral

Positioning near its historical average (64th percentile) — no strong crowding signal either direction.

Leveraged Funds (net)+9.4%
Dealers (net)-49.4%
Asset Managers (net)+5.6%

Speculator net position, % of open interest

36%15%-7%-28%Jan 08Oct 08Sep 09Jul 11Dec 14

VIX

Report Jan 23, 2024 · OI 340,313

Stretched Long

Net long -2.9% of OI, above its typical range (87th percentile). Worth watching for a positioning unwind.

Leveraged Funds (net)-2.9%
Dealers (net)+7.4%
Asset Managers (net)-3.6%

Speculator net position, % of open interest

-1%-5%-9%-13%Jun 23Aug 23Oct 23Dec 23Jan 24

Interest Rates

2-Year Treasury Note

Report Jan 23, 2024 · OI 3,942,469

Stretched Long

Net long -36.2% of OI, above its typical range (81th percentile). Worth watching for a positioning unwind.

Leveraged Funds (net)-36.2%
Dealers (net)-7.8%
Asset Managers (net)+30.8%

Speculator net position, % of open interest

-35%-37%-39%-41%Jun 23Aug 23Oct 23Dec 23Jan 24

10-Year Treasury Note

Report Jan 16, 2024 · OI 4,744,714

Crowded Short

Speculators are net short 33.2% of open interest — the 7th percentile of its own ~3-year range. Extreme short positioning has historically preceded short-covering rallies.

Leveraged Funds (net)-33.2%
Dealers (net)-3.3%
Asset Managers (net)+29.3%

Speculator net position, % of open interest

-26%-28%-31%-33%Jun 23Aug 23Oct 23Nov 23Jan 24

30-Year Treasury Bond

Report Jan 23, 2024 · OI 1,443,490

Neutral

Positioning near its historical average (52th percentile) — no strong crowding signal either direction.

Leveraged Funds (net)-28.4%
Dealers (net)-11.7%
Asset Managers (net)+35.7%

Speculator net position, % of open interest

-22%-26%-31%-36%Jun 23Aug 23Oct 23Dec 23Jan 24

Currencies

Euro FX

Report Jan 23, 2024 · OI 725,423

Stretched Short

Net short 0.5% of OI, below its typical range (13th percentile).

Leveraged Funds (net)+0.5%
Dealers (net)-59.0%
Asset Managers (net)+52.1%

Speculator net position, % of open interest

4%2%1%-1%Jun 23Aug 23Oct 23Dec 23Jan 24

Japanese Yen

Report Jan 16, 2024 · OI 213,309

Neutral

Positioning near its historical average (60th percentile) — no strong crowding signal either direction.

Leveraged Funds (net)-17.0%
Dealers (net)+16.7%
Asset Managers (net)-3.5%

Speculator net position, % of open interest

-12%-18%-25%-32%Jun 23Aug 23Oct 23Nov 23Jan 24

British Pound

Report Jan 16, 2024 · OI 179,758

Neutral

Positioning near its historical average (53th percentile) — no strong crowding signal either direction.

Leveraged Funds (net)+15.5%
Dealers (net)+5.6%
Asset Managers (net)-20.0%

Speculator net position, % of open interest

26%18%10%1%Jun 23Aug 23Oct 23Nov 23Jan 24

Australian Dollar

Report Jan 16, 2024 · OI 163,442

Stretched Long

Net long 5.2% of OI, above its typical range (83th percentile). Worth watching for a positioning unwind.

Leveraged Funds (net)+5.2%
Dealers (net)+25.8%
Asset Managers (net)-40.3%

Speculator net position, % of open interest

11%4%-3%-10%Jun 23Aug 23Oct 23Nov 23Jan 24

Commodities

Gold

Report Jan 23, 2024 · OI 465,872

Neutral

Positioning near its historical average (61th percentile) — no strong crowding signal either direction.

Non-Commercial / Specs (net)+36.4%
Commercial / Hedgers (net)-41.2%

Speculator net position, % of open interest

42%34%25%16%Jun 23Aug 23Oct 23Dec 23Jan 24

Silver

Report Jan 23, 2024 · OI 138,617

Stretched Short

Net short 12.8% of OI, below its typical range (23th percentile).

Non-Commercial / Specs (net)+12.8%
Commercial / Hedgers (net)-24.6%

Speculator net position, % of open interest

30%22%14%6%Jun 23Aug 23Oct 23Dec 23Jan 24

WTI Crude Oil

Report Jan 23, 2024 · OI 597,807

Stretched Long

Net long 6.2% of OI, above its typical range (81th percentile). Worth watching for a positioning unwind.

Non-Commercial / Specs (net)+6.2%
Commercial / Hedgers (net)-6.1%

Speculator net position, % of open interest

9%5%1%-4%Jun 23Aug 23Oct 23Dec 23Jan 24

Natural Gas

Report Jul 20, 1999 · OI 1,108

Neutral

Positioning near its historical average (91th percentile) — no strong crowding signal either direction.

Non-Commercial / Specs (net)0.0%
Commercial / Hedgers (net)+18.2%

Speculator net position, % of open interest

6%-1%-10%-17%Aug 95May 96Aug 97Jun 98Jul 99

Copper

Report Jan 23, 2024 · OI 233,110

Stretched Short

Net short 12.8% of OI, below its typical range (6th percentile).

Non-Commercial / Specs (net)-12.8%
Commercial / Hedgers (net)+11.9%

Speculator net position, % of open interest

5%-1%-7%-13%Jun 23Aug 23Oct 23Dec 23Jan 24

Corn

Report Jan 23, 2024 · OI 1,584,896

Stretched Short

Net short 13.8% of OI, below its typical range (6th percentile).

Non-Commercial / Specs (net)-13.8%
Commercial / Hedgers (net)+15.1%

Speculator net position, % of open interest

9%1%-7%-15%Jun 23Aug 23Oct 23Dec 23Jan 24

Soybeans

Report Jan 16, 2024 · OI 680,005

Crowded Short

Speculators are net short 13.8% of open interest — the 3th percentile of its own ~3-year range. Extreme short positioning has historically preceded short-covering rallies.

Non-Commercial / Specs (net)-13.8%
Commercial / Hedgers (net)+16.5%

Speculator net position, % of open interest

20%9%-3%-14%Jun 23Aug 23Oct 23Nov 23Jan 24

Wheat

Report Jan 23, 2024 · OI 409,879

Neutral

Positioning near its historical average (74th percentile) — no strong crowding signal either direction.

Non-Commercial / Specs (net)-10.4%
Commercial / Hedgers (net)+12.0%

Speculator net position, % of open interest

-7%-12%-18%-24%Jun 23Aug 23Oct 23Dec 23Jan 24

Positioning data synced Jul 18, 2026, 5:27 AM

Data via CFTC Commitment of Traders reports · Published weekly, Fridays ~3:30pm ET, as of the prior Tuesday · “Speculators” = Leveraged Funds (financial futures) or Non-Commercial (commodities) · Extremity measured vs. each contract's own 3-year range

Important: This simulation uses historical return parameters and random sampling to model potential outcomes. It does not constitute financial advice and does not predict future returns. Past performance is not indicative of future results. Actual returns will vary. Always consult a qualified financial adviser before making investment decisions. Terms of Use