Direct answer: The Commitments of Traders (COT) report is a weekly report from the U.S. Commodity Futures Trading Commission (CFTC) that shows who holds open positions in futures markets, broken down by type of trader. It is generally released Fridays at 3:30 p.m. Eastern, using positions as of the previous Tuesday. Grain traders use it mainly to see how long or short the speculative funds are.
What the COT report covers
The CFTC publishes the report for futures and options markets where 20 or more traders hold positions at or above the commission's reporting levels. That includes the major grain contracts The Daily Board follows: CBOT corn, soybeans, soybean meal, soybean oil and Chicago wheat, Kansas City hard red winter wheat, and Minneapolis hard red spring wheat.
The CFTC puts out several versions:
Legacy: splits positions into commercial and non-commercial traders. This is the oldest format and the one many long-term charts are built on.
Disaggregated: splits positions into four groups: producer/merchant/processor/user, swap dealers, managed money, and other reportables. This is the version most grain analysts quote today.
Supplemental: covers a set of agricultural contracts and breaks out index traders.
Positions too small to be reported individually are shown separately as non-reportable.
The timing catch
The data is a snapshot as of Tuesday's close. The CFTC needs a few days to process it, so the report lands Friday afternoon. By then, three more sessions have traded.
That lag matters. If funds were heavy sellers Wednesday and Thursday, Friday's report will not show it. Treat the COT as a reliable read on where positioning stood, not a live feed of what funds are doing today.
How to read managed money
Managed money is the Disaggregated report's category for professional money managers: commodity trading advisors, hedge funds and similar. They trade for profit, not to hedge a physical crop, so their position is the cleanest read on speculative sentiment.
The number most often quoted is the net position: managed money longs minus managed money shorts.
A large net long means funds are betting on higher prices. If the bullish story fades, they have a lot to sell.
A large net short means funds are betting on lower prices. If weather or demand turns, they have a lot to buy back, which can fuel a fast rally (a short-covering rally).
A position near flat means funds have no strong conviction either way.
The commercial side usually mirrors it. Grain companies, processors and farmers hedging crop are natural sellers of futures when prices are high, so commercials often sit net short while funds sit net long, and the reverse.
Why it matters on the Prairies
Fund positioning helps explain moves that do not line up with the fundamentals of the day. When Chicago wheat rallies hard on modest news, a large managed money short being covered is often part of the reason. The Daily Board's wheat reads regularly note when funds are heavily short, because a crowded position changes how the market reacts to fresh news.
For a Prairie grower, that matters because Minneapolis spring wheat and ICE canola often move in sympathy with the U.S. boards. A fund-driven swing in Chicago can show up in your futures leg even when nothing changed on your farm.
What the COT report is not
It is not a timing signal. A crowded short can stay crowded for months when supplies are heavy. It shows how the market is positioned, not when that positioning will change.
It also covers U.S.-regulated markets. ICE canola trades on ICE Futures U.S., so check the CFTC's listings for current coverage before assuming a canola breakdown is available in a given format.
Frequently asked questions
What is the Commitments of Traders report?
A weekly report from the U.S. Commodity Futures Trading Commission (CFTC) that breaks down open positions in futures and options markets by type of trader, such as commercial hedgers and managed money funds.
When does the COT report come out?
It is generally published Fridays at 3:30 p.m. Eastern, using positions as of the close on the Tuesday of that week. Holidays can push the release later.
What does managed money mean in the COT report?
Managed money is the Disaggregated report's category for professional money managers such as commodity trading advisors and hedge funds. Their net long or net short position is the most-watched measure of speculative sentiment.
Does a large fund short position mean prices will rise?
Not by itself. A crowded short can fuel a sharp rally if funds rush to buy back, but it can also persist for months when supplies are ample. It shows how the market is positioned, not where it is going.
See also the commodity market glossary, the corn futures guide, and How to Read The Daily Board.
