Commitments of Traders ReportCOT
The Commitments of Traders report, published weekly by the US CFTC, breaks down open interest in futures markets by type of trader, such as commercial hedgers and speculators. It is released on Fridays with data as of the preceding Tuesday.
The Commitments of Traders report shows who holds positions in US futures markets. Traders use it to see whether hedgers or speculators are crowding one side of a market. The CFTC is moving the report from weekly to twice-weekly publication, so always check the current schedule.
- Category
- Derivatives
- Reading time
- 4 min
- Also called
- COT report, Commitments of Traders, CFTC positioning report
- Updated
The COT report in plain words
The COT report is the CFTC's weekly breakdown of open interest as of Tuesday, for markets where at least 20 traders hold positions above the reporting thresholds.1
For large reportable traders, it splits positions into commercial and non-commercial, shows spreading, weekly changes, each group's share of open interest and how many traders are in each.2
The schedule is changing: in October 2026 the CFTC said it plans to publish the report twice a week instead of once, by the end of 2026.3
How to read a COT report
Check the dates
Note the timing: positions are usually as of Tuesday and published on Friday.4
Note the release time
Both the futures-only and the futures-and-options reports come out on Fridays at 3:30 p.m. New York time.2
Find your market
Pick the contract, such as a currency, grain or index future.
Split by trader type
Compare commercial (hedger) and non-commercial (speculator) longs and shorts.
Compute net positions
Longs minus shorts for each group, then track the weekly change.
Watch the new schedule
Under the planned twice-weekly schedule, Monday's positions would appear on Wednesday and Wednesday's on Friday.3
Worked examples
Example 1 — Speculator net long
Net long 40,000A hypothetical report shows non-commercials with 60,000 longs and 20,000 shorts.
| Net position | 60,000 − 20,000 = +40,000 |
Non-commercial positions are thought to be the most accurately measured group, which is why many traders start there.5
Example 2 — Weekly change
Net long down 30%Hypothetical non-commercial net long falls from 40,000 to 28,000 in one week.
| Change | 28,000 − 40,000 = −12,000 |
| Percent change | −12,000 ÷ 40,000 = −30% |
The CFTC report includes changes from the previous report, which is how this drop shows up.2
Example 3 — Coverage
80% reportedA hypothetical market has open interest of 500,000 contracts and reportable positions of 400,000.
| Reportable share | 400,000 ÷ 500,000 = 80% |
| Nonreportable | 20% |
Reportable traders usually account for 70–90% of a market's open interest, so the report covers most of it.6
Commercial vs non-commercial traders
| Aspect | Commercial | Non-commercial |
|---|---|---|
| Typical role | Hedgers in the business | Speculators such as funds |
| Why they trade | Offset business risk | Seek profit from price moves |
| Common reading | Often trade against trends | Often follow trends |
| Label is fixed? | Set per commodity | Set per commodity |
How traders use the COT report
Spotting crowded trades
Extreme speculator Position levels can warn of reversals.
Confirming trends
Rising net longs can support a Trend view.
Reading hedger flows
Commercial Hedging shows where producers see value.
Context for open interest
Splits total Open Interest by trader type.
Advantages and disadvantages
Advantages
- Free, official data from a regulator.
- Shows positioning not visible on charts.
- Long history for comparison.
- Covers many futures and options markets.
Disadvantages
- Data is days old when released.
- Labels do not show why traders hold positions.
- Small markets can drop out of the report.
- Readings can stay extreme for a long time.
Going deeper
Read as far as you need. Each level builds on the one before it.
Who counts as commercial
Beginner
The CFTC doesn't know why each trader holds a position, so motives play no part in the labels.4 Labels come from how a trader registers, not from each trade.
Classification limits
Intermediate
Common mistakes
Treating it as real time
The data is several days old on release.
Using it as a timing signal alone
Extremes can last for months.
Ignoring the schedule change
Check whether the twice-weekly release is in effect.
Reading labels too literally
Commercial does not always mean pure hedging.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- The COT report breaks down futures open interest by trader type.
- It has been weekly, with Tuesday data out on Friday.
- The CFTC plans twice-weekly releases by the end of 2026.
- Commercials are mostly hedgers; non-commercials mostly speculators.
- Positioning extremes are context, not timing signals.
Frequently asked questions
Where can I find the COT report?
Does the COT report cover crypto?
Is the COT report still weekly?
Further learning
- Open Interest
The total the report breaks down.
- Hedging
What commercial traders mostly do.
- Position
Reading long and short holdings.
- Trend
Using positioning to confirm trends.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- CFTC. CFTC Glossary (opens in a new tab) Checked .
- CFTC. About the COT Reports (opens in a new tab) Checked .
- CFTC. CFTC press release 9316-26 on semiweekly COT publication (opens in a new tab) Checked .
- CFTC. Commitments of Traders (opens in a new tab) Checked .
- farmdoc (University of Illinois). Does the CFTC Commitments of Traders Report Contain Useful Information? (opens in a new tab) Checked .
- CFTC. Commitments of Traders Explanatory Notes (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.