Oil PV% = oil value ÷ (oil value + meal value), computed from CBOT nearby soybean oil (ZL) and meal (ZM) at 11 lb oil + 44 lb meal per bushel. Meal drove the crush for decades (oil ~30–35% of value); the renewable-diesel bid has lifted oil's share. A rising line = the fuel/food bid repricing the bean toward its oil.
| Week | Oil PV% |
|---|---|
| 2024-08-09 | 39.1 |
| 2024-08-16 | 39.8 |
| 2024-08-23 | 41.2 |
| 2024-08-30 | 39.8 |
| 2024-09-06 | 39.2 |
| 2024-09-13 | 39.5 |
| 2024-09-20 | 39.8 |
| 2024-09-27 | 40.2 |
| 2024-10-04 | 40.9 |
| 2024-10-11 | 40.1 |
| 2024-10-18 | 41.7 |
| 2024-10-25 | 43.0 |
| 2024-11-01 | 44.7 |
| 2024-11-08 | 43.6 |
| 2024-11-15 | 42.3 |
| 2024-11-22 | 41.2 |
| 2024-11-29 | 42.3 |
| 2024-12-06 | 42.6 |
| 2024-12-13 | 41.3 |
| 2024-12-20 | 39.2 |
| 2024-12-27 | 39.0 |
| 2025-01-03 | 42.0 |
| 2025-01-10 | 43.3 |
| 2025-01-17 | 41.7 |
| 2025-01-24 | 42.5 |
| 2025-01-31 | 42.6 |
| 2025-02-07 | 44.1 |
| 2025-02-14 | 44.4 |
| 2025-02-21 | 43.5 |
| 2025-02-28 | 41.8 |
| 2025-03-07 | 40.4 |
| 2025-03-14 | 41.8 |
| 2025-03-21 | 42.9 |
| 2025-03-28 | 45.0 |
| 2025-04-04 | 43.7 |
| 2025-04-11 | 44.7 |
| 2025-04-18 | 46.2 |
| 2025-04-25 | 46.3 |
| 2025-05-02 | 45.5 |
| 2025-05-09 | 45.4 |
| 2025-05-16 | 45.1 |
| 2025-05-23 | 44.9 |
| 2025-05-30 | 44.0 |
| 2025-06-06 | 44.7 |
| 2025-06-13 | 49.0 |
| 2025-06-20 | 49.2 |
| 2025-06-27 | 50.0 |
| 2025-07-04 | 50.0 |
| 2025-07-11 | 51.1 |
| 2025-07-18 | 51.2 |
| 2025-07-25 | 51.5 |
| 2025-08-01 | 49.5 |
| 2025-08-08 | 48.0 |
| 2025-08-15 | 47.5 |
| 2025-08-22 | 47.5 |
| 2025-08-29 | 47.8 |
| 2025-09-05 | 46.9 |
| 2025-09-12 | 47.2 |
| 2025-09-19 | 48.1 |
| 2025-09-26 | 47.9 |
| 2025-10-03 | 48.3 |
| 2025-10-10 | 47.9 |
| 2025-10-17 | 46.5 |
| 2025-10-24 | 44.0 |
| 2025-10-31 | 44.1 |
| 2025-11-07 | 43.4 |
| 2025-11-14 | 44.6 |
| 2025-11-21 | 44.5 |
| 2025-11-28 | 45.5 |
| 2025-12-05 | 45.8 |
| 2025-12-12 | 44.6 |
| 2025-12-19 | 44.6 |
| 2025-12-26 | 44.9 |
| 2026-01-02 | 44.9 |
| 2026-01-09 | 47.8 |
| 2026-01-16 | 47.6 |
| 2026-01-23 | 47.7 |
| 2026-01-30 | 47.9 |
| 2026-02-06 | 48.3 |
| 2026-02-13 | 49.5 |
| 2026-02-20 | 49.1 |
| 2026-02-27 | 51.7 |
| 2026-03-06 | 51.3 |
| 2026-03-13 | 49.6 |
| 2026-03-20 | 51.4 |
| 2026-03-27 | 52.2 |
| 2026-04-03 | 51.6 |
| 2026-04-10 | 51.0 |
| 2026-04-17 | 52.8 |
| 2026-04-24 | 54.2 |
| 2026-05-01 | 53.9 |
| 2026-05-08 | 52.2 |
| 2026-05-15 | 52.9 |
| 2026-05-22 | 53.4 |
| 2026-05-29 | 54.9 |
| 2026-06-05 | 55.2 |
| 2026-06-12 | 53.6 |
| 2026-06-19 | 53.5 |
| 2026-06-26 | 52.1 |
| 2026-07-03 | 52.4 |
| 2026-07-10 | 52.9 |
| 2026-07-17 | 53.4 |
| 2026-07-24 | 52.1 |
| 2026-07-31 | 51.1 |
Fats, oils & greases (FOG) consumed for U.S. biomass-based diesel (EIA, monthly). Soy oil volume has climbed with the renewable-diesel buildout, yet its share of the feedstock basket has fallen as used cooking oil, tallow and distillers corn oil — cheaper, lower carbon-intensity — take an ever-larger slice. Volume up, share down is the substitution signal.
| Month | Soy share (%) | Soy oil (MMlb) | Total FOG (MMlb) |
|---|---|---|---|
| 2021-01 | 50.2 | 683 | 1,361 |
| 2021-02 | 47.0 | 553 | 1,177 |
| 2021-03 | 48.7 | 749 | 1,539 |
| 2021-04 | 50.9 | 700 | 1,374 |
| 2021-05 | 50.6 | 786 | 1,553 |
| 2021-06 | 46.2 | 680 | 1,473 |
| 2021-07 | 46.0 | 808 | 1,755 |
| 2021-08 | 48.4 | 823 | 1,700 |
| 2021-09 | 52.6 | 779 | 1,482 |
| 2021-10 | 47.8 | 832 | 1,739 |
| 2021-11 | 47.6 | 818 | 1,720 |
| 2021-12 | 47.8 | 938 | 1,964 |
| 2022-01 | 45.7 | 791 | 1,732 |
| 2022-02 | 50.9 | 758 | 1,490 |
| 2022-03 | 53.4 | 919 | 1,722 |
| 2022-04 | 46.4 | 842 | 1,814 |
| 2022-05 | 43.6 | 856 | 1,964 |
| 2022-06 | 42.1 | 810 | 1,924 |
| 2022-07 | 45.6 | 956 | 2,098 |
| 2022-08 | 43.9 | 925 | 2,106 |
| 2022-09 | 45.2 | 932 | 2,062 |
| 2022-10 | 43.7 | 906 | 2,071 |
| 2022-11 | 44.8 | 943 | 2,104 |
| 2022-12 | 42.8 | 886 | 2,070 |
| 2023-01 | 38.9 | 941 | 2,419 |
| 2023-02 | 41.5 | 934 | 2,248 |
| 2023-03 | 35.7 | 952 | 2,667 |
| 2023-04 | 35.5 | 927 | 2,609 |
| 2023-05 | 37.8 | 1,141 | 3,017 |
| 2023-06 | 40.0 | 1,207 | 3,019 |
| 2023-07 | 44.4 | 1,273 | 2,864 |
| 2023-08 | 39.8 | 1,192 | 2,993 |
| 2023-09 | 38.8 | 1,207 | 3,113 |
| 2023-10 | 36.8 | 1,062 | 2,882 |
| 2023-11 | 37.1 | 1,065 | 2,873 |
| 2023-12 | 34.6 | 1,142 | 3,296 |
| 2024-01 | 32.2 | 957 | 2,973 |
| 2024-02 | 30.8 | 891 | 2,889 |
| 2024-03 | 34.5 | 1,029 | 2,986 |
| 2024-04 | 34.7 | 1,063 | 3,061 |
| 2024-05 | 37.2 | 1,083 | 2,911 |
| 2024-06 | 36.5 | 1,270 | 3,479 |
| 2024-07 | 32.9 | 1,139 | 3,466 |
| 2024-08 | 35.3 | 1,217 | 3,451 |
| 2024-09 | 35.8 | 1,076 | 3,007 |
| 2024-10 | 36.4 | 1,232 | 3,389 |
| 2024-11 | 35.8 | 1,197 | 3,347 |
| 2024-12 | 34.5 | 1,166 | 3,378 |
| 2025-01 | 27.9 | 654 | 2,346 |
| 2025-02 | 27.6 | 576 | 2,090 |
| 2025-03 | 30.8 | 832 | 2,703 |
| 2025-04 | 31.6 | 829 | 2,625 |
| 2025-05 | 35.0 | 1,025 | 2,931 |
| 2025-06 | 35.8 | 1,045 | 2,918 |
| 2025-07 | 37.0 | 1,108 | 2,991 |
| 2025-08 | 39.2 | 1,041 | 2,659 |
| 2025-09 | 34.8 | 1,053 | 3,027 |
| 2025-10 | 33.7 | 1,006 | 2,983 |
| 2025-11 | 33.3 | 930 | 2,793 |
| 2025-12 | 30.5 | 859 | 2,816 |
| 2026-01 | 42.6 | 978 | 2,294 |
| 2026-02 | 43.0 | 1,058 | 2,459 |
| 2026-03 | 40.3 | 1,283 | 3,183 |
| 2026-04 | 36.5 | 1,224 | 3,353 |
Managed money (hedge funds & CTAs) net long position by week of year, overlapping across all available years. Extreme readings — especially multi-year highs or lows — historically coincide with price turning points.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | -20.7 | -58.6 | 43.0 |
| Jan 13 | -17.1 | -63.5 | 10.5 |
| Jan 20 | -38.2 | -61.2 | -4.1 |
| Jan 27 | -31.8 | -52.3 | -19.0 |
| Feb 03 | -21.7 | -33.5 | -22.1 |
| Feb 10 | -14.3 | -47.2 | -14.6 |
| Feb 17 | -1.8 | -57.0 | -27.6 |
| Feb 24 | 31.7 | -63.2 | -30.7 |
| Mar 03 | 62.1 | -85.3 | -47.6 |
| Mar 10 | 80.7 | -72.0 | -49.5 |
| Mar 17 | 83.9 | -61.0 | -50.9 |
| Mar 24 | 107.9 | -84.0 | -46.9 |
| Mar 31 | 99.9 | -100.7 | -29.8 |
| Apr 07 | 93.5 | -97.6 | -42.9 |
| Apr 14 | 135.7 | -69.6 | -24.1 |
| Apr 21 | 120.9 | -73.5 | -10.5 |
| Apr 28 | 121.2 | -98.2 | 19.7 |
| May 05 | 110.9 | -103.5 | 43.6 |
| May 12 | 116.1 | -102.7 | 88.0 |
| May 19 | 130.6 | -107.5 | 99.2 |
| May 26 | 123.0 | -93.8 | 100.9 |
| Jun 02 | 127.1 | -96.7 | 118.3 |
| Jun 09 | 52.6 | -86.8 | 100.7 |
| Jun 16 | 17.5 | -107.1 | 92.9 |
| Jun 23 | 8.6 | -110.1 | 99.3 |
| Jun 30 | 1.8 | -131.9 | 87.4 |
| Jul 07 | 19.0 | -131.5 | 73.5 |
| Jul 14 | 47.9 | -133.0 | 60.7 |
| Jul 21 | 75.2 | -129.7 | 26.9 |
| Jul 28 | 88.7 | -133.4 | 15.3 |
Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are typically net short (forward sellers); a move toward net long is historically bullish.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 5.9 | 27.0 | -43.8 |
| Jan 13 | -6.1 | 27.9 | -13.9 |
| Jan 20 | 16.8 | 26.3 | -8.1 |
| Jan 27 | -0.3 | 22.6 | 6.7 |
| Feb 03 | -8.1 | 0.8 | 16.1 |
| Feb 10 | -19.9 | 12.1 | 13.9 |
| Feb 17 | -33.8 | 20.2 | 25.3 |
| Feb 24 | -68.8 | 30.9 | 25.6 |
| Mar 03 | -87.7 | 53.5 | 49.8 |
| Mar 10 | -115.6 | 40.1 | 44.0 |
| Mar 17 | -116.7 | 26.6 | 41.7 |
| Mar 24 | -149.2 | 46.9 | 32.5 |
| Mar 31 | -138.9 | 55.7 | 14.0 |
| Apr 07 | -133.3 | 51.7 | 27.8 |
| Apr 14 | -173.7 | 33.6 | 6.5 |
| Apr 21 | -157.3 | 41.3 | 1.4 |
| Apr 28 | -156.5 | 61.7 | -31.7 |
| May 05 | -153.2 | 61.9 | -55.0 |
| May 12 | -158.4 | 61.8 | -106.5 |
| May 19 | -181.7 | 64.8 | -120.7 |
| May 26 | -175.2 | 53.1 | -125.2 |
| Jun 02 | -170.2 | 58.3 | -145.0 |
| Jun 09 | -91.2 | 50.5 | -119.7 |
| Jun 16 | -63.9 | 78.4 | -113.2 |
| Jun 23 | -52.7 | 73.9 | -120.1 |
| Jun 30 | -50.0 | 87.9 | -103.0 |
| Jul 07 | -75.2 | 90.2 | -93.6 |
| Jul 14 | -101.1 | 85.4 | -80.5 |
| Jul 21 | -127.6 | 78.4 | -43.5 |
| Jul 28 | -137.8 | 90.4 | -36.1 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 66.4 | 61.6 | 87.3 |
| Jan 13 | 71.5 | 53.1 | 70.5 |
| Jan 20 | 70.4 | 54.0 | 63.8 |
| Jan 27 | 74.4 | 55.1 | 55.4 |
| Feb 03 | 73.1 | 57.8 | 51.9 |
| Feb 10 | 71.1 | 57.2 | 58.1 |
| Feb 17 | 74.3 | 55.3 | 60.5 |
| Feb 24 | 90.7 | 56.2 | 64.2 |
| Mar 03 | 109.2 | 55.1 | 60.7 |
| Mar 10 | 115.3 | 57.6 | 64.0 |
| Mar 17 | 124.2 | 63.5 | 61.4 |
| Mar 24 | 136.4 | 54.7 | 64.1 |
| Mar 31 | 132.1 | 51.3 | 70.6 |
| Apr 07 | 125.2 | 53.1 | 66.1 |
| Apr 14 | 156.9 | 55.8 | 70.3 |
| Apr 21 | 145.3 | 55.5 | 81.7 |
| Apr 28 | 151.9 | 54.8 | 99.8 |
| May 05 | 147.0 | 58.2 | 112.3 |
| May 12 | 150.3 | 60.2 | 121.6 |
| May 19 | 157.4 | 59.1 | 131.9 |
| May 26 | 151.2 | 64.1 | 135.0 |
| Jun 02 | 150.8 | 63.2 | 146.8 |
| Jun 09 | 112.9 | 63.0 | 131.7 |
| Jun 16 | 109.4 | 56.1 | 121.4 |
| Jun 23 | 107.8 | 54.6 | 128.2 |
| Jun 30 | 107.7 | 52.3 | 129.5 |
| Jul 07 | 116.0 | 48.1 | 128.8 |
| Jul 14 | 120.0 | 50.0 | 120.5 |
| Jul 21 | 130.1 | 49.4 | 106.4 |
| Jul 28 | 132.2 | 49.9 | 98.0 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 87.1 | 120.2 | 44.2 |
| Jan 13 | 88.6 | 116.7 | 60.1 |
| Jan 20 | 108.6 | 115.3 | 67.9 |
| Jan 27 | 106.2 | 107.4 | 74.4 |
| Feb 03 | 94.8 | 91.3 | 74.0 |
| Feb 10 | 85.5 | 104.5 | 72.7 |
| Feb 17 | 76.1 | 112.3 | 88.1 |
| Feb 24 | 59.0 | 119.4 | 94.9 |
| Mar 03 | 47.2 | 140.4 | 108.4 |
| Mar 10 | 34.7 | 129.6 | 113.6 |
| Mar 17 | 40.3 | 124.5 | 112.3 |
| Mar 24 | 28.5 | 138.8 | 111.0 |
| Mar 31 | 32.2 | 152.0 | 100.4 |
| Apr 07 | 31.7 | 150.8 | 109.0 |
| Apr 14 | 21.1 | 125.4 | 94.4 |
| Apr 21 | 24.5 | 129.0 | 92.2 |
| Apr 28 | 30.7 | 153.1 | 80.1 |
| May 05 | 36.0 | 161.7 | 68.7 |
| May 12 | 34.2 | 162.9 | 33.6 |
| May 19 | 26.8 | 166.5 | 32.6 |
| May 26 | 28.2 | 157.8 | 34.0 |
| Jun 02 | 23.8 | 159.9 | 28.5 |
| Jun 09 | 60.3 | 149.8 | 31.0 |
| Jun 16 | 92.0 | 163.2 | 28.5 |
| Jun 23 | 99.2 | 164.7 | 28.9 |
| Jun 30 | 105.8 | 184.2 | 42.1 |
| Jul 07 | 97.0 | 179.5 | 55.3 |
| Jul 14 | 72.1 | 183.1 | 59.8 |
| Jul 21 | 54.9 | 179.1 | 79.5 |
| Jul 28 | 43.6 | 183.2 | 82.7 |
Total open interest across all participant categories. Rising OI with a directional move confirms the trend; falling OI suggests position liquidation rather than new conviction.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 551.2 | 607.0 | 489.9 |
| Jan 13 | 581.4 | 628.5 | 515.5 |
| Jan 20 | 599.2 | 640.6 | 547.3 |
| Jan 27 | 600.3 | 646.5 | 566.1 |
| Feb 03 | 613.3 | 670.1 | 564.0 |
| Feb 10 | 600.9 | 653.2 | 578.1 |
| Feb 17 | 598.7 | 657.9 | 597.2 |
| Feb 24 | 556.9 | 595.2 | 598.6 |
| Mar 03 | 584.4 | 610.5 | 541.0 |
| Mar 10 | 595.1 | 608.1 | 540.9 |
| Mar 17 | 605.5 | 614.5 | 535.5 |
| Mar 24 | 648.3 | 631.7 | 549.6 |
| Mar 31 | 659.2 | 661.6 | 544.4 |
| Apr 07 | 669.1 | 694.0 | 558.7 |
| Apr 14 | 683.7 | 674.6 | 547.3 |
| Apr 21 | 694.3 | 675.6 | 545.1 |
| Apr 28 | 637.9 | 607.4 | 543.7 |
| May 05 | 633.7 | 633.1 | 498.9 |
| May 12 | 651.3 | 649.7 | 526.4 |
| May 19 | 685.6 | 663.7 | 534.5 |
| May 26 | 690.5 | 657.4 | 529.6 |
| Jun 02 | 725.3 | 668.9 | 536.6 |
| Jun 09 | 682.1 | 671.1 | 541.5 |
| Jun 16 | 717.5 | 722.7 | 546.5 |
| Jun 23 | 695.6 | 683.2 | 584.4 |
| Jun 30 | 646.4 | 703.3 | 542.2 |
| Jul 07 | 655.8 | 725.8 | 549.7 |
| Jul 14 | 658.3 | 755.7 | 579.5 |
| Jul 21 | 684.2 | 761.5 | 596.2 |
| Jul 28 | 675.5 | 740.7 | 595.4 |
Nearby futures price (ZM=F). Price shown for context; COT positioning is the primary signal.
| Date | Price ($/ton) |
|---|---|
| 2024-01-01 | 368.60 |
| 2024-01-08 | 351.30 |
| 2024-01-15 | 356.50 |
| 2024-01-22 | 349.00 |
| 2024-01-29 | 356.80 |
| 2024-02-05 | 346.80 |
| 2024-02-12 | 345.60 |
| 2024-02-19 | 331.50 |
| 2024-02-26 | 334.00 |
| 2024-03-04 | 341.30 |
| 2024-03-11 | 334.70 |
| 2024-03-18 | 339.10 |
| 2024-03-25 | 337.70 |
| 2024-04-01 | 333.10 |
| 2024-04-08 | 344.40 |
| 2024-04-15 | 343.70 |
| 2024-04-22 | 340.00 |
| 2024-04-29 | 366.50 |
| 2024-05-06 | 367.00 |
| 2024-05-13 | 368.80 |
| 2024-05-20 | 386.50 |
| 2024-05-27 | 364.70 |
| 2024-06-03 | 360.70 |
| 2024-06-10 | 368.40 |
| 2024-06-17 | 361.80 |
| 2024-06-24 | 360.50 |
| 2024-07-01 | 387.00 |
| 2024-07-08 | 368.50 |
| 2024-07-15 | 336.80 |
| 2024-07-22 | 353.30 |
| 2024-07-29 | 361.50 |
| 2024-08-05 | 326.30 |
| 2024-08-12 | 303.40 |
| 2024-08-19 | 306.30 |
| 2024-08-26 | 311.60 |
| 2024-09-02 | 318.40 |
| 2024-09-09 | 315.40 |
| 2024-09-16 | 317.40 |
| 2024-09-23 | 343.70 |
| 2024-09-30 | 330.50 |
| 2024-10-07 | 316.50 |
| 2024-10-14 | 315.60 |
| 2024-10-21 | 305.80 |
| 2024-10-28 | 295.30 |
| 2024-11-04 | 296.20 |
| 2024-11-11 | 289.60 |
| 2024-11-18 | 289.20 |
| 2024-11-25 | 287.10 |
| 2024-12-02 | 283.80 |
| 2024-12-09 | 284.10 |
| 2024-12-16 | 294.50 |
| 2024-12-23 | 300.90 |
| 2024-12-30 | 299.90 |
| 2025-01-06 | 290.60 |
| 2025-01-13 | 297.20 |
| 2025-01-20 | 304.90 |
| 2025-01-27 | 301.10 |
| 2025-02-03 | 301.40 |
| 2025-02-10 | 295.90 |
| 2025-02-17 | 294.80 |
| 2025-02-24 | 291.70 |
| 2025-03-03 | 296.50 |
| 2025-03-10 | 298.90 |
| 2025-03-17 | 300.30 |
| 2025-03-24 | 293.50 |
| 2025-03-31 | 283.10 |
| 2025-04-07 | 299.60 |
| 2025-04-14 | 295.60 |
| 2025-04-21 | 290.00 |
| 2025-04-28 | 290.20 |
| 2025-05-05 | 287.20 |
| 2025-05-12 | 291.90 |
| 2025-05-19 | 296.20 |
| 2025-05-26 | 296.30 |
| 2025-06-02 | 295.70 |
| 2025-06-09 | 291.90 |
| 2025-06-16 | 284.10 |
| 2025-06-23 | 271.10 |
| 2025-06-30 | 273.80 |
| 2025-07-07 | 267.60 |
| 2025-07-14 | 274.00 |
| 2025-07-21 | 267.80 |
| 2025-07-28 | 267.50 |
| 2025-08-04 | 273.40 |
| 2025-08-11 | 283.40 |
| 2025-08-18 | 296.70 |
| 2025-08-25 | 283.60 |
| 2025-09-01 | 280.50 |
| 2025-09-08 | 288.30 |
| 2025-09-15 | 282.90 |
| 2025-09-22 | 268.80 |
| 2025-09-29 | 270.70 |
| 2025-10-06 | 267.40 |
| 2025-10-13 | 281.00 |
| 2025-10-20 | 294.10 |
| 2025-10-27 | 321.60 |
| 2025-11-03 | 317.10 |
| 2025-11-10 | 322.50 |
| 2025-11-17 | 315.10 |
| 2025-11-24 | 314.40 |
| 2025-12-01 | 304.70 |
| 2025-12-08 | 300.60 |
| 2025-12-15 | 297.60 |
| 2025-12-22 | 303.70 |
| 2025-12-29 | 291.00 |
| 2026-01-05 | 300.00 |
| 2026-01-12 | 290.00 |
| 2026-01-19 | 299.90 |
| 2026-01-26 | 293.60 |
| 2026-02-02 | 303.60 |
| 2026-02-09 | 309.20 |
| 2026-02-16 | 309.80 |
| 2026-02-23 | 315.50 |
| 2026-03-02 | 313.10 |
| 2026-03-09 | 319.90 |
| 2026-03-16 | 328.00 |
| 2026-03-23 | 315.30 |
| 2026-03-30 | 315.20 |
| 2026-04-06 | 331.80 |
| 2026-04-13 | 331.80 |
| 2026-04-20 | 324.30 |
| 2026-04-27 | 320.80 |
| 2026-05-04 | 322.50 |
| 2026-05-11 | 334.30 |
| 2026-05-18 | 331.90 |
| 2026-05-25 | 329.80 |
| 2026-06-01 | 308.50 |
| 2026-06-08 | 301.30 |
| 2026-06-15 | 301.30 |
| 2026-06-22 | 307.00 |
| 2026-06-29 | 307.70 |
| 2026-07-06 | 323.10 |
| 2026-07-13 | 320.20 |
| 2026-07-20 | 331.30 |
| 2026-07-27 | 320.90 |
Managed money (hedge funds & CTAs) net long position by week of year, overlapping across all available years. Extreme readings — especially multi-year highs or lows — historically coincide with price turning points.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | -66.6 | -32.0 | -50.6 |
| Jan 13 | -53.0 | 7.7 | -46.6 |
| Jan 20 | -25.3 | 24.2 | -47.0 |
| Jan 27 | 13.3 | 39.8 | -44.7 |
| Feb 03 | 9.8 | 42.2 | -54.4 |
| Feb 10 | 33.1 | 46.6 | -44.2 |
| Feb 17 | 41.8 | 53.5 | -35.4 |
| Feb 24 | 63.3 | 43.1 | -52.8 |
| Mar 03 | 75.5 | 9.7 | -52.3 |
| Mar 10 | 108.8 | -13.9 | -62.5 |
| Mar 17 | 122.4 | -27.6 | -33.4 |
| Mar 24 | 122.6 | -44.6 | -14.7 |
| Mar 31 | 135.8 | -5.8 | 1.0 |
| Apr 07 | 150.7 | 30.1 | 8.4 |
| Apr 14 | 148.3 | 41.0 | -4.1 |
| Apr 21 | 165.4 | 50.9 | -53.3 |
| Apr 28 | 165.7 | 63.4 | -49.5 |
| May 05 | 169.1 | 56.7 | -66.9 |
| May 12 | 162.3 | 67.4 | -65.7 |
| May 19 | 156.4 | 57.3 | -61.8 |
| May 26 | 141.4 | 54.0 | -46.5 |
| Jun 02 | 156.4 | 32.0 | -41.8 |
| Jun 09 | 131.4 | 24.8 | -57.7 |
| Jun 16 | 122.9 | 46.1 | -75.8 |
| Jun 23 | 103.6 | 44.3 | -85.0 |
| Jun 30 | 92.2 | 39.4 | -108.5 |
| Jul 07 | 89.2 | 37.7 | -61.9 |
| Jul 14 | 113.0 | 43.2 | -17.0 |
| Jul 21 | 125.3 | 55.3 | -16.6 |
| Jul 28 | 109.9 | 66.6 | -29.6 |
Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are typically net short (forward sellers); a move toward net long is historically bullish.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 74.5 | -1.4 | 31.8 |
| Jan 13 | 46.4 | -35.2 | 30.0 |
| Jan 20 | 18.7 | -40.2 | 28.9 |
| Jan 27 | -23.0 | -55.3 | 23.9 |
| Feb 03 | -14.4 | -60.5 | 36.9 |
| Feb 10 | -44.9 | -66.1 | 33.6 |
| Feb 17 | -47.7 | -75.1 | 27.9 |
| Feb 24 | -67.9 | -57.0 | 37.7 |
| Mar 03 | -78.2 | -20.9 | 39.7 |
| Mar 10 | -112.3 | 3.2 | 52.7 |
| Mar 17 | -133.3 | 12.2 | 32.3 |
| Mar 24 | -130.1 | 28.0 | 17.6 |
| Mar 31 | -148.4 | -13.4 | 6.4 |
| Apr 07 | -165.9 | -50.4 | 1.7 |
| Apr 14 | -154.4 | -58.9 | 13.4 |
| Apr 21 | -183.7 | -64.2 | 43.3 |
| Apr 28 | -182.9 | -79.5 | 42.0 |
| May 05 | -187.6 | -73.3 | 60.1 |
| May 12 | -171.8 | -80.4 | 54.1 |
| May 19 | -172.8 | -71.6 | 49.8 |
| May 26 | -156.1 | -68.0 | 33.4 |
| Jun 02 | -167.6 | -41.3 | 24.8 |
| Jun 09 | -147.1 | -40.0 | 39.3 |
| Jun 16 | -125.4 | -70.5 | 53.9 |
| Jun 23 | -111.8 | -68.8 | 54.6 |
| Jun 30 | -100.5 | -63.8 | 83.3 |
| Jul 07 | -99.5 | -62.7 | 35.7 |
| Jul 14 | -131.1 | -70.6 | -5.2 |
| Jul 21 | -142.4 | -86.2 | 0.0 |
| Jul 28 | -120.3 | -99.8 | 7.4 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 55.7 | 70.8 | 47.5 |
| Jan 13 | 66.9 | 73.0 | 51.5 |
| Jan 20 | 68.2 | 75.9 | 55.4 |
| Jan 27 | 85.1 | 73.8 | 57.3 |
| Feb 03 | 83.4 | 78.8 | 58.3 |
| Feb 10 | 103.1 | 84.0 | 64.4 |
| Feb 17 | 118.1 | 95.0 | 69.0 |
| Feb 24 | 136.1 | 86.6 | 61.8 |
| Mar 03 | 141.7 | 73.8 | 62.5 |
| Mar 10 | 152.6 | 70.0 | 61.4 |
| Mar 17 | 151.8 | 70.8 | 74.6 |
| Mar 24 | 148.1 | 68.6 | 73.2 |
| Mar 31 | 156.0 | 80.2 | 80.1 |
| Apr 07 | 166.6 | 80.9 | 86.7 |
| Apr 14 | 165.4 | 81.8 | 83.4 |
| Apr 21 | 185.4 | 90.6 | 65.3 |
| Apr 28 | 187.7 | 109.4 | 66.5 |
| May 05 | 190.0 | 112.1 | 65.1 |
| May 12 | 181.5 | 116.0 | 67.8 |
| May 19 | 177.2 | 109.8 | 65.3 |
| May 26 | 170.0 | 104.4 | 61.8 |
| Jun 02 | 179.6 | 84.1 | 62.8 |
| Jun 09 | 159.4 | 73.2 | 58.4 |
| Jun 16 | 147.2 | 85.7 | 55.8 |
| Jun 23 | 132.1 | 86.9 | 60.0 |
| Jun 30 | 129.2 | 84.3 | 57.0 |
| Jul 07 | 123.1 | 83.7 | 62.6 |
| Jul 14 | 136.1 | 89.3 | 57.0 |
| Jul 21 | 145.5 | 98.5 | 56.1 |
| Jul 28 | 132.7 | 106.4 | 53.6 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 122.3 | 102.8 | 98.0 |
| Jan 13 | 119.9 | 65.3 | 98.1 |
| Jan 20 | 93.4 | 51.7 | 102.4 |
| Jan 27 | 71.7 | 34.1 | 102.0 |
| Feb 03 | 73.5 | 36.6 | 112.7 |
| Feb 10 | 70.0 | 37.5 | 108.7 |
| Feb 17 | 76.3 | 41.5 | 104.5 |
| Feb 24 | 72.7 | 43.5 | 114.6 |
| Mar 03 | 66.2 | 64.1 | 114.8 |
| Mar 10 | 43.8 | 83.9 | 123.9 |
| Mar 17 | 29.4 | 98.4 | 108.1 |
| Mar 24 | 25.5 | 113.3 | 88.0 |
| Mar 31 | 20.1 | 86.0 | 79.2 |
| Apr 07 | 16.0 | 50.8 | 78.4 |
| Apr 14 | 17.0 | 40.8 | 87.5 |
| Apr 21 | 20.0 | 39.7 | 118.6 |
| Apr 28 | 22.0 | 46.1 | 116.0 |
| May 05 | 20.9 | 55.4 | 132.0 |
| May 12 | 19.2 | 48.6 | 133.5 |
| May 19 | 20.8 | 52.5 | 127.1 |
| May 26 | 28.6 | 50.4 | 108.3 |
| Jun 02 | 23.2 | 52.1 | 104.6 |
| Jun 09 | 27.9 | 48.4 | 116.1 |
| Jun 16 | 24.3 | 39.5 | 131.7 |
| Jun 23 | 28.5 | 42.6 | 145.0 |
| Jun 30 | 36.9 | 44.8 | 165.5 |
| Jul 07 | 33.9 | 46.0 | 124.4 |
| Jul 14 | 23.0 | 46.1 | 74.0 |
| Jul 21 | 20.2 | 43.1 | 72.8 |
| Jul 28 | 22.8 | 39.8 | 83.2 |
Total open interest across all participant categories. Rising OI with a directional move confirms the trend; falling OI suggests position liquidation rather than new conviction.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 701.9 | 609.7 | 521.1 |
| Jan 13 | 731.5 | 637.3 | 542.2 |
| Jan 20 | 749.7 | 629.0 | 572.6 |
| Jan 27 | 764.7 | 616.0 | 593.6 |
| Feb 03 | 778.1 | 629.5 | 612.9 |
| Feb 10 | 841.4 | 620.9 | 631.2 |
| Feb 17 | 864.1 | 626.1 | 604.0 |
| Feb 24 | 853.6 | 586.9 | 604.4 |
| Mar 03 | 877.2 | 606.1 | 558.3 |
| Mar 10 | 915.3 | 612.6 | 582.9 |
| Mar 17 | 923.6 | 631.8 | 595.8 |
| Mar 24 | 935.9 | 636.6 | 621.4 |
| Mar 31 | 937.5 | 656.7 | 623.1 |
| Apr 07 | 923.2 | 634.7 | 638.9 |
| Apr 14 | 892.4 | 637.4 | 627.2 |
| Apr 21 | 946.7 | 633.1 | 651.0 |
| Apr 28 | 841.3 | 612.4 | 624.4 |
| May 05 | 861.8 | 644.0 | 592.9 |
| May 12 | 859.2 | 669.7 | 591.9 |
| May 19 | 871.3 | 679.6 | 591.0 |
| May 26 | 845.5 | 673.9 | 588.6 |
| Jun 02 | 880.0 | 662.6 | 597.2 |
| Jun 09 | 834.4 | 644.9 | 615.3 |
| Jun 16 | 825.4 | 721.9 | 615.0 |
| Jun 23 | 805.2 | 651.3 | 631.3 |
| Jun 30 | 722.1 | 665.4 | 618.9 |
| Jul 07 | 737.8 | 672.1 | 609.1 |
| Jul 14 | 748.0 | 687.9 | 594.2 |
| Jul 21 | 779.2 | 716.6 | 611.3 |
| Jul 28 | 738.9 | 708.2 | 634.2 |
Nearby futures price (ZL=F). Price shown for context; COT positioning is the primary signal.
| Date | Price (¢/lb) |
|---|---|
| 2024-01-01 | 47.17 |
| 2024-01-08 | 47.75 |
| 2024-01-15 | 46.90 |
| 2024-01-22 | 46.93 |
| 2024-01-29 | 44.73 |
| 2024-02-05 | 47.26 |
| 2024-02-12 | 45.59 |
| 2024-02-19 | 44.02 |
| 2024-02-26 | 44.62 |
| 2024-03-04 | 45.60 |
| 2024-03-11 | 49.42 |
| 2024-03-18 | 47.64 |
| 2024-03-25 | 47.95 |
| 2024-04-01 | 48.89 |
| 2024-04-08 | 45.89 |
| 2024-04-15 | 44.38 |
| 2024-04-22 | 44.93 |
| 2024-04-29 | 42.42 |
| 2024-05-06 | 43.81 |
| 2024-05-13 | 45.27 |
| 2024-05-20 | 44.95 |
| 2024-05-27 | 45.52 |
| 2024-06-03 | 43.63 |
| 2024-06-10 | 43.68 |
| 2024-06-17 | 43.94 |
| 2024-06-24 | 43.77 |
| 2024-07-01 | 49.62 |
| 2024-07-08 | 47.55 |
| 2024-07-15 | 46.56 |
| 2024-07-22 | 43.66 |
| 2024-07-29 | 41.71 |
| 2024-08-05 | 42.74 |
| 2024-08-12 | 39.95 |
| 2024-08-19 | 41.47 |
| 2024-08-26 | 43.14 |
| 2024-09-02 | 40.77 |
| 2024-09-09 | 40.69 |
| 2024-09-16 | 42.16 |
| 2024-09-23 | 42.18 |
| 2024-09-30 | 44.04 |
| 2024-10-07 | 43.44 |
| 2024-10-14 | 41.82 |
| 2024-10-21 | 44.15 |
| 2024-10-28 | 46.30 |
| 2024-11-04 | 48.77 |
| 2024-11-11 | 45.35 |
| 2024-11-18 | 41.77 |
| 2024-11-25 | 41.61 |
| 2024-12-02 | 42.78 |
| 2024-12-09 | 42.28 |
| 2024-12-16 | 39.48 |
| 2024-12-23 | 39.52 |
| 2024-12-30 | 39.40 |
| 2025-01-06 | 45.05 |
| 2025-01-13 | 45.69 |
| 2025-01-20 | 45.22 |
| 2025-01-27 | 46.11 |
| 2025-02-03 | 45.98 |
| 2025-02-10 | 46.07 |
| 2025-02-17 | 46.81 |
| 2025-02-24 | 43.53 |
| 2025-03-03 | 42.87 |
| 2025-03-10 | 41.00 |
| 2025-03-17 | 42.01 |
| 2025-03-24 | 45.16 |
| 2025-03-31 | 45.84 |
| 2025-04-07 | 47.35 |
| 2025-04-14 | 47.87 |
| 2025-04-21 | 49.28 |
| 2025-04-28 | 49.08 |
| 2025-05-05 | 48.15 |
| 2025-05-12 | 48.93 |
| 2025-05-19 | 49.35 |
| 2025-05-26 | 46.89 |
| 2025-06-02 | 47.50 |
| 2025-06-09 | 50.61 |
| 2025-06-16 | 54.47 |
| 2025-06-23 | 52.45 |
| 2025-06-30 | 54.70 |
| 2025-07-07 | 54.41 |
| 2025-07-14 | 55.82 |
| 2025-07-21 | 56.49 |
| 2025-07-28 | 54.72 |
| 2025-08-04 | 52.76 |
| 2025-08-11 | 53.18 |
| 2025-08-18 | 54.84 |
| 2025-08-25 | 51.47 |
| 2025-09-01 | 50.56 |
| 2025-09-08 | 51.38 |
| 2025-09-15 | 50.03 |
| 2025-09-22 | 49.60 |
| 2025-09-29 | 49.43 |
| 2025-10-06 | 49.40 |
| 2025-10-13 | 51.13 |
| 2025-10-20 | 50.27 |
| 2025-10-27 | 48.68 |
| 2025-11-03 | 49.68 |
| 2025-11-10 | 50.15 |
| 2025-11-17 | 50.26 |
| 2025-11-24 | 51.76 |
| 2025-12-01 | 51.36 |
| 2025-12-08 | 49.73 |
| 2025-12-15 | 47.90 |
| 2025-12-22 | 48.72 |
| 2025-12-29 | 48.87 |
| 2026-01-05 | 49.26 |
| 2026-01-12 | 52.61 |
| 2026-01-19 | 53.99 |
| 2026-01-26 | 53.51 |
| 2026-02-02 | 55.33 |
| 2026-02-09 | 57.08 |
| 2026-02-16 | 58.92 |
| 2026-02-23 | 61.29 |
| 2026-03-02 | 66.21 |
| 2026-03-09 | 67.34 |
| 2026-03-16 | 65.51 |
| 2026-03-23 | 67.41 |
| 2026-03-30 | 68.94 |
| 2026-04-06 | 67.09 |
| 2026-04-13 | 68.16 |
| 2026-04-20 | 71.91 |
| 2026-04-27 | 76.65 |
| 2026-05-04 | 75.26 |
| 2026-05-11 | 73.88 |
| 2026-05-18 | 73.98 |
| 2026-05-25 | 77.72 |
| 2026-06-01 | 74.12 |
| 2026-06-08 | 74.28 |
| 2026-06-15 | 69.69 |
| 2026-06-22 | 71.30 |
| 2026-06-29 | 66.95 |
| 2026-07-06 | 70.86 |
| 2026-07-13 | 74.81 |
| 2026-07-20 | 74.33 |
| 2026-07-27 | 67.05 |