The Positioning Report | US — Grains & Oilseeds

Crush & Biofuel Global Crush Corn Soybeans Soybean Meal Soybean Oil Chicago SRW Wheat KC HRW Wheat

Market Positioning — Grains & Oilseeds

Percentiles over 15 years of weekly readings (shorter where a market's history is shorter) · Managed Money = hedge funds & CTAs · Commercial = producers, merchants & swap dealers

Crush & Biofuel Pull

Crush pace from USDA NASS vs. WASDE · Oil PV% from CBOT ZL/ZM · Feedstock from EIA biomass-based diesel survey

Crush Pace vs. WASDE

-0.01%

behind pace · 12/12 months of 2025/26 · implied 2,646 vs WASDE 2,646 mil bu

Soy Oil Share of Biofuel Feedstock

41.7%

latest 2026-07 · +4.7 pts YoY · soy oil 1,687 MMlb

Three readings on the fuel bid pulling at the soybean. Crush pace is the quantity leg — whether the industry is actually pressing at the rate the current WASDE crush forecast requires. Running ahead of pace means crush demand is tightening the balance sheet faster than the forecast assumes; running behind means the crush line carries air. Read it against its band: early in the marketing year the run-rate estimate is worth little, and a deviation smaller than that month’s historical error is noise, not a signal. Oil PV% is the price leg — what the market will pay for oil relative to meal. EIA feedstock share is the quantity leg — how much soybean oil actually reached fuel, and whether it is holding or ceding ground to waste feedstocks. They can disagree, and the disagreement is the signal: a firm price bid with soy losing feedstock share means the fuel market wants oil while cheaper fats supply it. Crush is a fixed-ratio press — every bushel yields both oil and meal — so a hard pull on oil also floods meal, the read that carries into feed costs on the Livestock page.

The shaded funnel is the historical error of this estimate at each month of the marketing year, so it narrows as the year fills in. Inside the funnel the deviation is noise; orange marks the months it cleared. USDA NASS monthly crushings against the pace the current WASDE crush forecast requires, on the US Sep–Aug marketing year. This is not a proxy: NASS monthly crushings sum to the WASDE Crushings line to within rounding on every complete marketing year, so the actual is the accumulating numerator of the number USDA will eventually print. Latest: -0.01% against a ±0.00% band at 12 months elapsed — behind pace.

United States cumulative crush, required pace, deviation and band, 2025/26

Month	Cumulative crushed (mil bu)	Pace required (mil bu)	Deviation (%)	Noise band (±%)
Sep	205.0	199.9	+2.52	3.27
Oct	441.3	434.5	+1.57	1.69
Nov	661.8	661.1	+0.10	1.52
Dec	891.7	894.8	-0.35	1.50
Jan	1,119.6	1,124.1	-0.40	1.48
Feb	1,333.9	1,335.1	-0.09	1.13
Mar	1,565.7	1,567.1	-0.09	0.91
Apr	1,783.2	1,784.0	-0.05	0.62
May	1,996.3	2,003.3	-0.35	0.64
Jun	2,214.1	2,215.1	-0.04	0.47
Jul	2,436.0	2,436.4	-0.02	0.27
Aug	2,645.7	2,646.0	-0.01	—

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.

Biofuel feedstock consumption history

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	29.6	714	2,410
2025-02	27.9	585	2,099
2025-03	31.8	875	2,754
2025-04	33.3	899	2,702
2025-05	34.9	1,026	2,936
2025-06	35.8	1,043	2,917
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
2026-05	40.0	1,434	3,585
2026-06	40.2	1,556	3,872
2026-07	41.7	1,687	4,049

Global Crush — US & Argentina Pace

USDA NASS & MAGyP actuals vs. WASDE crush forecasts · one methodology, two countries

United States — Crush Pace

-0.01%

behind pace · band ±0.00% · 12/12 of 2025/26 · implied 2,646 vs WASDE 2,646 mil bu

Argentina — Crush Pace

-0.25%

on pace · band ±1.17% · 11/12 of 2025/26 · implied 43 vs WASDE 43 MMT

Argentina — Crush Utilisation

~64%

implied 43 of ~67 MMT installed capacity · USDA FAS GAIN AR2025-0020, Nov 2025 (Post estimate)

The two largest soybean crushers, measured the same way. In both countries WASDE's annual crush figure is the national statistical agency's monthly series summed, so each read is the accumulating numerator of the number USDA will print — not a proxy for it. Argentina matters here because it is the world's largest exporter of soybean meal and oil: its crush is the meal supply that decides how hard an oil bid can pull crush anywhere. Read the two bands, not just the two deviations. Argentina's noise band is ±1.17% against the United States' ±0.00% at the same point in the year — Argentine crush swings with drought and with export-tax-driven farmer selling, so the same-sized deviation means considerably less there. Early in a marketing year the Argentine read is close to uninformative. One further piece of context changes how an Argentine shortfall should be read: USDA's Buenos Aires post puts installed crushing capacity at roughly 67 MMT against a crush running near 43, i.e. about 64% utilisation, with “abundant idle capacity” in its own words. Argentina already crushes roughly 85% of its own crop and imports beans from Paraguay on top, so what limits crush is bean availability, margin and the farmer's willingness to price — not plant. A shortfall here is a selling story, not a capacity story, and the plant to crush far more already exists. That figure is an attaché estimate from industry contacts (USDA FAS GAIN AR2025-0020, Nov 2025 (Post estimate)), so treat it as an order of magnitude.

The shaded funnel is the historical error of this estimate at each month of the marketing year, so it narrows as the year fills in. Inside the funnel the deviation is noise; orange marks the months it cleared. MAGyP monthly molienda against the pace WASDE's Domestic Crush forecast requires, on Argentina's Oct–Sep marketing year — a window that was identified rather than assumed: MAGyP's months reconcile to WASDE at 0.06% mean error over 18 years there, against 6.90% for Apr–Mar and 7.83% for Jan–Dec. Note how much wider this funnel is than the US one above. Latest: -0.25% against a ±1.17% band at 11 months elapsed — on pace.

Argentina cumulative crush, required pace, deviation and band, 2025/26

Month	Cumulative crushed (MMT)	Pace required (MMT)	Deviation (%)	Noise band (±%)
Oct	4.0	3.7	+8.81	10.31
Nov	7.5	7.1	+6.17	10.08
Dec	10.7	10.1	+5.02	10.81
Jan	13.4	13.0	+3.22	9.60
Feb	15.4	15.5	-1.09	9.11
Mar	18.6	18.5	+0.38	8.19
Apr	22.1	22.6	-2.13	6.27
May	26.3	27.0	-2.72	5.02
Jun	30.5	31.2	-2.12	3.46
Jul	34.7	35.3	-1.62	2.16
Aug	38.9	39.0	-0.25	1.17
Sep	—	43.0	—	—

Corn

CFTC Code 002602 · COT data through 2026-10-20

456.00 ¢/bu

Funds net

+146,257

Managed money long minus short

67th over 15 yrs

normal

Funds gross long

275,543 cts

Managed money long contracts

67th over 15 yrs

normal

Funds gross short

129,286 cts

Managed money short contracts

34th over 15 yrs

normal

Funds, week over week

-84,619

Change in the managed-money net position

Open interest

2,539,295 cts

All open contracts, every trader category

96th over 15 yrs

unusual high

Commercials net

-147,851

Producers, merchants and swap dealers

30th over 15 yrs

normal

Price, week over week

-18.25 ¢/bu

-3.8% · latest 456.00 ¢/bu

Funds (managed money) are net long 146,257 contracts, the 67th percentile over 15 yrs (normal). Week over week they cut 84,619. Commercials hold a net short of 147,851 contracts, the 30th percentile over 15 yrs. Open interest: the 96th percentile over 15 yrs (unusual high).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Corn managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-16.4	253.3	-197.3
Jan 13	-81.8	292.2	-230.7
Jan 20	-81.3	311.7	-260.5
Jan 27	-72.0	350.7	-265.3
Feb 03	-68.8	364.2	-280.2
Feb 10	-48.2	332.4	-297.7
Feb 17	-27.4	353.5	-314.3
Feb 24	-13.9	337.5	-340.7
Mar 03	53.0	219.8	-295.3
Mar 10	193.3	146.5	-296.8
Mar 17	228.8	107.3	-255.9
Mar 24	284.5	74.6	-243.0
Mar 31	268.0	56.8	-251.7
Apr 07	218.6	53.6	-259.6
Apr 14	159.5	124.6	-263.6
Apr 21	184.4	112.8	-279.6
Apr 28	264.1	71.3	-238.5
May 05	343.9	13.9	-218.0
May 12	299.5	-85.0	-102.5
May 19	293.4	-103.2	-71.2
May 26	205.5	-100.8	-121.2
Jun 02	115.1	-154.0	-133.5
Jun 09	-5.3	-164.0	-212.7
Jun 16	-46.4	-184.8	-212.3
Jun 23	-69.7	-182.3	-191.5
Jun 30	-46.2	-206.5	-277.7
Jul 07	12.7	-203.9	-336.5
Jul 14	43.4	-174.8	-354.0
Jul 21	92.9	-177.4	-343.4
Jul 28	168.4	-181.2	-318.5
Aug 04	181.9	-173.8	-295.1
Aug 11	166.8	-176.1	-242.5
Aug 18	250.5	-144.7	-249.0
Aug 25	376.5	-110.7	-257.9
Sep 01	431.1	-91.5	-241.9
Sep 08	425.2	-99.9	-176.2
Sep 15	426.8	-80.1	-132.1
Sep 22	414.4	-94.7	-134.8
Sep 29	377.9	-135.3	-130.7
Oct 06	317.4	-142.0	-67.7
Oct 13	230.9	-191.1	-23.7
Oct 20	146.3	-161.0	-87.0

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Corn commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-7.2	-217.5	198.4
Jan 13	78.8	-244.9	217.7
Jan 20	90.3	-286.6	264.1
Jan 27	71.0	-324.7	262.9
Feb 03	73.9	-340.7	267.7
Feb 10	62.5	-304.7	272.1
Feb 17	56.9	-331.9	290.4
Feb 24	39.8	-312.4	306.8
Mar 03	-32.3	-227.6	269.9
Mar 10	-177.1	-160.9	261.0
Mar 17	-217.9	-119.5	213.9
Mar 24	-277.3	-73.4	197.1
Mar 31	-237.1	-46.9	213.7
Apr 07	-188.9	-54.4	219.9
Apr 14	-147.2	-128.4	224.9
Apr 21	-158.9	-96.7	242.6
Apr 28	-237.7	-75.8	199.7
May 05	-325.8	-10.1	184.0
May 12	-216.8	85.2	76.0
May 19	-250.7	97.7	57.5
May 26	-181.9	115.7	97.4
Jun 02	-47.9	170.5	113.6
Jun 09	34.1	171.1	193.5
Jun 16	53.6	187.1	180.1
Jun 23	83.7	183.1	158.3
Jun 30	37.8	214.1	239.0
Jul 07	-5.8	207.6	289.2
Jul 14	-29.6	190.1	305.7
Jul 21	-81.7	199.6	298.3
Jul 28	-151.0	208.7	281.1
Aug 04	-150.1	198.0	266.8
Aug 11	-138.2	195.7	212.4
Aug 18	-204.7	163.7	225.2
Aug 25	-346.9	123.6	236.9
Sep 01	-428.6	110.6	201.1
Sep 08	-417.9	123.9	141.5
Sep 15	-417.2	102.8	111.9
Sep 22	-405.4	116.7	113.2
Sep 29	-358.3	156.7	116.7
Oct 06	-317.3	167.5	72.7
Oct 13	-227.4	203.7	42.6
Oct 20	-147.9	162.1	101.9

How to read it. Funds' long positions alone, by week of year.

Corn managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	220.5	367.3	162.4
Jan 13	198.4	393.2	157.7
Jan 20	206.4	415.6	155.3
Jan 27	216.9	447.2	158.2
Feb 03	214.9	447.9	162.2
Feb 10	216.4	417.8	168.8
Feb 17	214.2	428.0	174.8
Feb 24	223.2	415.8	164.4
Mar 03	247.5	311.6	174.4
Mar 10	334.6	258.6	173.8
Mar 17	344.2	240.2	177.1
Mar 24	363.9	230.7	171.1
Mar 31	354.4	213.5	174.1
Apr 07	316.3	213.6	170.4
Apr 14	301.8	250.3	158.5
Apr 21	329.1	269.0	161.6
Apr 28	379.3	254.2	170.2
May 05	441.2	218.3	176.0
May 12	420.7	173.1	202.1
May 19	426.6	175.9	218.6
May 26	368.1	174.1	208.0
Jun 02	304.9	163.5	213.9
Jun 09	277.4	169.1	204.2
Jun 16	279.6	153.8	207.8
Jun 23	293.4	165.7	218.9
Jun 30	305.9	179.7	193.2
Jul 07	306.5	168.1	153.8
Jul 14	304.5	177.0	153.9
Jul 21	320.4	182.2	152.2
Jul 28	338.7	187.4	158.6
Aug 04	329.0	192.4	159.8
Aug 11	333.3	196.4	171.0
Aug 18	376.0	225.1	184.4
Aug 25	465.5	237.9	174.9
Sep 01	493.1	248.2	181.5
Sep 08	488.6	225.6	200.0
Sep 15	484.9	215.6	208.5
Sep 22	477.7	201.1	206.3
Sep 29	438.9	177.9	195.4
Oct 06	384.2	168.0	198.5
Oct 13	321.3	155.7	198.5
Oct 20	275.5	145.0	192.2

How to read it. Funds' short positions alone, by week of year.

Corn managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	236.9	114.0	359.7
Jan 13	280.2	100.9	388.4
Jan 20	287.8	103.9	415.8
Jan 27	288.9	96.5	423.5
Feb 03	283.7	83.7	442.4
Feb 10	264.6	85.4	466.6
Feb 17	241.6	74.5	489.2
Feb 24	237.1	78.4	505.1
Mar 03	194.5	91.9	469.7
Mar 10	141.4	112.0	470.6
Mar 17	115.4	133.0	433.0
Mar 24	79.3	156.1	414.1
Mar 31	86.4	156.8	425.9
Apr 07	97.6	160.0	430.0
Apr 14	142.4	125.7	422.0
Apr 21	144.7	156.2	441.1
Apr 28	115.2	182.9	408.8
May 05	97.3	204.4	394.1
May 12	121.2	258.1	304.7
May 19	133.3	279.1	289.8
May 26	162.6	274.9	329.1
Jun 02	189.8	317.6	347.4
Jun 09	282.7	333.1	416.9
Jun 16	326.1	338.6	420.0
Jun 23	363.1	348.0	410.3
Jun 30	352.1	386.1	470.8
Jul 07	293.8	372.0	490.3
Jul 14	261.1	351.8	507.9
Jul 21	227.5	359.6	495.6
Jul 28	170.3	368.6	477.2
Aug 04	147.0	366.1	454.9
Aug 11	166.6	372.5	413.5
Aug 18	125.5	369.7	433.4
Aug 25	89.0	348.6	432.8
Sep 01	62.0	339.7	423.4
Sep 08	63.5	325.5	376.2
Sep 15	58.0	295.6	340.6
Sep 22	63.2	295.8	341.1
Sep 29	61.1	313.3	326.1
Oct 06	66.9	310.0	266.2
Oct 13	90.5	346.7	222.2
Oct 20	129.3	306.0	279.2

How to read it. All open contracts, every trader category, by week of year.

Corn total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	1,915.5	2,132.6	1,601.3
Jan 13	2,035.7	2,372.0	1,713.9
Jan 20	2,088.3	2,534.2	1,852.3
Jan 27	2,092.6	2,513.6	1,958.2
Feb 03	2,142.1	2,618.9	1,963.8
Feb 10	2,158.2	2,602.5	1,996.0
Feb 17	2,204.0	2,693.2	2,038.8
Feb 24	1,995.9	2,360.3	2,053.9
Mar 03	2,018.3	2,355.1	1,896.4
Mar 10	2,219.5	2,368.6	1,914.6
Mar 17	2,322.0	2,372.1	1,961.4
Mar 24	2,395.8	2,346.1	1,999.1
Mar 31	2,367.0	2,470.0	2,017.8
Apr 07	2,350.2	2,415.7	2,056.5
Apr 14	2,357.6	2,326.6	1,999.9
Apr 21	2,380.7	2,317.3	1,966.2
Apr 28	2,330.6	1,999.4	1,969.4
May 05	2,515.6	2,020.8	1,805.7
May 12	2,533.1	2,081.4	1,895.1
May 19	2,562.3	2,153.5	1,973.8
May 26	2,433.0	2,115.8	1,993.4
Jun 02	2,454.8	2,125.8	1,963.8
Jun 09	2,566.2	2,099.1	2,067.1
Jun 16	2,661.9	2,078.6	2,057.5
Jun 23	2,639.8	1,881.6	2,048.6
Jun 30	2,300.0	1,886.3	1,922.4
Jul 07	2,344.9	1,945.0	1,973.5
Jul 14	2,326.2	1,917.1	2,038.2
Jul 21	2,425.9	1,968.7	2,074.7
Jul 28	2,364.9	2,007.6	2,106.7
Aug 04	2,332.9	2,105.1	2,024.4
Aug 11	2,268.7	2,115.2	2,016.8
Aug 18	2,395.5	2,088.3	2,039.7
Aug 25	2,410.7	1,848.3	2,005.0
Sep 01	2,594.3	1,895.2	1,777.1
Sep 08	2,596.9	1,931.2	1,702.7
Sep 15	2,662.0	2,015.9	1,712.7
Sep 22	2,676.0	2,040.3	1,797.0
Sep 29	2,577.2	1,983.4	1,832.5
Oct 06	2,558.8	2,052.2	1,902.9
Oct 13	2,519.7	2,139.7	1,908.6
Oct 20	2,539.3	2,139.9	1,991.3

How to read it. Front-month futures (ZC=F), for context.

Corn nearby futures price history

Date	Price (¢/bu)
2024-01-05	460.75
2024-01-12	447.00
2024-01-19	445.50
2024-01-26	446.25
2024-02-02	442.75
2024-02-09	429.00
2024-02-16	416.50
2024-02-23	399.75
2024-03-01	412.25
2024-03-08	426.25
2024-03-15	436.75
2024-03-22	439.25
2024-03-28	442.00
2024-04-05	434.25
2024-04-12	435.50
2024-04-19	433.50
2024-04-26	440.00
2024-05-03	447.00
2024-05-10	455.75
2024-05-17	452.50
2024-05-24	464.75
2024-05-31	446.25
2024-06-07	448.75
2024-06-14	450.00
2024-06-21	435.00
2024-06-28	397.25
2024-07-05	411.25
2024-07-12	400.00
2024-07-19	390.50
2024-07-26	394.50
2024-08-02	386.50
2024-08-09	376.75
2024-08-16	370.50
2024-08-23	367.75
2024-08-30	378.00
2024-09-06	383.75
2024-09-13	390.75
2024-09-20	401.75
2024-09-27	418.00
2024-10-04	424.75
2024-10-11	415.75
2024-10-18	404.75
2024-10-25	415.25
2024-11-01	414.50
2024-11-08	431.00
2024-11-15	424.00
2024-11-22	425.50
2024-11-29	423.00
2024-12-06	430.75
2024-12-13	430.00
2024-12-20	446.25
2024-12-27	454.00
2025-01-03	450.75
2025-01-10	470.50
2025-01-17	484.25
2025-01-24	486.50
2025-01-31	482.00
2025-02-07	487.50
2025-02-14	496.25
2025-02-21	491.25
2025-02-28	453.50
2025-03-07	455.25
2025-03-14	445.50
2025-03-21	464.25
2025-03-28	453.25
2025-04-04	460.25
2025-04-11	490.25
2025-04-17	482.25
2025-04-25	478.75
2025-05-02	461.25
2025-05-09	441.50
2025-05-16	443.50
2025-05-23	459.50
2025-05-30	444.00
2025-06-06	442.50
2025-06-13	444.50
2025-06-20	428.75
2025-06-27	417.50
2025-07-03	431.50
2025-07-11	403.00
2025-07-18	408.50
2025-07-25	399.50
2025-08-01	389.50
2025-08-08	382.75
2025-08-15	383.75
2025-08-22	388.25
2025-08-29	398.00
2025-09-05	399.00
2025-09-12	399.00
2025-09-19	424.00
2025-09-26	422.00
2025-10-03	419.00
2025-10-10	413.00
2025-10-17	422.50
2025-10-24	423.25
2025-10-31	431.50
2025-11-07	427.25
2025-11-14	430.25
2025-11-21	425.50
2025-11-28	435.50
2025-12-05	436.75
2025-12-12	431.50
2025-12-19	443.75
2025-12-26	450.00
2026-01-02	437.50
2026-01-09	445.75
2026-01-16	424.75
2026-01-23	430.50
2026-01-30	428.25
2026-02-06	430.25
2026-02-13	431.75
2026-02-20	427.50
2026-02-27	438.75
2026-03-06	447.00
2026-03-13	452.50
2026-03-20	465.50
2026-03-27	462.00
2026-04-02	452.25
2026-04-10	441.00
2026-04-17	448.75
2026-04-24	455.00
2026-05-01	468.25
2026-05-08	456.25
2026-05-15	455.75
2026-05-22	463.25
2026-05-29	446.75
2026-06-05	417.50
2026-06-12	412.75
2026-06-18	417.50
2026-06-26	412.75
2026-07-02	425.00
2026-07-10	438.00
2026-07-17	444.75
2026-07-24	464.25
2026-07-31	440.75
2026-08-07	439.00
2026-08-14	459.00
2026-08-21	483.75
2026-08-28	512.00
2026-09-04	512.00
2026-09-11	510.25
2026-09-18	527.50
2026-09-25	528.25
2026-10-02	497.75
2026-10-09	479.75
2026-10-16	474.25
2026-10-23	456.00

Soybeans

CFTC Code 005602 · COT data through 2026-10-20

1,256.50 ¢/bu

Funds net

+206,936

Managed money long minus short

93rd over 15 yrs

unusual high

Funds gross long

245,689 cts

Managed money long contracts

98th over 15 yrs

unusual high

Funds gross short

38,753 cts

Managed money short contracts

42nd over 15 yrs

normal

Funds, week over week

-30,555

Change in the managed-money net position

Open interest

1,367,303 cts

All open contracts, every trader category

5th highest over 15 yrs

unusual high

Commercials net

-188,745

Producers, merchants and swap dealers

9th over 15 yrs

unusual low

Price, week over week

-4.75 ¢/bu

-0.4% · latest 1,256.50 ¢/bu

Funds (managed money) are net long 206,936 contracts, the 93rd percentile over 15 yrs (unusual high). Week over week they cut 30,555. Commercials hold a net short of 188,745 contracts, the 9th percentile over 15 yrs. Open interest: the 5th-highest weekly reading in 15 yrs (unusual high).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Soybeans managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	57.7	-28.6	-11.6
Jan 13	13.0	34.8	-31.2
Jan 20	10.1	40.3	-76.8
Jan 27	17.3	56.5	-91.8
Feb 03	28.8	57.0	-108.2
Feb 10	123.1	28.5	-130.3
Feb 17	163.6	16.5	-134.5
Feb 24	184.2	8.2	-136.7
Mar 03	198.9	-35.5	-160.7
Mar 10	222.1	-15.5	-172.0
Mar 17	202.0	-22.0	-155.1
Mar 24	197.9	-43.0	-148.3
Mar 31	213.4	-29.8	-134.8
Apr 07	189.6	-50.4	-138.3
Apr 14	175.2	26.2	-139.3
Apr 21	192.9	31.1	-167.9
Apr 28	185.3	38.2	-149.0
May 05	221.6	21.9	-149.2
May 12	214.8	38.4	-41.5
May 19	207.8	12.7	-42.7
May 26	189.6	36.7	-26.4
Jun 02	156.1	8.6	-14.2
Jun 09	90.8	25.6	-59.7
Jun 16	52.8	59.2	-75.9
Jun 23	36.7	23.4	-106.0
Jun 30	31.2	0.4	-129.7
Jul 07	68.7	-6.2	-140.9
Jul 14	72.7	-32.3	-172.6
Jul 21	124.9	-10.9	-185.8
Jul 28	155.0	-36.3	-163.7
Aug 04	125.5	-65.9	-178.6
Aug 11	101.4	-35.3	-169.0
Aug 18	151.7	0.0	-174.4
Aug 25	198.3	20.8	-182.8
Sep 01	241.2	12.0	-176.6
Sep 08	266.0	-14.7	-154.1
Sep 15	244.7	2.3	-130.6
Sep 22	265.0	-29.3	-122.4
Sep 29	241.2	-38.7	-75.0
Oct 06	251.7	-0.4	-34.9
Oct 13	237.5	-0.4	-21.8
Oct 20	206.9	35.3	-40.3

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Soybeans commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-82.2	61.5	31.8
Jan 13	-31.8	0.5	51.7
Jan 20	-26.0	-5.2	112.4
Jan 27	-33.9	-16.7	122.8
Feb 03	-40.1	-23.2	152.0
Feb 10	-116.6	9.3	167.7
Feb 17	-153.8	24.5	166.5
Feb 24	-166.0	37.8	166.6
Mar 03	-176.4	67.2	195.6
Mar 10	-190.7	43.7	205.5
Mar 17	-177.0	43.3	185.2
Mar 24	-164.3	54.8	173.5
Mar 31	-179.4	33.0	155.2
Apr 07	-156.9	57.0	162.1
Apr 14	-151.3	-25.1	164.4
Apr 21	-169.0	-28.7	190.6
Apr 28	-163.7	-37.3	166.9
May 05	-206.0	-27.2	165.0
May 12	-191.4	-55.8	71.0
May 19	-180.1	-31.5	80.0
May 26	-171.1	-55.2	58.8
Jun 02	-139.4	-20.3	48.4
Jun 09	-70.4	-44.0	91.9
Jun 16	-34.8	-72.1	102.6
Jun 23	-13.1	-32.9	125.3
Jun 30	-8.0	-2.8	147.4
Jul 07	-57.2	5.2	156.4
Jul 14	-70.5	34.9	193.7
Jul 21	-127.6	13.5	210.5
Jul 28	-162.5	38.1	175.7
Aug 04	-123.3	67.0	199.2
Aug 11	-102.0	36.7	190.5
Aug 18	-146.5	4.8	196.7
Aug 25	-181.9	-6.4	205.3
Sep 01	-227.5	-1.7	193.3
Sep 08	-252.5	20.6	179.1
Sep 15	-231.8	0.1	165.4
Sep 22	-254.2	35.3	152.6
Sep 29	-225.1	41.0	109.6
Oct 06	-243.2	1.2	84.1
Oct 13	-223.3	2.9	76.0
Oct 20	-188.7	-38.9	92.3

How to read it. Funds' long positions alone, by week of year.

Soybeans managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	121.6	107.2	69.8
Jan 13	106.9	125.3	64.4
Jan 20	99.1	130.2	53.8
Jan 27	106.2	135.0	48.0
Feb 03	121.6	130.3	42.5
Feb 10	166.9	118.2	44.4
Feb 17	200.8	112.9	49.0
Feb 24	217.5	110.1	51.6
Mar 03	239.4	93.9	48.2
Mar 10	255.1	95.3	52.5
Mar 17	235.2	90.5	56.3
Mar 24	226.9	82.3	56.2
Mar 31	239.0	81.7	58.7
Apr 07	224.7	76.4	57.4
Apr 14	207.4	108.1	54.1
Apr 21	217.6	120.0	45.1
Apr 28	207.4	117.6	47.2
May 05	248.9	109.6	52.0
May 12	241.9	123.2	79.6
May 19	239.0	110.9	69.3
May 26	231.0	125.2	73.1
Jun 02	218.4	115.6	80.9
Jun 09	173.0	123.6	72.5
Jun 16	152.7	138.3	71.5
Jun 23	136.8	124.5	65.9
Jun 30	128.5	114.7	68.2
Jul 07	148.0	111.8	61.3
Jul 14	144.1	107.7	58.2
Jul 21	172.9	108.0	57.4
Jul 28	191.4	103.2	59.9
Aug 04	172.2	94.8	47.7
Aug 11	164.5	97.2	48.7
Aug 18	193.8	95.7	52.3
Aug 25	235.6	103.8	46.9
Sep 01	273.2	101.9	48.3
Sep 08	299.5	89.3	47.8
Sep 15	282.3	99.7	45.6
Sep 22	297.8	90.1	49.2
Sep 29	276.1	92.9	60.7
Oct 06	279.1	111.9	76.9
Oct 13	272.9	114.9	90.1
Oct 20	245.7	123.6	93.6

How to read it. Funds' short positions alone, by week of year.

Soybeans managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	63.9	135.8	81.4
Jan 13	93.9	90.4	95.6
Jan 20	89.0	89.9	130.6
Jan 27	88.8	78.5	139.8
Feb 03	92.7	73.2	150.8
Feb 10	43.8	89.7	174.7
Feb 17	37.2	96.4	183.5
Feb 24	33.3	101.9	188.3
Mar 03	40.5	129.4	208.9
Mar 10	33.0	110.9	224.5
Mar 17	33.2	112.5	211.4
Mar 24	28.9	125.2	204.5
Mar 31	25.6	111.6	193.5
Apr 07	35.1	126.9	195.7
Apr 14	32.3	81.9	193.4
Apr 21	24.7	89.0	213.0
Apr 28	22.1	79.4	196.3
May 05	27.3	87.7	201.2
May 12	27.0	84.8	121.0
May 19	31.1	98.3	112.0
May 26	41.5	88.5	99.5
Jun 02	62.4	107.0	95.1
Jun 09	82.3	98.0	132.2
Jun 16	99.9	79.1	147.4
Jun 23	100.1	101.1	171.8
Jun 30	97.3	114.3	197.8
Jul 07	79.3	118.1	202.2
Jul 14	71.4	140.0	230.8
Jul 21	48.0	118.9	243.1
Jul 28	36.4	139.5	223.6
Aug 04	46.7	160.7	226.3
Aug 11	63.2	132.4	217.7
Aug 18	42.2	95.7	226.8
Aug 25	37.3	83.0	229.6
Sep 01	32.0	89.9	224.9
Sep 08	33.5	104.0	201.8
Sep 15	37.6	97.4	176.2
Sep 22	32.8	119.4	171.7
Sep 29	35.0	131.6	135.6
Oct 06	27.5	112.2	111.8
Oct 13	35.4	115.3	111.9
Oct 20	38.8	88.3	134.0

How to read it. All open contracts, every trader category, by week of year.

Soybeans total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	961.9	1,013.3	789.5
Jan 13	1,018.8	1,051.7	833.6
Jan 20	1,038.4	1,113.0	874.5
Jan 27	1,047.7	1,083.5	931.4
Feb 03	1,084.8	1,131.7	956.2
Feb 10	1,207.2	1,131.9	991.4
Feb 17	1,281.1	1,128.4	1,005.2
Feb 24	1,190.5	997.8	1,037.6
Mar 03	1,241.1	1,024.1	922.2
Mar 10	1,306.2	1,014.0	927.9
Mar 17	1,286.1	1,038.1	951.8
Mar 24	1,255.1	1,044.0	995.0
Mar 31	1,239.7	1,064.1	1,022.7
Apr 07	1,263.3	1,128.1	1,054.8
Apr 14	1,271.0	1,063.4	1,064.9
Apr 21	1,256.9	1,069.6	1,126.8
Apr 28	1,096.4	950.1	1,057.4
May 05	1,193.0	986.9	911.2
May 12	1,236.8	1,047.8	954.3
May 19	1,288.1	1,066.9	966.1
May 26	1,251.8	1,052.3	1,006.1
Jun 02	1,293.1	1,073.5	1,007.5
Jun 09	1,283.6	1,038.3	1,074.4
Jun 16	1,305.5	1,040.6	1,056.6
Jun 23	1,277.5	988.6	1,067.1
Jun 30	1,082.0	1,024.3	937.4
Jul 07	1,202.8	1,045.8	983.1
Jul 14	1,231.2	1,115.8	1,043.9
Jul 21	1,300.4	1,144.6	1,104.0
Jul 28	1,239.4	1,069.4	1,095.4
Aug 04	1,194.7	1,098.9	1,022.0
Aug 11	1,203.2	1,107.7	1,042.6
Aug 18	1,219.6	1,126.7	1,128.0
Aug 25	1,192.7	1,056.6	1,098.8
Sep 01	1,325.8	1,074.8	1,044.6
Sep 08	1,378.2	1,085.7	1,056.6
Sep 15	1,416.9	1,121.4	1,075.0
Sep 22	1,428.9	1,211.4	1,100.0
Sep 29	1,343.6	1,159.5	1,098.6
Oct 06	1,379.1	1,168.2	1,136.5
Oct 13	1,329.5	1,232.6	1,174.7
Oct 20	1,367.3	1,203.3	1,276.0

How to read it. Front-month futures (ZS=F), for context.

Soybeans nearby futures price history

Date	Price (¢/bu)
2024-01-05	1249.75
2024-01-12	1205.75
2024-01-19	1213.25
2024-01-26	1209.25
2024-02-02	1188.50
2024-02-09	1183.50
2024-02-16	1172.25
2024-02-23	1133.00
2024-03-01	1143.00
2024-03-08	1170.50
2024-03-15	1198.25
2024-03-22	1192.50
2024-03-28	1191.50
2024-04-05	1185.00
2024-04-12	1174.00
2024-04-19	1150.50
2024-04-26	1159.50
2024-05-03	1201.75
2024-05-10	1205.00
2024-05-17	1228.00
2024-05-24	1248.00
2024-05-31	1205.00
2024-06-07	1179.25
2024-06-14	1179.75
2024-06-21	1160.50
2024-06-28	1150.50
2024-07-05	1188.50
2024-07-12	1134.50
2024-07-19	1097.25
2024-07-26	1077.50
2024-08-02	1029.25
2024-08-09	1028.00
2024-08-16	938.75
2024-08-23	952.00
2024-08-30	982.00
2024-09-06	989.25
2024-09-13	986.75
2024-09-20	1012.00
2024-09-27	1065.75
2024-10-04	1037.75
2024-10-11	1005.50
2024-10-18	970.00
2024-10-25	987.75
2024-11-01	982.50
2024-11-08	1016.75
2024-11-15	998.50
2024-11-22	983.50
2024-11-29	989.50
2024-12-06	993.75
2024-12-13	988.25
2024-12-20	974.50
2024-12-27	980.00
2025-01-03	981.00
2025-01-10	1013.50
2025-01-17	1034.00
2025-01-24	1055.75
2025-01-31	1042.00
2025-02-07	1049.50
2025-02-14	1036.00
2025-02-21	1039.50
2025-02-28	1011.50
2025-03-07	1010.25
2025-03-14	999.25
2025-03-21	1009.75
2025-03-28	1023.00
2025-04-04	977.00
2025-04-11	1042.75
2025-04-17	1036.50
2025-04-25	1049.75
2025-05-02	1048.75
2025-05-09	1044.00
2025-05-16	1050.00
2025-05-23	1060.25
2025-05-30	1041.75
2025-06-06	1057.25
2025-06-13	1069.75
2025-06-20	1068.00
2025-06-27	1027.75
2025-07-03	1056.25
2025-07-11	1004.00
2025-07-18	1027.75
2025-07-25	998.75
2025-08-01	961.75
2025-08-08	966.75
2025-08-15	1022.25
2025-08-22	1036.50
2025-08-29	1036.75
2025-09-05	1006.50
2025-09-12	1025.75
2025-09-19	1025.50
2025-09-26	1013.75
2025-10-03	1018.00
2025-10-10	1006.75
2025-10-17	1019.50
2025-10-24	1041.75
2025-10-31	1099.75
2025-11-07	1101.75
2025-11-14	1112.75
2025-11-21	1125.00
2025-11-28	1137.75
2025-12-05	1105.25
2025-12-12	1076.75
2025-12-19	1049.25
2025-12-26	1058.75
2026-01-02	1029.50
2026-01-09	1048.50
2026-01-16	1057.75
2026-01-23	1067.75
2026-01-30	1064.25
2026-02-06	1115.25
2026-02-13	1133.00
2026-02-20	1137.50
2026-02-27	1157.25
2026-03-06	1185.00
2026-03-13	1211.00
2026-03-20	1161.25
2026-03-27	1159.25
2026-04-02	1163.50
2026-04-10	1175.75
2026-04-17	1167.25
2026-04-24	1163.75
2026-05-01	1187.75
2026-05-08	1194.25
2026-05-15	1177.00
2026-05-22	1196.50
2026-05-29	1186.75
2026-06-05	1121.50
2026-06-12	1113.50
2026-06-18	1122.75
2026-06-26	1126.25
2026-07-02	1131.75
2026-07-10	1196.50
2026-07-17	1204.50
2026-07-24	1248.00
2026-07-31	1172.00
2026-08-07	1156.50
2026-08-14	1173.75
2026-08-21	1225.00
2026-08-28	1276.25
2026-09-04	1293.75
2026-09-11	1280.25
2026-09-18	1303.50
2026-09-25	1319.00
2026-10-02	1278.25
2026-10-09	1292.00
2026-10-16	1261.25
2026-10-23	1256.50

Soybean Meal

CFTC Code 026603 · COT data through 2026-10-20

346.10 $/ton

Funds net

+204,693

Managed money long minus short

4th highest over 15 yrs

unusual high

Funds gross long

215,722 cts

Managed money long contracts

2nd highest over 15 yrs

unusual high

Funds gross short

11,029 cts

Managed money short contracts

18th over 15 yrs

normal

Funds, week over week

-1,439

Change in the managed-money net position

Open interest

745,823 cts

All open contracts, every trader category

98th over 15 yrs

unusual high

Commercials net

-238,888

Producers, merchants and swap dealers

4th lowest over 15 yrs

unusual low

Price, week over week

-11.00 $/ton

-3.1% · latest 346.10 $/ton

Funds (managed money) are net long 204,693 contracts, the 4th-highest weekly reading in 15 yrs (unusual high). Week over week they cut 1,439. Commercials hold a net short of 238,888 contracts, the 4th-lowest weekly reading in 15 yrs. Open interest: the 98th percentile over 15 yrs (unusual high).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Soybean Meal managed money net position by week

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
Aug 04	77.5	-133.6	31.7
Aug 11	71.6	-109.3	42.0
Aug 18	83.0	-85.2	0.8
Aug 25	97.0	-61.7	3.6
Sep 01	158.7	-89.5	5.1
Sep 08	159.6	-85.8	23.2
Sep 15	185.5	-82.8	37.0
Sep 22	192.4	-103.3	39.8
Sep 29	207.4	-117.6	58.3
Oct 06	206.8	-116.0	103.2
Oct 13	206.1	-122.4	96.6
Oct 20	204.7	-95.0	55.7

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Soybean Meal commercial net position by week

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
Aug 04	-122.2	82.9	-51.1
Aug 11	-115.6	57.1	-61.7
Aug 18	-131.0	40.6	-18.6
Aug 25	-138.4	20.9	-26.3
Sep 01	-202.2	56.4	-31.3
Sep 08	-200.4	38.8	-48.7
Sep 15	-234.6	40.5	-55.9
Sep 22	-233.5	67.2	-59.3
Sep 29	-240.6	69.0	-84.4
Oct 06	-252.0	65.7	-132.7
Oct 13	-249.1	74.6	-125.1
Oct 20	-238.9	42.6	-82.6

How to read it. Funds' long positions alone, by week of year.

Soybean Meal managed money gross long by week

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
Aug 04	126.7	47.2	103.1
Aug 11	120.5	46.4	103.3
Aug 18	129.2	58.2	84.3
Aug 25	129.6	65.7	89.4
Sep 01	178.6	59.8	90.5
Sep 08	173.1	66.1	99.8
Sep 15	195.5	65.7	100.5
Sep 22	203.2	63.1	104.9
Sep 29	216.8	60.7	116.1
Oct 06	213.7	65.6	143.5
Oct 13	212.9	66.6	140.5
Oct 20	215.7	71.9	124.3

How to read it. Funds' short positions alone, by week of year.

Soybean Meal managed money gross short by week

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
Aug 04	49.2	180.8	71.3
Aug 11	48.9	155.7	61.3
Aug 18	46.1	143.4	83.5
Aug 25	32.5	127.4	85.8
Sep 01	19.9	149.3	85.3
Sep 08	13.6	151.9	76.7
Sep 15	10.0	148.4	63.4
Sep 22	10.8	166.3	65.1
Sep 29	9.4	178.3	57.9
Oct 06	6.8	181.6	40.3
Oct 13	6.8	189.0	43.9
Oct 20	11.0	166.9	68.5

How to read it. All open contracts, every trader category, by week of year.

Soybean Meal total open interest by week

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
Aug 04	659.6	752.3	565.0
Aug 11	657.0	758.6	573.8
Aug 18	661.0	755.4	602.4
Aug 25	666.4	677.3	594.5
Sep 01	730.6	669.4	575.3
Sep 08	751.9	694.3	569.9
Sep 15	783.6	713.7	565.3
Sep 22	769.5	750.0	574.5
Sep 29	720.7	736.1	574.7
Oct 06	727.2	762.4	604.3
Oct 13	742.0	784.5	614.7
Oct 20	745.8	785.8	629.0

How to read it. Front-month futures (ZM=F), for context.

Soybean Meal nearby futures price history

Date	Price ($/ton)
2024-01-05	368.60
2024-01-12	351.30
2024-01-19	356.50
2024-01-26	349.00
2024-02-02	356.80
2024-02-09	346.80
2024-02-16	345.60
2024-02-23	331.50
2024-03-01	334.00
2024-03-08	341.30
2024-03-15	334.70
2024-03-22	339.10
2024-03-28	337.70
2024-04-05	333.10
2024-04-12	344.40
2024-04-19	343.70
2024-04-26	340.00
2024-05-03	366.50
2024-05-10	367.00
2024-05-17	368.80
2024-05-24	386.50
2024-05-31	364.70
2024-06-07	360.70
2024-06-14	368.40
2024-06-21	361.80
2024-06-28	360.50
2024-07-05	387.00
2024-07-12	368.50
2024-07-19	336.80
2024-07-26	353.30
2024-08-02	361.50
2024-08-09	326.30
2024-08-16	303.40
2024-08-23	306.30
2024-08-30	311.60
2024-09-06	318.40
2024-09-13	315.40
2024-09-20	317.40
2024-09-27	343.70
2024-10-04	330.50
2024-10-11	316.50
2024-10-18	315.60
2024-10-25	305.80
2024-11-01	295.30
2024-11-08	296.20
2024-11-15	289.60
2024-11-22	289.20
2024-11-29	287.10
2024-12-06	283.80
2024-12-13	284.10
2024-12-20	294.50
2024-12-27	300.90
2025-01-03	299.90
2025-01-10	290.60
2025-01-17	297.20
2025-01-24	304.90
2025-01-31	301.10
2025-02-07	301.40
2025-02-14	295.90
2025-02-21	294.80
2025-02-28	291.70
2025-03-07	296.50
2025-03-14	298.90
2025-03-21	300.30
2025-03-28	293.50
2025-04-04	283.10
2025-04-11	299.60
2025-04-17	295.60
2025-04-25	290.00
2025-05-02	290.20
2025-05-09	287.20
2025-05-16	291.90
2025-05-23	296.20
2025-05-30	296.30
2025-06-06	295.70
2025-06-13	291.90
2025-06-20	284.10
2025-06-27	271.10
2025-07-03	273.80
2025-07-11	267.60
2025-07-18	274.00
2025-07-25	267.80
2025-08-01	267.50
2025-08-08	273.40
2025-08-15	283.40
2025-08-22	296.70
2025-08-29	283.60
2025-09-05	280.50
2025-09-12	288.30
2025-09-19	282.90
2025-09-26	268.80
2025-10-03	270.70
2025-10-10	267.40
2025-10-17	281.00
2025-10-24	294.10
2025-10-31	321.60
2025-11-07	317.10
2025-11-14	322.50
2025-11-21	315.10
2025-11-28	314.40
2025-12-05	304.70
2025-12-12	300.60
2025-12-19	297.60
2025-12-26	303.70
2026-01-02	291.00
2026-01-09	300.00
2026-01-16	290.00
2026-01-23	299.90
2026-01-30	293.60
2026-02-06	303.60
2026-02-13	309.20
2026-02-20	309.80
2026-02-27	315.50
2026-03-06	313.10
2026-03-13	319.90
2026-03-20	328.00
2026-03-27	315.30
2026-04-02	315.20
2026-04-10	331.80
2026-04-17	331.80
2026-04-24	324.30
2026-05-01	320.80
2026-05-08	322.50
2026-05-15	334.30
2026-05-22	331.90
2026-05-29	329.80
2026-06-05	308.50
2026-06-12	301.30
2026-06-18	301.30
2026-06-26	307.00
2026-07-02	307.70
2026-07-10	323.10
2026-07-17	320.20
2026-07-24	331.30
2026-07-31	312.20
2026-08-07	308.10
2026-08-14	308.70
2026-08-21	317.70
2026-08-28	338.20
2026-09-04	345.30
2026-09-11	347.00
2026-09-18	354.60
2026-09-25	373.90
2026-10-02	344.70
2026-10-09	368.70
2026-10-16	357.10
2026-10-23	346.10

Soybean Oil

CFTC Code 007601 · COT data through 2026-10-20

66.83 ¢/lb

Funds net

+69,858

Managed money long minus short

80th over 15 yrs

normal

Funds gross long

104,190 cts

Managed money long contracts

86th over 15 yrs

normal

Funds gross short

34,332 cts

Managed money short contracts

35th over 15 yrs

normal

Funds, week over week

-19,471

Change in the managed-money net position

Open interest

641,926 cts

All open contracts, every trader category

90th over 15 yrs

normal

Commercials net

-92,475

Producers, merchants and swap dealers

20th over 15 yrs

normal

Price, week over week

-0.30 ¢/lb

-0.4% · latest 66.83 ¢/lb

Funds (managed money) are net long 69,858 contracts, the 80th percentile over 15 yrs (normal). Week over week they cut 19,471. Commercials hold a net short of 92,475 contracts, the 20th percentile over 15 yrs. Open interest: the 90th percentile over 15 yrs (normal).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Soybean Oil managed money net position by week

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
Aug 04	80.7	54.9	-59.6
Aug 11	80.9	44.4	-79.3
Aug 18	98.2	31.3	-80.3
Aug 25	88.4	30.7	-84.4
Sep 01	109.9	16.1	-68.3
Sep 08	101.8	3.7	-47.5
Sep 15	110.9	21.4	-47.6
Sep 22	96.6	-0.9	-50.6
Sep 29	87.9	-1.5	-18.9
Oct 06	99.4	6.8	15.8
Oct 13	89.3	4.4	32.5
Oct 20	69.9	3.4	26.9

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Soybean Oil commercial net position by week

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
Aug 04	-93.7	-78.6	39.5
Aug 11	-99.2	-67.3	54.9
Aug 18	-122.5	-50.5	57.4
Aug 25	-112.8	-51.2	49.2
Sep 01	-139.2	-42.0	32.8
Sep 08	-132.9	-25.0	13.5
Sep 15	-141.9	-43.2	11.3
Sep 22	-124.2	-11.9	14.6
Sep 29	-117.4	-15.5	-18.4
Oct 06	-130.2	-26.0	-50.6
Oct 13	-123.8	-21.1	-59.2
Oct 20	-92.5	-18.4	-53.9

How to read it. Funds' long positions alone, by week of year.

Soybean Oil managed money gross long by week

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
Aug 04	106.8	98.4	55.5
Aug 11	111.5	87.4	50.5
Aug 18	122.1	88.1	54.6
Aug 25	119.6	84.6	59.9
Sep 01	133.8	73.3	59.3
Sep 08	129.6	66.5	62.7
Sep 15	134.8	77.6	67.5
Sep 22	124.9	68.3	70.5
Sep 29	115.2	68.4	76.8
Oct 06	122.3	73.4	84.8
Oct 13	116.4	72.5	92.4
Oct 20	104.2	76.5	84.6

How to read it. Funds' short positions alone, by week of year.

Soybean Oil managed money gross short by week

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
Aug 04	26.1	43.5	115.0
Aug 11	30.5	43.0	129.8
Aug 18	23.9	56.8	134.9
Aug 25	31.2	53.9	144.3
Sep 01	23.9	57.2	127.6
Sep 08	27.8	62.9	110.2
Sep 15	23.9	56.3	115.1
Sep 22	28.3	69.2	121.1
Sep 29	27.3	69.8	95.7
Oct 06	22.9	66.6	69.0
Oct 13	27.1	68.1	59.9
Oct 20	34.3	73.1	57.7

How to read it. All open contracts, every trader category, by week of year.

Soybean Oil total open interest by week

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
Aug 04	713.5	688.0	608.1
Aug 11	711.7	687.8	601.5
Aug 18	724.4	693.9	615.8
Aug 25	688.2	676.5	634.1
Sep 01	723.4	674.6	583.8
Sep 08	699.2	703.1	583.7
Sep 15	698.4	730.4	589.4
Sep 22	694.7	726.9	605.6
Sep 29	621.5	689.7	587.3
Oct 06	625.8	692.3	581.1
Oct 13	638.2	709.1	580.7
Oct 20	641.9	752.5	568.3

How to read it. Front-month futures (ZL=F), for context.

Soybean Oil nearby futures price history

Date	Price (¢/lb)
2024-01-05	47.17
2024-01-12	47.75
2024-01-19	46.90
2024-01-26	46.93
2024-02-02	44.73
2024-02-09	47.26
2024-02-16	45.59
2024-02-23	44.02
2024-03-01	44.62
2024-03-08	45.60
2024-03-15	49.42
2024-03-22	47.64
2024-03-28	47.95
2024-04-05	48.89
2024-04-12	45.89
2024-04-19	44.38
2024-04-26	44.93
2024-05-03	42.42
2024-05-10	43.81
2024-05-17	45.27
2024-05-24	44.95
2024-05-31	45.52
2024-06-07	43.63
2024-06-14	43.68
2024-06-21	43.94
2024-06-28	43.77
2024-07-05	49.62
2024-07-12	47.55
2024-07-19	46.56
2024-07-26	43.66
2024-08-02	41.71
2024-08-09	42.74
2024-08-16	39.95
2024-08-23	41.47
2024-08-30	43.14
2024-09-06	40.77
2024-09-13	40.69
2024-09-20	42.16
2024-09-27	42.18
2024-10-04	44.04
2024-10-11	43.44
2024-10-18	41.82
2024-10-25	44.15
2024-11-01	46.30
2024-11-08	48.77
2024-11-15	45.35
2024-11-22	41.77
2024-11-29	41.61
2024-12-06	42.78
2024-12-13	42.28
2024-12-20	39.48
2024-12-27	39.52
2025-01-03	39.40
2025-01-10	45.05
2025-01-17	45.69
2025-01-24	45.22
2025-01-31	46.11
2025-02-07	45.98
2025-02-14	46.07
2025-02-21	46.81
2025-02-28	43.53
2025-03-07	42.87
2025-03-14	41.00
2025-03-21	42.01
2025-03-28	45.16
2025-04-04	45.84
2025-04-11	47.35
2025-04-17	47.87
2025-04-25	49.28
2025-05-02	49.08
2025-05-09	48.15
2025-05-16	48.93
2025-05-23	49.35
2025-05-30	46.89
2025-06-06	47.50
2025-06-13	50.61
2025-06-20	54.47
2025-06-27	52.45
2025-07-03	54.70
2025-07-11	54.41
2025-07-18	55.82
2025-07-25	56.49
2025-08-01	54.72
2025-08-08	52.76
2025-08-15	53.18
2025-08-22	54.84
2025-08-29	51.47
2025-09-05	50.56
2025-09-12	51.38
2025-09-19	50.03
2025-09-26	49.60
2025-10-03	49.43
2025-10-10	49.40
2025-10-17	51.13
2025-10-24	50.27
2025-10-31	48.68
2025-11-07	49.68
2025-11-14	50.15
2025-11-21	50.26
2025-11-28	51.76
2025-12-05	51.36
2025-12-12	49.73
2025-12-19	47.90
2025-12-26	48.72
2026-01-02	48.87
2026-01-09	49.26
2026-01-16	52.61
2026-01-23	53.99
2026-01-30	53.51
2026-02-06	55.33
2026-02-13	57.08
2026-02-20	58.92
2026-02-27	61.29
2026-03-06	66.21
2026-03-13	67.34
2026-03-20	65.51
2026-03-27	67.41
2026-04-02	68.94
2026-04-10	67.09
2026-04-17	68.16
2026-04-24	71.91
2026-05-01	76.65
2026-05-08	75.26
2026-05-15	73.88
2026-05-22	73.98
2026-05-29	77.72
2026-06-05	74.12
2026-06-12	74.28
2026-06-18	69.69
2026-06-26	71.30
2026-07-02	66.95
2026-07-10	70.86
2026-07-17	74.81
2026-07-24	74.33
2026-07-31	67.12
2026-08-07	68.16
2026-08-14	69.05
2026-08-21	69.35
2026-08-28	70.59
2026-09-04	68.78
2026-09-11	69.01
2026-09-18	67.70
2026-09-25	67.26
2026-10-02	68.21
2026-10-09	67.72
2026-10-16	67.13
2026-10-23	66.83

Chicago SRW Wheat

CFTC Code 001602 · COT data through 2026-10-20

625.00 ¢/bu

Funds net

-51,134

Managed money long minus short

40th over 15 yrs

normal

Funds gross long

83,996 cts

Managed money long contracts

60th over 15 yrs

normal

Funds gross short

135,130 cts

Managed money short contracts

67th over 15 yrs

normal

Funds, week over week

-18,096

Change in the managed-money net position

Open interest

637,923 cts

All open contracts, every trader category

95th over 15 yrs

unusual high

Commercials net

+45,620

Producers, merchants and swap dealers

56th over 15 yrs

normal

Price, week over week

-35.50 ¢/bu

-5.4% · latest 625.00 ¢/bu

Funds (managed money) are net short 51,134 contracts, the 40th percentile over 15 yrs (normal). Week over week they cut 18,096. Commercials hold a net long of 45,620 contracts, the 56th percentile over 15 yrs. Open interest: the 95th percentile over 15 yrs (unusual high).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Chicago SRW Wheat managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-107.2	-88.6	-60.3
Jan 13	-106.2	-94.4	-58.0
Jan 20	-110.7	-91.8	-68.6
Jan 27	-94.7	-110.8	-64.5
Feb 03	-81.8	-90.4	-64.8
Feb 10	-85.7	-82.8	-66.7
Feb 17	-68.0	-61.6	-55.7
Feb 24	-17.3	-67.6	-68.5
Mar 03	-25.8	-82.4	-56.3
Mar 10	-22.3	-77.4	-65.5
Mar 17	-12.7	-80.7	-78.9
Mar 24	-2.2	-92.6	-80.6
Mar 31	8.6	-112.0	-92.1
Apr 07	-5.6	-102.1	-91.9
Apr 14	-7.3	-96.4	-86.6
Apr 21	-10.7	-89.9	-96.4
Apr 28	10.7	-121.4	-76.2
May 05	-9.9	-113.7	-47.9
May 12	-19.0	-126.9	-42.4
May 19	-4.8	-108.9	-28.3
May 26	-18.7	-101.2	-24.6
Jun 02	-57.9	-100.6	-25.4
Jun 09	-79.4	-94.0	-31.7
Jun 16	-69.5	-81.4	-45.1
Jun 23	-71.2	-64.7	-52.7
Jun 30	-69.0	-63.1	-70.5
Jul 07	-62.3	-55.6	-74.0
Jul 14	-36.8	-60.5	-69.1
Jul 21	-19.3	-52.0	-75.9
Jul 28	-6.9	-65.3	-75.2
Aug 04	-23.8	-80.8	-77.6
Aug 11	-31.4	-89.3	-71.3
Aug 18	-26.5	-98.1	-73.3
Aug 25	-14.2	-81.6	-53.0
Sep 01	14.7	-81.9	-56.2
Sep 08	4.3	-92.4	-42.6
Sep 15	-4.7	-85.8	-29.4
Sep 22	-13.1	-97.9	-25.0
Sep 29	-21.7	-99.2	-26.5
Oct 06	-29.5	-97.4	-23.0
Oct 13	-33.0	-111.7	-29.4
Oct 20	-51.1	-108.8	-26.0

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Chicago SRW Wheat commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	86.7	81.5	44.5
Jan 13	85.8	84.5	47.1
Jan 20	91.7	79.7	56.3
Jan 27	79.5	98.1	52.8
Feb 03	70.9	80.9	46.0
Feb 10	74.3	73.2	45.3
Feb 17	60.2	61.2	35.0
Feb 24	20.8	73.6	50.6
Mar 03	26.6	88.5	40.1
Mar 10	27.6	86.4	48.6
Mar 17	25.2	82.7	57.9
Mar 24	19.4	88.9	60.6
Mar 31	8.7	102.4	64.2
Apr 07	19.9	94.8	62.4
Apr 14	16.4	90.2	55.6
Apr 21	23.3	90.3	66.3
Apr 28	-0.4	114.6	53.1
May 05	11.0	107.5	35.3
May 12	18.4	119.2	32.6
May 19	3.8	105.8	21.6
May 26	9.4	99.3	28.7
Jun 02	44.5	99.1	25.4
Jun 09	64.7	95.2	29.5
Jun 16	60.0	89.8	38.0
Jun 23	59.9	75.2	46.7
Jun 30	65.1	76.6	53.3
Jul 07	57.2	71.8	54.0
Jul 14	24.4	74.9	50.7
Jul 21	19.1	65.4	55.4
Jul 28	7.1	74.7	54.7
Aug 04	19.7	84.0	57.3
Aug 11	27.6	90.6	53.5
Aug 18	20.1	94.1	51.6
Aug 25	11.6	78.6	38.2
Sep 01	-20.2	72.4	42.8
Sep 08	-9.8	83.1	39.2
Sep 15	-1.4	75.2	27.4
Sep 22	7.3	83.0	23.5
Sep 29	18.5	77.7	22.0
Oct 06	22.8	75.0	20.8
Oct 13	26.5	87.3	25.9
Oct 20	45.6	83.7	22.2

How to read it. Funds' long positions alone, by week of year.

Chicago SRW Wheat managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	92.0	86.4	69.8
Jan 13	91.3	85.1	70.3
Jan 20	87.5	83.2	73.5
Jan 27	87.7	77.0	71.2
Feb 03	88.2	74.7	73.1
Feb 10	88.9	76.3	75.1
Feb 17	85.5	70.8	79.3
Feb 24	104.8	70.5	80.9
Mar 03	94.1	77.3	85.0
Mar 10	96.0	77.9	89.3
Mar 17	100.8	75.0	77.4
Mar 24	109.7	73.8	80.7
Mar 31	117.4	69.5	78.0
Apr 07	109.4	71.7	80.2
Apr 14	102.3	69.4	77.9
Apr 21	95.2	75.9	76.5
Apr 28	106.2	72.3	79.2
May 05	99.5	77.4	78.4
May 12	100.8	80.2	77.8
May 19	110.7	83.8	83.4
May 26	107.9	75.4	83.8
Jun 02	81.9	75.1	81.7
Jun 09	65.0	72.5	79.0
Jun 16	68.6	71.4	62.8
Jun 23	66.8	71.9	58.7
Jun 30	68.1	78.9	62.5
Jul 07	72.7	83.8	68.4
Jul 14	76.0	84.8	70.0
Jul 21	74.1	92.9	68.5
Jul 28	83.7	89.4	71.6
Aug 04	78.2	90.9	75.0
Aug 11	76.2	92.0	73.4
Aug 18	76.8	86.4	74.9
Aug 25	86.6	95.4	83.3
Sep 01	107.3	92.5	90.9
Sep 08	98.4	92.7	90.6
Sep 15	93.5	94.4	83.9
Sep 22	86.0	97.0	81.2
Sep 29	81.7	95.6	79.9
Oct 06	84.1	97.0	77.5
Oct 13	85.8	104.7	68.1
Oct 20	84.0	104.7	70.5

How to read it. Funds' short positions alone, by week of year.

Chicago SRW Wheat managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	199.1	175.0	130.1
Jan 13	197.5	179.5	128.3
Jan 20	198.2	175.0	142.1
Jan 27	182.5	187.8	135.8
Feb 03	170.0	165.1	138.0
Feb 10	174.6	159.1	141.9
Feb 17	153.5	132.3	135.0
Feb 24	122.1	138.1	149.4
Mar 03	119.9	159.7	141.3
Mar 10	118.4	155.4	154.8
Mar 17	113.5	155.6	156.3
Mar 24	111.9	166.3	161.3
Mar 31	108.7	181.6	170.1
Apr 07	115.0	173.8	172.2
Apr 14	109.6	165.9	164.5
Apr 21	105.9	165.9	172.9
Apr 28	95.5	193.8	155.3
May 05	109.4	191.1	126.2
May 12	119.8	207.1	120.1
May 19	115.5	192.7	111.7
May 26	126.6	176.6	108.4
Jun 02	139.7	175.6	107.1
Jun 09	144.4	166.5	110.7
Jun 16	138.1	152.7	107.9
Jun 23	138.1	136.6	111.4
Jun 30	137.2	142.0	133.0
Jul 07	135.0	139.4	142.4
Jul 14	112.8	145.3	139.1
Jul 21	93.4	145.0	144.4
Jul 28	90.6	154.7	146.8
Aug 04	102.0	171.7	152.6
Aug 11	107.6	181.3	144.8
Aug 18	103.3	184.6	148.2
Aug 25	100.8	176.9	136.3
Sep 01	92.6	174.5	147.1
Sep 08	94.2	185.1	133.2
Sep 15	98.2	180.2	113.2
Sep 22	99.1	194.9	106.2
Sep 29	103.4	194.8	106.4
Oct 06	113.6	194.3	100.4
Oct 13	118.9	216.5	97.6
Oct 20	135.1	213.5	96.5

How to read it. All open contracts, every trader category, by week of year.

Chicago SRW Wheat total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	561.4	556.2	416.1
Jan 13	576.8	571.4	427.3
Jan 20	585.0	582.5	458.5
Jan 27	597.3	598.2	467.6
Feb 03	612.0	599.2	459.2
Feb 10	590.5	568.5	469.3
Feb 17	544.1	576.4	448.4
Feb 24	516.2	482.3	455.3
Mar 03	515.1	526.9	415.0
Mar 10	562.2	533.2	451.8
Mar 17	580.8	548.7	451.4
Mar 24	595.8	546.9	477.6
Mar 31	593.4	584.2	465.0
Apr 07	605.8	572.1	471.1
Apr 14	565.3	558.9	457.3
Apr 21	557.3	547.9	449.4
Apr 28	520.9	511.5	453.3
May 05	540.5	525.5	423.6
May 12	586.7	554.3	448.7
May 19	608.9	549.6	492.0
May 26	584.3	534.8	515.1
Jun 02	580.4	534.3	516.1
Jun 09	562.6	506.3	517.6
Jun 16	554.1	488.4	489.8
Jun 23	534.8	425.4	504.8
Jun 30	479.0	434.5	470.8
Jul 07	492.0	446.2	472.5
Jul 14	528.7	469.2	485.5
Jul 21	578.2	492.2	506.2
Jul 28	566.4	496.8	511.0
Aug 04	567.1	551.5	511.6
Aug 11	581.8	550.5	511.1
Aug 18	573.8	558.7	483.9
Aug 25	529.1	493.4	492.8
Sep 01	596.6	470.7	445.6
Sep 08	606.1	497.4	438.9
Sep 15	603.1	508.6	422.2
Sep 22	595.4	517.9	418.4
Sep 29	573.4	523.6	422.9
Oct 06	597.9	548.8	456.8
Oct 13	609.0	603.2	473.3
Oct 20	637.9	603.1	473.5

How to read it. Front-month futures (ZW=F), for context.

Chicago SRW Wheat nearby futures price history

Date	Price (¢/bu)
2024-01-05	616.00
2024-01-12	596.00
2024-01-19	593.25
2024-01-26	600.25
2024-02-02	599.75
2024-02-09	596.75
2024-02-16	560.50
2024-02-23	573.50
2024-03-01	560.00
2024-03-08	526.75
2024-03-15	528.50
2024-03-22	554.75
2024-03-28	560.25
2024-04-05	567.25
2024-04-12	556.00
2024-04-19	550.25
2024-04-26	603.25
2024-05-03	606.00
2024-05-10	645.75
2024-05-17	651.25
2024-05-24	697.25
2024-05-31	678.50
2024-06-07	627.50
2024-06-14	612.75
2024-06-21	561.50
2024-06-28	553.50
2024-07-05	572.25
2024-07-12	538.00
2024-07-19	542.75
2024-07-26	523.50
2024-08-02	539.00
2024-08-09	542.50
2024-08-16	530.00
2024-08-23	502.25
2024-08-30	532.75
2024-09-06	553.25
2024-09-13	571.25
2024-09-20	568.50
2024-09-27	580.00
2024-10-04	589.75
2024-10-11	599.00
2024-10-18	572.75
2024-10-25	569.00
2024-11-01	568.00
2024-11-08	572.50
2024-11-15	536.50
2024-11-22	544.25
2024-11-29	532.25
2024-12-06	542.50
2024-12-13	526.50
2024-12-20	533.00
2024-12-27	546.50
2025-01-03	529.25
2025-01-10	530.75
2025-01-17	538.75
2025-01-24	544.00
2025-01-31	559.50
2025-02-07	582.75
2025-02-14	600.00
2025-02-21	590.00
2025-02-28	537.00
2025-03-07	533.75
2025-03-14	545.75
2025-03-21	558.25
2025-03-28	528.25
2025-04-04	529.00
2025-04-11	555.75
2025-04-17	548.75
2025-04-25	530.00
2025-05-02	526.50
2025-05-09	505.50
2025-05-16	525.00
2025-05-23	542.50
2025-05-30	534.00
2025-06-06	554.75
2025-06-13	543.75
2025-06-20	567.75
2025-06-27	524.75
2025-07-03	547.75
2025-07-11	540.75
2025-07-18	546.25
2025-07-25	538.25
2025-08-01	516.75
2025-08-08	514.50
2025-08-15	506.50
2025-08-22	504.75
2025-08-29	518.00
2025-09-05	501.00
2025-09-12	503.00
2025-09-19	522.50
2025-09-26	519.75
2025-10-03	515.25
2025-10-10	498.50
2025-10-17	503.75
2025-10-24	512.50
2025-10-31	534.00
2025-11-07	527.75
2025-11-14	527.25
2025-11-21	527.00
2025-11-28	531.00
2025-12-05	537.50
2025-12-12	534.50
2025-12-19	509.75
2025-12-26	519.00
2026-01-02	506.50
2026-01-09	517.25
2026-01-16	518.00
2026-01-23	529.50
2026-01-30	538.00
2026-02-06	529.75
2026-02-13	548.75
2026-02-20	573.50
2026-02-27	591.25
2026-03-06	611.25
2026-03-13	618.50
2026-03-20	595.25
2026-03-27	605.00
2026-04-02	598.25
2026-04-10	571.00
2026-04-17	591.25
2026-04-24	608.25
2026-05-01	624.50
2026-05-08	607.50
2026-05-15	635.75
2026-05-22	646.25
2026-05-29	610.50
2026-06-05	580.00
2026-06-12	584.50
2026-06-18	605.75
2026-06-26	578.25
2026-07-02	590.50
2026-07-10	632.00
2026-07-17	682.75
2026-07-24	678.00
2026-07-31	639.25
2026-08-07	639.75
2026-08-14	674.75
2026-08-21	681.50
2026-08-28	767.00
2026-09-04	716.00
2026-09-11	707.00
2026-09-18	714.25
2026-09-25	703.25
2026-10-02	683.00
2026-10-09	671.00
2026-10-16	660.50
2026-10-23	625.00

KC HRW Wheat

CFTC Code 001612 · COT data through 2026-10-20

664.50 ¢/bu

Funds net

+6,395

Managed money long minus short

49th over 15 yrs

normal

Funds gross long

53,678 cts

Managed money long contracts

65th over 15 yrs

normal

Funds gross short

47,283 cts

Managed money short contracts

58th over 15 yrs

normal

Funds, week over week

-10,996

Change in the managed-money net position

Open interest

355,093 cts

All open contracts, every trader category

98th over 15 yrs

unusual high

Commercials net

+6,423

Producers, merchants and swap dealers

63rd over 15 yrs

normal

Price, week over week

-39.50 ¢/bu

-5.6% · latest 664.50 ¢/bu

Funds (managed money) are net long 6,395 contracts, the 49th percentile over 15 yrs (normal). Week over week they cut 10,996. Commercials hold a net long of 6,423 contracts, the 63rd percentile over 15 yrs. Open interest: the 98th percentile over 15 yrs (unusual high).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

KC HRW Wheat managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-15.7	-31.9	-34.5
Jan 13	-12.8	-37.6	-34.2
Jan 20	-13.0	-35.1	-38.7
Jan 27	-10.3	-42.4	-38.3
Feb 03	-8.8	-36.0	-33.4
Feb 10	-19.5	-30.2	-33.4
Feb 17	-10.6	-22.1	-36.4
Feb 24	4.2	-21.3	-41.9
Mar 03	1.9	-39.3	-42.1
Mar 10	9.4	-48.7	-40.9
Mar 17	10.7	-46.7	-35.5
Mar 24	9.7	-45.5	-37.9
Mar 31	21.5	-45.7	-42.6
Apr 07	15.6	-49.8	-40.5
Apr 14	16.9	-47.4	-44.6
Apr 21	28.0	-56.6	-49.2
Apr 28	30.6	-67.3	-48.2
May 05	37.9	-72.2	-29.6
May 12	37.8	-80.8	-24.0
May 19	30.1	-80.2	-17.3
May 26	26.9	-79.4	-16.8
Jun 02	13.5	-78.0	-9.7
Jun 09	-4.5	-75.0	-13.5
Jun 16	7.6	-62.2	-16.4
Jun 23	-1.3	-43.5	-29.0
Jun 30	6.9	-42.3	-37.1
Jul 07	11.8	-43.3	-43.1
Jul 14	17.5	-48.0	-40.8
Jul 21	29.9	-44.0	-43.9
Jul 28	33.2	-47.3	-40.9
Aug 04	33.1	-57.1	-40.2
Aug 11	27.7	-50.6	-36.0
Aug 18	34.8	-51.4	-32.8
Aug 25	44.1	-48.7	-35.3
Sep 01	50.3	-54.7	-32.0
Sep 08	51.2	-53.0	-27.2
Sep 15	45.8	-51.5	-18.5
Sep 22	41.7	-50.3	-17.5
Sep 29	30.7	-53.9	-19.9
Oct 06	24.0	-63.5	-15.3
Oct 13	17.4	-67.7	-5.9
Oct 20	6.4	-67.3	-6.5

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

KC HRW Wheat commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	3.2	19.8	25.2
Jan 13	7.1	24.8	23.7
Jan 20	12.7	21.7	32.5
Jan 27	8.1	29.0	29.3
Feb 03	11.0	17.2	22.6
Feb 10	22.5	13.9	24.2
Feb 17	10.2	4.3	30.7
Feb 24	-6.2	9.7	35.2
Mar 03	2.2	34.5	32.4
Mar 10	-2.2	42.2	31.6
Mar 17	-3.7	34.8	27.7
Mar 24	0.2	38.2	33.2
Mar 31	-11.7	39.4	37.3
Apr 07	-1.1	45.2	38.6
Apr 14	0.5	42.8	42.7
Apr 21	-13.3	44.8	45.7
Apr 28	-14.9	55.4	39.0
May 05	-16.6	58.2	28.2
May 12	-15.0	63.4	22.2
May 19	-4.5	58.3	13.2
May 26	-2.1	61.1	16.4
Jun 02	7.3	61.1	11.5
Jun 09	19.4	58.8	14.9
Jun 16	11.2	47.3	20.1
Jun 23	17.8	35.1	29.2
Jun 30	14.6	31.7	40.0
Jul 07	9.2	33.4	35.9
Jul 14	-1.3	34.6	36.1
Jul 21	-12.9	26.9	34.6
Jul 28	-17.3	29.9	32.6
Aug 04	-18.4	37.9	32.7
Aug 11	-15.2	31.3	29.0
Aug 18	-16.0	33.1	27.3
Aug 25	-21.5	29.3	31.7
Sep 01	-31.2	37.3	26.3
Sep 08	-34.5	31.3	21.3
Sep 15	-30.8	31.6	11.6
Sep 22	-27.8	34.2	10.1
Sep 29	-17.7	36.7	11.1
Oct 06	-14.9	44.2	9.3
Oct 13	-4.4	48.7	0.4
Oct 20	6.4	46.8	-0.0

How to read it. Funds' long positions alone, by week of year.

KC HRW Wheat managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	66.3	51.4	36.3
Jan 13	64.8	47.8	37.0
Jan 20	63.0	51.3	38.6
Jan 27	63.4	49.6	39.7
Feb 03	70.2	45.6	41.4
Feb 10	64.4	39.5	43.7
Feb 17	68.0	33.5	45.4
Feb 24	75.1	30.4	45.8
Mar 03	69.1	28.9	49.2
Mar 10	68.7	31.4	51.9
Mar 17	70.9	29.4	54.1
Mar 24	68.9	29.5	55.4
Mar 31	71.9	37.3	50.9
Apr 07	73.2	37.4	52.7
Apr 14	62.1	40.4	46.0
Apr 21	67.6	37.5	42.9
Apr 28	70.9	39.6	40.8
May 05	75.5	38.9	36.3
May 12	73.9	34.9	36.1
May 19	74.4	36.5	38.3
May 26	70.9	34.1	39.9
Jun 02	59.2	33.5	44.7
Jun 09	53.2	31.8	46.3
Jun 16	58.9	33.0	43.2
Jun 23	56.5	31.3	34.4
Jun 30	59.9	35.0	40.7
Jul 07	64.5	37.4	43.1
Jul 14	63.1	39.7	40.8
Jul 21	66.6	45.2	38.7
Jul 28	65.8	41.3	38.4
Aug 04	68.1	33.1	40.1
Aug 11	64.5	36.6	40.1
Aug 18	68.4	42.0	42.0
Aug 25	76.3	45.8	40.9
Sep 01	82.6	45.5	44.7
Sep 08	79.2	49.5	46.1
Sep 15	79.0	55.3	50.1
Sep 22	77.0	59.0	47.2
Sep 29	70.8	59.3	47.8
Oct 06	69.3	58.1	48.1
Oct 13	59.8	60.5	43.0
Oct 20	53.7	58.6	40.8

How to read it. Funds' short positions alone, by week of year.

KC HRW Wheat managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	81.9	83.3	70.8
Jan 13	77.6	85.4	71.2
Jan 20	76.0	86.4	77.2
Jan 27	73.7	91.9	78.1
Feb 03	79.1	81.6	74.7
Feb 10	83.9	69.8	77.1
Feb 17	78.6	55.6	81.8
Feb 24	70.9	51.7	87.7
Mar 03	67.3	68.1	91.3
Mar 10	59.3	80.1	92.8
Mar 17	60.2	76.0	89.7
Mar 24	59.2	75.0	93.2
Mar 31	50.3	83.0	93.6
Apr 07	57.6	87.2	93.2
Apr 14	45.2	87.8	90.7
Apr 21	39.6	94.1	92.2
Apr 28	40.2	106.9	89.0
May 05	37.6	111.1	65.9
May 12	36.1	115.7	60.1
May 19	44.3	116.6	55.5
May 26	44.0	113.5	56.7
Jun 02	45.7	111.6	54.4
Jun 09	57.7	106.8	59.8
Jun 16	51.3	95.2	59.6
Jun 23	57.8	74.7	63.4
Jun 30	52.9	77.3	77.8
Jul 07	52.7	80.7	86.3
Jul 14	45.6	87.7	81.6
Jul 21	36.7	89.2	82.6
Jul 28	32.5	88.6	79.3
Aug 04	35.1	90.1	80.3
Aug 11	36.9	87.2	76.1
Aug 18	33.6	93.3	74.8
Aug 25	32.2	94.5	76.2
Sep 01	32.3	100.1	76.7
Sep 08	27.9	102.5	73.4
Sep 15	33.2	106.8	68.6
Sep 22	35.3	109.3	64.7
Sep 29	40.1	113.2	67.7
Oct 06	45.3	121.6	63.3
Oct 13	42.5	128.2	48.9
Oct 20	47.3	125.9	47.3

How to read it. All open contracts, every trader category, by week of year.

KC HRW Wheat total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	314.3	291.5	221.6
Jan 13	316.9	300.1	226.1
Jan 20	325.1	313.2	232.3
Jan 27	330.4	304.7	241.7
Feb 03	334.5	294.8	252.2
Feb 10	315.9	278.9	266.1
Feb 17	329.3	274.4	270.1
Feb 24	326.6	240.8	269.4
Mar 03	317.7	258.2	261.6
Mar 10	323.2	273.9	276.2
Mar 17	336.3	276.3	288.6
Mar 24	341.7	282.0	294.6
Mar 31	331.4	301.9	295.6
Apr 07	329.0	287.5	316.9
Apr 14	333.7	293.6	298.2
Apr 21	339.9	285.4	291.8
Apr 28	322.7	281.2	285.0
May 05	337.4	298.2	254.2
May 12	356.3	315.0	258.9
May 19	355.1	322.0	267.4
May 26	349.1	314.4	273.6
Jun 02	346.4	318.8	282.2
Jun 09	324.3	320.9	281.3
Jun 16	322.4	309.2	260.7
Jun 23	300.8	275.8	257.5
Jun 30	284.8	278.3	242.3
Jul 07	296.9	281.9	253.1
Jul 14	301.0	290.6	253.9
Jul 21	345.5	299.7	258.6
Jul 28	352.1	303.9	258.1
Aug 04	356.7	310.7	266.9
Aug 11	345.2	297.3	279.4
Aug 18	339.9	313.0	273.4
Aug 25	321.5	288.8	265.3
Sep 01	344.6	295.9	253.0
Sep 08	342.9	314.1	253.8
Sep 15	347.4	321.3	243.8
Sep 22	346.0	324.3	245.3
Sep 29	334.9	335.7	252.4
Oct 06	343.4	352.4	256.5
Oct 13	343.5	363.6	243.2
Oct 20	355.1	363.4	256.0

How to read it. Front-month futures (KE=F), for context.

KC HRW Wheat nearby futures price history

Date	Price (¢/bu)
2024-01-05	628.00
2024-01-12	615.25
2024-01-19	608.00
2024-01-26	624.75
2024-02-02	625.00
2024-02-09	601.50
2024-02-16	567.25
2024-02-23	568.75
2024-03-01	580.00
2024-03-08	608.50
2024-03-15	566.25
2024-03-22	590.50
2024-03-28	585.25
2024-04-05	582.25
2024-04-12	589.75
2024-04-19	581.50
2024-04-26	646.25
2024-05-03	660.00
2024-05-10	697.25
2024-05-17	661.75
2024-05-24	721.25
2024-05-31	708.75
2024-06-07	665.75
2024-06-14	627.50
2024-06-21	581.25
2024-06-28	587.50
2024-07-05	595.25
2024-07-12	604.00
2024-07-19	570.00
2024-07-26	545.50
2024-08-02	559.75
2024-08-09	554.00
2024-08-16	539.75
2024-08-23	520.00
2024-08-30	552.50
2024-09-06	569.75
2024-09-13	578.50
2024-09-20	564.00
2024-09-27	576.75
2024-10-04	598.00
2024-10-11	604.50
2024-10-18	580.75
2024-10-25	572.00
2024-11-01	566.75
2024-11-08	564.25
2024-11-15	540.00
2024-11-22	554.25
2024-11-29	520.75
2024-12-06	537.25
2024-12-13	538.75
2024-12-20	544.75
2024-12-27	554.50
2025-01-03	539.00
2025-01-10	551.75
2025-01-17	548.50
2025-01-24	559.50
2025-01-31	579.25
2025-02-07	604.25
2025-02-14	621.25
2025-02-21	609.25
2025-02-28	558.25
2025-03-07	551.25
2025-03-14	573.50
2025-03-21	588.75
2025-03-28	551.75
2025-04-04	557.50
2025-04-11	568.00
2025-04-17	557.50
2025-04-25	538.00
2025-05-02	528.50
2025-05-09	506.50
2025-05-16	516.50
2025-05-23	538.75
2025-05-30	533.25
2025-06-06	549.25
2025-06-13	540.75
2025-06-20	563.25
2025-06-27	516.00
2025-07-03	518.00
2025-07-11	504.25
2025-07-18	529.00
2025-07-25	526.50
2025-08-01	518.75
2025-08-08	518.25
2025-08-15	507.00
2025-08-22	498.00
2025-08-29	492.75
2025-09-05	481.75
2025-09-12	487.00
2025-09-19	507.25
2025-09-26	505.50
2025-10-03	497.00
2025-10-10	483.00
2025-10-17	491.50
2025-10-24	501.50
2025-10-31	524.50
2025-11-07	519.25
2025-11-14	515.25
2025-11-21	511.00
2025-11-28	517.75
2025-12-05	523.25
2025-12-12	498.75
2025-12-19	515.25
2025-12-26	533.50
2026-01-02	515.00
2026-01-09	530.25
2026-01-16	527.25
2026-01-23	540.75
2026-01-30	544.75
2026-02-06	531.25
2026-02-13	542.50
2026-02-20	572.25
2026-02-27	572.75
2026-03-06	611.50
2026-03-13	618.75
2026-03-20	606.25
2026-03-27	632.75
2026-04-02	615.75
2026-04-10	590.75
2026-04-17	636.75
2026-04-24	659.00
2026-05-01	682.50
2026-05-08	672.50
2026-05-15	688.00
2026-05-22	682.00
2026-05-29	649.75
2026-06-05	620.75
2026-06-12	634.50
2026-06-18	644.00
2026-06-26	611.00
2026-07-02	627.00
2026-07-10	662.50
2026-07-17	732.25
2026-07-24	745.25
2026-07-31	707.50
2026-08-07	714.00
2026-08-14	754.25
2026-08-21	756.25
2026-08-28	827.75
2026-09-04	786.75
2026-09-11	784.00
2026-09-18	783.75
2026-09-25	762.00
2026-10-02	735.25
2026-10-09	719.25
2026-10-16	704.00
2026-10-23	664.50

The Positioning Report — Grains & Oilseeds — October 23, 2026 Data through: COT: 2026-10-20 · Biofuel feedstock: 2026-07 · Oil PV% (futures): 2026-10-23 · NASS crushings: Aug (12/12 of MY 2025/26) Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/positioning_grains_livestock_72022d4d.html MANAGED MONEY POSITIONING: Corn +146,257 cts 67th percentile over 15 yrs normal Soybeans +206,936 cts 93rd percentile over 15 yrs unusual high Soybean Meal +204,693 cts 4th-highest weekly reading in 15 yrs unusual high Soybean Oil +69,858 cts 80th percentile over 15 yrs normal Chicago SRW Wheat -51,134 cts 40th percentile over 15 yrs normal KC HRW Wheat +6,395 cts 49th percentile over 15 yrs normal CRUSH PACE / OIL DEMAND / BIOFUEL PULL: Crush pace vs WASDE (2025/26)-0.01% 12/12 months behind pace — implied 2646 vs WASDE 2646 mil bu; noise band ±0.00% at this point in the year Argentine crush pace vs WASDE (2025/26)-0.25% 11/12 months on pace — implied 42.9 vs WASDE 43.0 MMT; noise band ±1.17% (about 4x the US band — Argentine crush is a noisier series); deviation is inside the band Argentine crush utilisation~64% implied 42.9 of ~67 MMT installed capacity (USDA FAS GAIN AR2025-0020, Nov 2025 (Post estimate)) — crush is constrained by bean supply and farmer selling, not by plant Oil PV% (crush value) 49.1% 86th pct oil share elevated vs history Soy feedstock share 41.7% +4.7 pts YoY Soy oil into biofuel 1,687 MMlb 816 BD / 871 RD