The Positioning Report | US
Grains & Livestock — COT Positioning
CFTC Disaggregated Commitments of Traders · Combined Futures & Options
Week of May 08, 2026 Corn · Soybeans · Wheat · Live Cattle
Data: CFTC weekly release
CornSoybeansWheat (SRW — Chicago)Live Cattle
Market Positioning — Grains & Livestock
Percentile rankings relative to full available history (2010–present) · Managed Money = hedge funds & CTAs · Commercial = producers, merchants & swap dealers
Corn
CFTC Code 002602 · COT data through 2026-05-05
471.00 ¢/bu
MM Net Position
+343,925
Managed money long minus short
92th pct
MM Week-over-Week
+79,822
Change in managed money net
Open Interest
2,515,587 cts
Total open interest (all participants)
97th pct
Commercial Net
-325,774
Prod/merchant + swap dealer net
11th pct
Price WoW Change
+2.75 ¢/bu
+0.6%  ·  latest 471.00 ¢/bu
Managed money is Heavily Long (92th percentile) relative to the full history of this market. Managed money added 79,822 net contracts week-over-week. Commercial hedgers hold a net short position of 325,774 contracts. Open interest is at an elevated level historically (97th percentile).

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 06-16.4253.3-197.3
Jan 13-81.8292.2-230.7
Jan 20-81.3311.7-260.5
Jan 27-72.0350.7-265.3
Feb 03-68.8364.2-280.2
Feb 10-48.2332.4-297.7
Feb 17-27.4353.5-314.3
Feb 24-13.9337.5-340.7
Mar 0353.0219.8-295.3
Mar 10193.3146.5-296.8
Mar 17228.8107.3-255.9
Mar 24284.574.6-243.0
Mar 31268.056.8-251.7
Apr 07218.653.6-259.6
Apr 14159.5124.6-263.6
Apr 21184.4112.8-279.6
Apr 28264.171.3-238.5
May 05343.913.9-218.0

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 06-7.2-217.5198.4
Jan 1378.8-244.9217.7
Jan 2090.3-286.6264.1
Jan 2771.0-324.7262.9
Feb 0373.9-340.7267.7
Feb 1062.5-304.7272.1
Feb 1756.9-331.9290.4
Feb 2439.8-312.4306.8
Mar 03-32.3-227.6269.9
Mar 10-177.1-160.9261.0
Mar 17-217.9-119.5213.9
Mar 24-277.3-73.4197.1
Mar 31-237.1-46.9213.7
Apr 07-188.9-54.4219.9
Apr 14-147.2-128.4224.9
Apr 21-158.9-96.7242.6
Apr 28-237.7-75.8199.7
May 05-325.8-10.1184.0

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 061,915.52,132.61,601.3
Jan 132,035.72,372.01,713.9
Jan 202,088.32,534.21,852.3
Jan 272,092.62,513.61,958.2
Feb 032,142.12,618.91,963.8
Feb 102,158.22,602.51,996.0
Feb 172,204.02,693.22,038.8
Feb 241,995.92,360.32,053.9
Mar 032,018.32,355.11,896.4
Mar 102,219.52,368.61,914.6
Mar 172,322.02,372.11,961.4
Mar 242,395.82,346.11,999.1
Mar 312,367.02,470.02,017.8
Apr 072,350.22,415.72,056.5
Apr 142,357.62,326.61,999.9
Apr 212,380.72,317.31,966.2
Apr 282,330.61,999.41,969.4
May 052,515.62,020.81,805.7

Nearby futures price (ZC=F). Price shown for context; COT positioning is the primary signal.

Options-only open interest by trader category (futures-and-options combined minus futures-only). Teal = managed money options net (spec directional bets via options). Gold = swap dealer options net (dealer intermediation; negative = dealer short gamma). Red = producer/commercial options net (negative = producers bought puts → dealer sold puts). White dotted = Structural Hedging Pressure percentile rank vs. full history. Elevated pressure + reversing MM positioning = structural conditions for amplified price moves.

Soybeans
CFTC Code 005602 · COT data through 2026-05-05
1,206.25 ¢/bu
MM Net Position
+221,617
Managed money long minus short
97th pct
MM Week-over-Week
+36,336
Change in managed money net
Open Interest
1,192,969 cts
Total open interest (all participants)
93th pct
Commercial Net
-206,023
Prod/merchant + swap dealer net
5th pct
Price WoW Change
+18.50 ¢/bu
+1.6%  ·  latest 1,206.25 ¢/bu
Managed money is Heavily Long (97th percentile) relative to the full history of this market. Managed money added 36,336 net contracts week-over-week. Commercial hedgers hold a net short position of 206,023 contracts. Open interest is at an elevated level historically (93th percentile).

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 0657.7-28.6-11.6
Jan 1313.034.8-31.2
Jan 2010.140.3-76.8
Jan 2717.356.5-91.8
Feb 0328.857.0-108.2
Feb 10123.128.5-130.3
Feb 17163.616.5-134.5
Feb 24184.28.2-136.7
Mar 03198.9-35.5-160.7
Mar 10222.1-15.5-172.0
Mar 17202.0-22.0-155.1
Mar 24197.9-43.0-148.3
Mar 31213.4-29.8-134.8
Apr 07189.6-50.4-138.3
Apr 14175.226.2-139.3
Apr 21192.931.1-167.9
Apr 28185.338.2-149.0
May 05221.621.9-149.2

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 06-82.261.531.8
Jan 13-31.80.551.7
Jan 20-26.0-5.2112.4
Jan 27-33.9-16.7122.8
Feb 03-40.1-23.2152.0
Feb 10-116.69.3167.7
Feb 17-153.824.5166.5
Feb 24-166.037.8166.6
Mar 03-176.467.2195.6
Mar 10-190.743.7205.5
Mar 17-177.043.3185.2
Mar 24-164.354.8173.5
Mar 31-179.433.0155.2
Apr 07-156.957.0162.1
Apr 14-151.3-25.1164.4
Apr 21-169.0-28.7190.6
Apr 28-163.7-37.3166.9
May 05-206.0-27.2165.0

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 06961.91,013.3789.5
Jan 131,018.81,051.7833.6
Jan 201,038.41,113.0874.5
Jan 271,047.71,083.5931.4
Feb 031,084.81,131.7956.2
Feb 101,207.21,131.9991.4
Feb 171,281.11,128.41,005.2
Feb 241,190.5997.81,037.6
Mar 031,241.11,024.1922.2
Mar 101,306.21,014.0927.9
Mar 171,286.11,038.1951.8
Mar 241,255.11,044.0995.0
Mar 311,239.71,064.11,022.7
Apr 071,263.31,128.11,054.8
Apr 141,271.01,063.41,064.9
Apr 211,256.91,069.61,126.8
Apr 281,096.4950.11,057.4
May 051,193.0986.9911.2

Nearby futures price (ZS=F). Price shown for context; COT positioning is the primary signal.

Options-only open interest by trader category (futures-and-options combined minus futures-only). Teal = managed money options net (spec directional bets via options). Gold = swap dealer options net (dealer intermediation; negative = dealer short gamma). Red = producer/commercial options net (negative = producers bought puts → dealer sold puts). White dotted = Structural Hedging Pressure percentile rank vs. full history. Elevated pressure + reversing MM positioning = structural conditions for amplified price moves.

Wheat (SRW — Chicago)
CFTC Code 001602 · COT data through 2026-05-05
620.00 ¢/bu
MM Net Position
-9,903
Managed money long minus short
70th pct
MM Week-over-Week
-20,567
Change in managed money net
Open Interest
540,497 cts
Total open interest (all participants)
61th pct
Commercial Net
+10,962
Prod/merchant + swap dealer net
30th pct
Price WoW Change
-4.50 ¢/bu
-0.7%  ·  latest 620.00 ¢/bu
Managed money is Moderately Long (70th percentile) relative to the full history of this market. Managed money reduced 20,567 net contracts week-over-week. Commercial hedgers hold a net long position of 10,962 contracts. Open interest is near historical average levels (61th percentile).

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.

Date2026 ('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 318.6-112.0-92.1
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 2810.7-121.4-76.2
May 05-9.9-113.7-47.9

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 0686.781.544.5
Jan 1385.884.547.1
Jan 2091.779.756.3
Jan 2779.598.152.8
Feb 0370.980.946.0
Feb 1074.373.245.3
Feb 1760.261.235.0
Feb 2420.873.650.6
Mar 0326.688.540.1
Mar 1027.686.448.6
Mar 1725.282.757.9
Mar 2419.488.960.6
Mar 318.7102.464.2
Apr 0719.994.862.4
Apr 1416.490.255.6
Apr 2123.390.366.3
Apr 28-0.4114.653.1
May 0511.0107.535.3

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 06561.4556.2416.1
Jan 13576.8571.4427.3
Jan 20585.0582.5458.5
Jan 27597.3598.2467.6
Feb 03612.0599.2459.2
Feb 10590.5568.5469.3
Feb 17544.1576.4448.4
Feb 24516.2482.3455.3
Mar 03515.1526.9415.0
Mar 10562.2533.2451.8
Mar 17580.8548.7451.4
Mar 24595.8546.9477.6
Mar 31593.4584.2465.0
Apr 07605.8572.1471.1
Apr 14565.3558.9457.3
Apr 21557.3547.9449.4
Apr 28520.9511.5453.3
May 05540.5525.5423.6

Nearby futures price (ZW=F). Price shown for context; COT positioning is the primary signal.

Options-only open interest by trader category (futures-and-options combined minus futures-only). Teal = managed money options net (spec directional bets via options). Gold = swap dealer options net (dealer intermediation; negative = dealer short gamma). Red = producer/commercial options net (negative = producers bought puts → dealer sold puts). White dotted = Structural Hedging Pressure percentile rank vs. full history. Elevated pressure + reversing MM positioning = structural conditions for amplified price moves.

Live Cattle
CFTC Code 057642 · COT data through 2026-05-05
249.18 ¢/lb
MM Net Position
+141,965
Managed money long minus short
98th pct
MM Week-over-Week
+5,373
Change in managed money net
Open Interest
474,894 cts
Total open interest (all participants)
92th pct
Commercial Net
-128,381
Prod/merchant + swap dealer net
2th pct
Price WoW Change
-3.82 ¢/lb
-1.5%  ·  latest 249.18 ¢/lb
Managed money is Heavily Long (98th percentile) relative to the full history of this market. Managed money added 5,373 net contracts week-over-week. Commercial hedgers hold a net short position of 128,381 contracts. Open interest is at an elevated level historically (92th percentile).

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 0694.8143.517.4
Jan 13101.3147.413.8
Jan 20101.5148.513.0
Jan 27105.7156.917.2
Feb 03114.5150.427.2
Feb 10108.6135.736.1
Feb 17116.7128.542.5
Feb 24119.0121.350.5
Mar 03114.5110.554.8
Mar 10109.0112.859.4
Mar 17106.6120.263.3
Mar 24110.9137.962.4
Mar 31123.7142.859.2
Apr 07133.3118.553.3
Apr 14136.6106.537.0
Apr 21134.8120.532.3
Apr 28136.6128.835.7
May 05142.0133.333.6

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 06-94.4-125.4-31.2
Jan 13-102.3-129.5-26.6
Jan 20-102.3-123.9-26.5
Jan 27-103.2-135.3-33.9
Feb 03-109.6-131.6-43.0
Feb 10-100.8-119.2-50.1
Feb 17-108.5-116.9-57.9
Feb 24-108.1-111.7-67.4
Mar 03-100.3-97.6-71.9
Mar 10-94.4-104.3-78.5
Mar 17-93.0-111.0-78.6
Mar 24-96.7-130.8-75.8
Mar 31-110.1-133.9-74.9
Apr 07-118.6-114.4-69.5
Apr 14-123.6-103.3-55.3
Apr 21-117.0-111.4-48.5
Apr 28-123.5-119.4-51.5
May 05-128.4-121.0-52.1

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.

Date2026 ('000 cts)2025 ('000 cts)2024 ('000 cts)
Jan 06445.7482.2378.7
Jan 13445.9488.4374.2
Jan 20453.7502.6375.9
Jan 27454.4543.5376.9
Feb 03464.8544.2388.9
Feb 10427.2484.2358.8
Feb 17435.7480.9373.1
Feb 24452.6477.3376.8
Mar 03460.0478.5396.7
Mar 10451.0471.7408.1
Mar 17444.6499.0406.8
Mar 24443.8537.1416.9
Mar 31450.6547.3423.0
Apr 07440.9471.8426.3
Apr 14447.3437.8380.4
Apr 21453.2464.4373.2
Apr 28473.7499.5370.4
May 05474.9527.1386.6

Nearby futures price (LE=F). Price shown for context; COT positioning is the primary signal.

The Positioning Report — Grains & Livestock — May 08, 2026 Data through: COT: May 08, 2026 Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/positioning_grains_livestock_bcc00237.html
The Positioning Report | US · Grains & Livestock
Week of May 08, 2026
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