Wheat COT Report

The Commitment of Traders (COT) report shows how the largest traders are positioned in Wheat futures each week. The CFTC splits open interest into speculators (managed money) and commercial hedgers, so you can see who is leaning which way. Tracking when Wheat speculative positioning reaches an extreme, and how speculators line up against commercials, is one of the most widely followed sentiment tools in futures.

What drives Wheat positioning

In grains, commercials are farmers, elevators and grain merchants hedging the crop, so Wheat positioning carries a strong seasonal and weather signature that speculative flows amplify. Wheat is one of the most supply-shock-prone grains, with positioning driven by weather across the US, the Black Sea and the EU, export competition and geopolitics.

How to read the Wheat COT report

For Wheat, the 52-week z-score frames how far managed money has pushed positioning from its seasonal norm: high positive is crowded long, deeply negative is crowded short. Because grain flows carry a strong seasonal and weather signature, read the score together with the positioning regime to see whether the move is trending or overextended. Speculative shorts can grow large in surplus years, so a Black Sea supply scare can force a fast short-covering rally. If COT is new to you, start with how to read the COT report.

COTInsight scores Wheat on nine analytical layers every week, the moment the CFTC data lands: the 52-week z-score, the 3-year COT Index, regime classification, price-versus-positioning divergence, open-interest trend and more, with up to ten years of history so you can see how today compares to every prior extreme.

Wheat COT report FAQ

Which CFTC report covers Wheat?

Wheat positioning comes from the CFTC Disaggregated Commitments of Traders report, which splits Wheat open interest into Producer/Merchant/Processor/User and Swap Dealer hedgers on one side and Managed Money and Other Reportables on the other. COTInsight reads it directly from the CFTC every week.

When is the Wheat COT report updated?

The CFTC releases the Commitments of Traders report every Friday at 3:30pm ET, reflecting positions as of the prior Tuesday. COTInsight recomputes the Wheat z-score, COT Index and regime the moment the data lands.

Is Wheat COT positioning bullish or bearish right now?

The COT report is a positioning and sentiment gauge, not a direct buy or sell signal: it shows whether speculators are crowded long or short in Wheat. COTInsight scores this week's Wheat reading on a 52-week z-score, a 3-year COT Index and a positioning regime. Start a free 7-day trial to see the current reading.

Learn more

• How to read the COT report
• COT z-score explained
• COT regime detection
• All COT market pages