CFTC COT report for 23 September 2025
Week-ended positions · TFF Futures Only and Disaggregated Futures Only · 42 reviewed markets · processed 26 Jul 2026, 17:39
Financial TFF: available · Commodity Disaggregated: available
Official CFTC sourceLargest Leveraged Fund changes
TFF financial futures ranked by absolute weekly contract change.
| Report date | Market | Participant | Long | Short | Net | Weekly change | 4-report change | 52-report context |
|---|---|---|---|---|---|---|---|---|
| 2025-09-23 | US 2Y | Leveraged Funds | 501,087 | 2,584,537 | -2,083,450 | +110,064 | -73,150 | 50th percentile |
| 2025-09-23 | US 10Y | Leveraged Funds | 509,502 | 2,851,346 | -2,341,844 | +61,429 | +192,772 | 12th percentile |
| 2025-09-23 | S&P 500 | Leveraged Funds | 113,510 | 564,515 | -451,005 | +23,981 | -30,450 | 4th percentile |
| 2025-09-23 | US 5Y | Leveraged Funds | 461,171 | 3,760,338 | -3,299,167 | +21,746 | -10,957 | 46th percentile |
| 2025-09-23 | Russell 2000 | Leveraged Funds | 38,060 | 113,910 | -75,850 | +14,365 | +2,209 | 25th percentile |
| 2025-09-23 | Dow Jones | Leveraged Funds | 14,233 | 20,567 | -6,334 | +8,852 | +1,268 | 15th percentile |
| 2025-09-23 | EUR | Leveraged Funds | 106,658 | 86,855 | +19,803 | -6,434 | -14,404 | 67th percentile |
| 2025-09-23 | GBP | Leveraged Funds | 61,382 | 33,720 | +27,662 | +6,049 | +4,008 | 19th percentile |
Largest Asset Manager/Institutional changes
Ranked separately because official participant categories should not be combined.
| Report date | Market | Participant | Long | Short | Net | Weekly change | 4-report change | 52-report context |
|---|---|---|---|---|---|---|---|---|
| 2025-09-23 | US 2Y | Asset Manager/Institutional | 2,703,311 | 457,827 | +2,245,484 | -65,115 | +174,023 | 83th percentile |
| 2025-09-23 | US 10Y | Asset Manager/Institutional | 3,062,278 | 885,470 | +2,176,808 | -59,567 | -291,568 | 81th percentile |
| 2025-09-23 | US Bond | Asset Manager/Institutional | 1,118,166 | 638,987 | +479,179 | -25,080 | -57,087 | 6th percentile |
| 2025-09-23 | S&P 500 | Asset Manager/Institutional | 1,153,356 | 239,804 | +913,552 | +17,252 | +42,272 | 56th percentile |
| 2025-09-23 | US 5Y | Asset Manager/Institutional | 4,295,421 | 690,638 | +3,604,783 | +14,178 | -145,965 | 77th percentile |
| 2025-09-23 | AUD | Asset Manager/Institutional | 42,108 | 90,907 | -48,799 | -8,357 | +30,352 | 23th percentile |
| 2025-09-23 | JPY | Asset Manager/Institutional | 110,298 | 32,464 | +77,834 | +7,734 | +2,649 | 63th percentile |
| 2025-09-23 | NZD | Asset Manager/Institutional | 12,017 | 30,438 | -18,421 | -6,488 | -13,678 | 56th percentile |
Largest Managed Money commodity changes
Disaggregated commodity futures ranked independently from TFF categories.
| Report date | Market | Participant | Long | Short | Spread | Net | Weekly change | Net / OI | 4-report change | 52-report context |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-09-23 | Natural Gas | Managed Money | 219,364 | 282,540 | 563,088 | -63,176 | -40,085 | -3.88% | -19,144 | 23th percentile |
| 2025-09-23 | Soybeans | Managed Money | 99,535 | 124,277 | 114,427 | -24,742 | -24,930 | -2.67% | -43,887 | 37th percentile |
| 2025-09-23 | Sugar No. 11 | Managed Money | 116,327 | 267,234 | 74,859 | -150,907 | -24,637 | -16.78% | -58,661 | 2th percentile |
| 2025-09-23 | Soybean Oil | Managed Money | 71,218 | 69,408 | 113,436 | +1,810 | -16,103 | 0.28% | -26,493 | 17th percentile |
| 2025-09-23 | Corn | Managed Money | 205,034 | 302,357 | 216,394 | -97,323 | -15,826 | -6.30% | +13,612 | 31th percentile |
| 2025-09-23 | Soybean Meal | Managed Money | 69,478 | 162,340 | 99,561 | -92,862 | -11,834 | -14.39% | -31,069 | 35th percentile |
| 2025-09-23 | Chicago SRW Wheat | Managed Money | 98,875 | 196,170 | 108,973 | -97,295 | -11,496 | -20.92% | -14,436 | 17th percentile |
| 2025-09-23 | WTI Crude Oil | Managed Money | 124,884 | 98,401 | 433,615 | +26,483 | -10,316 | 1.36% | +1,862 | 6th percentile |
Largest Producer/Merchant/Processor/User changes
Physical commodity business participants remain in their official category.
| Report date | Market | Participant | Long | Short | Spread | Net | Weekly change | Net / OI | 4-report change | 52-report context |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-09-23 | Soybean Oil | Producer/Merchant/Processor/User | 162,001 | 298,430 | — | -136,429 | +21,167 | -21.24% | +26,761 | 85th percentile |
| 2025-09-23 | Soybeans | Producer/Merchant/Processor/User | 339,671 | 458,105 | — | -118,434 | +15,401 | -12.80% | +3,488 | 44th percentile |
| 2025-09-23 | WTI Crude Oil | Producer/Merchant/Processor/User | 658,361 | 374,649 | — | +283,712 | -9,029 | 14.64% | -14,416 | 77th percentile |
| 2025-09-23 | Natural Gas | Producer/Merchant/Processor/User | 214,488 | 219,432 | — | -4,944 | +8,712 | -0.30% | +11,830 | 92th percentile |
| 2025-09-23 | Corn | Producer/Merchant/Processor/User | 426,187 | 574,973 | — | -148,786 | +8,050 | -9.64% | -32,359 | 73th percentile |
| 2025-09-23 | Chicago SRW Wheat | Producer/Merchant/Processor/User | 83,220 | 64,709 | — | +18,511 | +6,779 | 3.98% | +2,507 | 67th percentile |
| 2025-09-23 | Sugar No. 11 | Producer/Merchant/Processor/User | 338,711 | 291,430 | — | +47,281 | +6,307 | 5.25% | +13,213 | 96th percentile |
| 2025-09-23 | NY Harbor ULSD | Producer/Merchant/Processor/User | 118,916 | 220,288 | — | -101,372 | +5,261 | -24.59% | +4,926 | 17th percentile |
Net-position flips
Crossings from net-long to net-short or the reverse relative to the preceding available report.
| Report date | Market | Participant | Long | Short | Spread | Net | Weekly change | Net / OI | 4-report change | 52-report context |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-09-23 | Dow Jones | Non-Reportable | 11,284 | 11,468 | — | -184 | -1,110 | -0.23% | -440 | 33th percentile |
| 2025-09-23 | EUR | Other Reportables | 22,782 | 19,581 | — | +3,201 | +3,594 | 0.37% | +3,622 | 44th percentile |
| 2025-09-23 | GBP | Other Reportables | 3,715 | 1,427 | — | +2,288 | +3,375 | 0.98% | +2,771 | 81th percentile |
| 2025-09-23 | Bitcoin | Other Reportables | 2,459 | 3,021 | — | -562 | -581 | -2.02% | +423 | 33th percentile |
| 2025-09-23 | VIX | Non-Reportable | 24,585 | 24,722 | — | -137 | -1,260 | -0.02% | -3,769 | 27th percentile |
| 2025-09-23 | Ultra Bond | Other Reportables | 27,186 | 27,396 | — | -210 | -2,099 | -0.01% | -2,954 | 88th percentile |
| 2025-09-23 | Cocoa | Other Reportables | 9,046 | 8,082 | 5,351 | +964 | +975 | 0.93% | +3,721 | 52th percentile |
| 2025-09-23 | Cotton No. 2 | Non-Reportable | 11,752 | 12,657 | — | -905 | -953 | -0.34% | -977 | 29th percentile |
| 2025-09-23 | Orange Juice | Non-Reportable | 1,407 | 1,574 | — | -167 | -283 | -2.06% | -386 | 19th percentile |
| 2025-09-23 | Soybeans | Managed Money | 99,535 | 124,277 | 114,427 | -24,742 | -24,930 | -2.67% | -43,887 | 37th percentile |
| 2025-09-23 | Kansas City HRW Wheat | Non-Reportable | 18,212 | 18,462 | — | -250 | -261 | -0.08% | -303 | 77th percentile |
| 2025-09-23 | Chicago SRW Wheat | Non-Reportable | 31,596 | 30,997 | — | +599 | +1,540 | 0.12% | +500 | 56th percentile |