CFTC COT report for 25 November 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 |
|---|---|---|---|---|---|---|---|---|
| 2025-11-25 | US 5Y | Leveraged Funds | 391,386 | 3,567,653 | -3,176,267 | +77,798 | +113,218 | 63th percentile |
| 2025-11-25 | US 2Y | Leveraged Funds | 507,990 | 2,515,535 | -2,007,545 | +70,220 | +79,801 | 56th percentile |
| 2025-11-25 | US Bond | Leveraged Funds | 103,719 | 483,075 | -379,356 | +35,984 | -5,455 | 83th percentile |
| 2025-11-25 | Russell 2000 | Leveraged Funds | 49,256 | 106,866 | -57,610 | +33,476 | +12,533 | 52th percentile |
| 2025-11-25 | VIX | Leveraged Funds | 55,175 | 110,285 | -55,110 | +32,187 | +12,828 | 42th percentile |
| 2025-11-25 | S&P 500 | Leveraged Funds | 205,516 | 588,474 | -382,958 | -24,051 | +65,763 | 29th percentile |
| 2025-11-25 | GBP | Leveraged Funds | 51,338 | 52,667 | -1,329 | -10,054 | -41,722 | 2th percentile |
| 2025-11-25 | JPY | Leveraged Funds | 48,541 | 102,135 | -53,594 | +9,542 | -3,469 | 12th 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 |
|---|---|---|---|---|---|---|---|---|
| 2025-11-25 | US 5Y | Asset Manager/Institutional | 4,278,578 | 682,041 | +3,596,537 | -136,322 | -79,015 | 65th percentile |
| 2025-11-25 | US Bond | Asset Manager/Institutional | 1,085,466 | 652,002 | +433,464 | -25,381 | -5,665 | 4th percentile |
| 2025-11-25 | Ultra Bond | Asset Manager/Institutional | 1,361,000 | 469,634 | +891,366 | -23,382 | +8,064 | 94th percentile |
| 2025-11-25 | US 2Y | Asset Manager/Institutional | 2,628,887 | 494,405 | +2,134,482 | +9,485 | -49,011 | 63th percentile |
| 2025-11-25 | AUD | Asset Manager/Institutional | 36,900 | 105,954 | -69,054 | -8,944 | -8,800 | 6th percentile |
| 2025-11-25 | US 10Y | Asset Manager/Institutional | 3,227,566 | 975,313 | +2,252,253 | +7,317 | +86,041 | 90th percentile |
| 2025-11-25 | EUR | Asset Manager/Institutional | 500,319 | 150,557 | +349,762 | -7,189 | -14,809 | 65th percentile |
| 2025-11-25 | S&P 500 | Asset Manager/Institutional | 1,131,923 | 226,629 | +905,294 | -6,757 | -1,503 | 60th 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-11-25 | Corn | Managed Money | 244,630 | 251,431 | 179,062 | -6,801 | -55,589 | -0.45% | +76,124 | 54th percentile |
| 2025-11-25 | WTI Crude Oil | Managed Money | 130,042 | 167,052 | 341,342 | -37,010 | -24,339 | -1.95% | -28,410 | 4th percentile |
| 2025-11-25 | NY Harbor ULSD | Managed Money | 52,171 | 30,217 | 47,486 | +21,954 | -16,702 | 6.34% | -4,477 | 65th percentile |
| 2025-11-25 | Gold | Managed Money | 136,979 | 27,670 | 25,169 | +109,309 | +11,104 | 25.24% | +5,150 | 21th percentile |
| 2025-11-25 | Soybean Meal | Managed Money | 113,723 | 55,446 | 69,140 | +58,277 | +9,951 | 10.19% | +109,421 | 100th percentile |
| 2025-11-25 | RBOB Gasoline | Managed Money | 97,374 | 7,721 | 50,273 | +89,653 | -9,742 | 23.18% | +39,398 | 98th percentile |
| 2025-11-25 | Lean Hogs | Managed Money | 81,480 | 39,606 | 45,531 | +41,874 | -8,738 | 13.58% | -50,240 | 6th percentile |
| 2025-11-25 | Soybean Oil | Managed Money | 64,118 | 84,234 | 149,508 | -20,116 | -8,708 | -2.90% | -19,998 | 15th 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-11-25 | Corn | Producer/Merchant/Processor/User | 360,420 | 633,330 | — | -272,910 | +54,770 | -18.33% | -78,609 | 48th percentile |
| 2025-11-25 | Soybean Oil | Producer/Merchant/Processor/User | 202,484 | 298,222 | — | -95,738 | +23,320 | -13.82% | +31,747 | 98th percentile |
| 2025-11-25 | NY Harbor ULSD | Producer/Merchant/Processor/User | 69,962 | 166,762 | — | -96,800 | +15,698 | -27.95% | +8,088 | 44th percentile |
| 2025-11-25 | Gold | Producer/Merchant/Processor/User | 9,950 | 56,642 | — | -46,692 | +12,205 | -10.78% | +11,502 | 81th percentile |
| 2025-11-25 | Soybeans | Producer/Merchant/Processor/User | 245,966 | 581,586 | — | -335,620 | +10,371 | -35.37% | -82,594 | 4th percentile |
| 2025-11-25 | RBOB Gasoline | Producer/Merchant/Processor/User | 115,593 | 204,622 | — | -89,029 | +9,793 | -23.02% | -17,721 | 6th percentile |
| 2025-11-25 | Soybean Meal | Producer/Merchant/Processor/User | 159,528 | 327,451 | — | -167,923 | +9,604 | -29.36% | -63,897 | 4th percentile |
| 2025-11-25 | Copper | Producer/Merchant/Processor/User | 23,448 | 96,640 | — | -73,192 | +6,863 | -31.35% | +8,293 | 10th 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-11-25 | Dow Jones | Other Reportables | 0 | 200 | — | -200 | -500 | -0.24% | +249 | 83th percentile |
| 2025-11-25 | GBP | Leveraged Funds | 51,338 | 52,667 | — | -1,329 | -10,054 | -0.42% | -41,722 | 2th percentile |
| 2025-11-25 | JPY | Non-Reportable | 42,707 | 41,740 | — | +967 | +1,597 | 0.28% | +469 | 33th percentile |
| 2025-11-25 | VIX | Non-Reportable | 26,385 | 25,814 | — | +571 | +5,684 | 0.13% | +1,753 | 46th percentile |
| 2025-11-25 | Corn | Managed Money | 244,630 | 251,431 | 179,062 | -6,801 | -55,589 | -0.45% | +76,124 | 54th percentile |
| 2025-11-25 | Orange Juice | Non-Reportable | 2,652 | 2,220 | — | +432 | +465 | 3.84% | +746 | 67th percentile |
| 2025-11-25 | Orange Juice | Swap Dealer | 307 | 309 | 67 | -2 | -89 | -0.01% | -161 | 2th percentile |
| 2025-11-25 | Soybean Oil | Non-Reportable | 30,697 | 31,261 | — | -564 | -8,424 | -0.08% | -5,840 | 4th percentile |
| 2025-11-25 | RBOB Gasoline | Other Reportables | 21,259 | 19,965 | 27,960 | +1,294 | +5,181 | 0.33% | +2,856 | 27th percentile |