CFTC COT report for 23 December 2025
Week-ended positions · TFF Futures Only and Disaggregated Futures Only · 42 reviewed markets · processed 26 Jul 2026, 17:40
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 |
|---|---|---|---|---|---|---|---|---|
| 2025-12-23 | Ultra Bond | Leveraged Funds | 103,298 | 716,451 | -613,153 | +36,145 | +66,843 | 37th percentile |
| 2025-12-23 | US 10Y | Leveraged Funds | 527,617 | 2,825,944 | -2,298,327 | -32,306 | +60,989 | 27th percentile |
| 2025-12-23 | US Bond | Leveraged Funds | 121,272 | 461,873 | -340,601 | +22,134 | +38,755 | 98th percentile |
| 2025-12-23 | Russell 2000 | Leveraged Funds | 73,368 | 95,355 | -21,987 | +20,309 | +35,623 | 87th percentile |
| 2025-12-23 | CAD | Leveraged Funds | 13,824 | 71,543 | -57,719 | +19,299 | +14,760 | 42th percentile |
| 2025-12-23 | S&P 500 | Leveraged Funds | 161,061 | 532,121 | -371,060 | +18,107 | +11,898 | 38th percentile |
| 2025-12-23 | US 2Y | Leveraged Funds | 524,378 | 2,731,307 | -2,206,929 | +17,146 | -199,384 | 10th percentile |
| 2025-12-23 | US 5Y | Leveraged Funds | 432,586 | 3,824,067 | -3,391,481 | -13,998 | -215,214 | 35th 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 |
|---|---|---|---|---|---|---|---|---|
| 2025-12-23 | US 5Y | Asset Manager/Institutional | 4,370,633 | 656,217 | +3,714,416 | +76,014 | +117,879 | 85th percentile |
| 2025-12-23 | US 10Y | Asset Manager/Institutional | 3,046,897 | 960,365 | +2,086,532 | +66,447 | -165,721 | 54th percentile |
| 2025-12-23 | S&P 500 | Asset Manager/Institutional | 1,150,865 | 213,962 | +936,903 | -32,582 | +31,609 | 85th percentile |
| 2025-12-23 | US Bond | Asset Manager/Institutional | 1,088,073 | 601,170 | +486,903 | -29,299 | +53,439 | 23th percentile |
| 2025-12-23 | CAD | Asset Manager/Institutional | 60,736 | 67,099 | -6,363 | +20,489 | +87,656 | 100th percentile |
| 2025-12-23 | VIX | Asset Manager/Institutional | 48,367 | 77,079 | -28,712 | -19,388 | -50,642 | 2th percentile |
| 2025-12-23 | EUR | Asset Manager/Institutional | 536,849 | 146,452 | +390,397 | +15,603 | +40,635 | 98th percentile |
| 2025-12-23 | JPY | Asset Manager/Institutional | 102,008 | 53,660 | +48,348 | -10,397 | -21,761 | 17th 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-23 | Corn | Managed Money | 221,190 | 219,398 | 228,564 | +1,792 | +55,158 | 0.11% | +8,593 | 58th percentile |
| 2025-12-23 | Soybeans | Managed Money | 163,032 | 50,771 | 99,565 | +112,261 | -42,713 | 13.27% | -113,209 | 85th percentile |
| 2025-12-23 | Natural Gas | Managed Money | 171,235 | 277,642 | 531,296 | -106,407 | -40,079 | -6.83% | -41,061 | 2th percentile |
| 2025-12-23 | Soybean Oil | Managed Money | 61,104 | 123,156 | 112,443 | -62,052 | -26,237 | -9.36% | -41,936 | 2th percentile |
| 2025-12-23 | Chicago SRW Wheat | Managed Money | 96,300 | 194,474 | 123,492 | -98,174 | -26,095 | -20.17% | -41,768 | 19th percentile |
| 2025-12-23 | Sugar No. 11 | Managed Money | 116,183 | 264,925 | 133,340 | -148,742 | +15,624 | -15.84% | +48,153 | 23th percentile |
| 2025-12-23 | Soybean Meal | Managed Money | 65,637 | 83,905 | 65,153 | -18,268 | -14,252 | -3.51% | -76,545 | 87th percentile |
| 2025-12-23 | Lean Hogs | Managed Money | 88,043 | 15,866 | 40,414 | +72,177 | +12,164 | 24.98% | +30,303 | 33th 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-23 | Corn | Producer/Merchant/Processor/User | 390,723 | 670,637 | — | -279,914 | -46,102 | -18.45% | -7,004 | 44th percentile |
| 2025-12-23 | Soybeans | Producer/Merchant/Processor/User | 232,904 | 492,594 | — | -259,690 | +32,537 | -30.71% | +75,930 | 15th percentile |
| 2025-12-23 | Soybean Oil | Producer/Merchant/Processor/User | 215,797 | 261,498 | — | -45,701 | +22,106 | -6.89% | +50,037 | 100th percentile |
| 2025-12-23 | Chicago SRW Wheat | Producer/Merchant/Processor/User | 84,260 | 75,238 | — | +9,022 | +18,164 | 1.85% | +17,421 | 42th percentile |
| 2025-12-23 | Natural Gas | Producer/Merchant/Processor/User | 228,686 | 229,225 | — | -539 | +14,186 | -0.03% | +20,938 | 94th percentile |
| 2025-12-23 | Soybean Meal | Producer/Merchant/Processor/User | 146,966 | 261,795 | — | -114,829 | +10,867 | -22.07% | +53,094 | 21th percentile |
| 2025-12-23 | Gold | Producer/Merchant/Processor/User | 17,158 | 68,442 | — | -51,284 | -7,035 | -10.42% | -4,592 | 60th percentile |
| 2025-12-23 | Lean Hogs | Producer/Merchant/Processor/User | 26,416 | 121,177 | — | -94,761 | -6,526 | -32.79% | -19,132 | 71th 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-23 | Dow Jones | Dealer/Intermediary | 21,624 | 25,328 | — | -3,704 | -6,396 | -6.02% | -11,896 | 37th percentile |
| 2025-12-23 | CHF | Other Reportables | 1,000 | 1,054 | — | -54 | -986 | -0.06% | -546 | 48th percentile |
| 2025-12-23 | CHF | Non-Reportable | 15,494 | 14,861 | — | +633 | +2,096 | 0.71% | +4,387 | 92th percentile |
| 2025-12-23 | GBP | Other Reportables | 556 | 427 | — | +129 | +500 | 0.06% | +2,030 | 83th percentile |
| 2025-12-23 | Bitcoin | Non-Reportable | 1,203 | 1,177 | — | +26 | +151 | 0.11% | -319 | 23th percentile |
| 2025-12-23 | Corn | Managed Money | 221,190 | 219,398 | 228,564 | +1,792 | +55,158 | 0.11% | +8,593 | 58th percentile |
| 2025-12-23 | Cotton No. 2 | Non-Reportable | 12,813 | 12,529 | — | +284 | +1,927 | 0.09% | +1,514 | 71th percentile |
| 2025-12-23 | Rough Rice | Swap Dealer | 189 | 191 | 0 | -2 | -6 | -0.01% | -18 | 54th percentile |
| 2025-12-23 | Sugar No. 11 | Other Reportables | 45,101 | 45,900 | 62,473 | -799 | -7,516 | -0.08% | -3,090 | 29th percentile |
| 2025-12-23 | Chicago SRW Wheat | Producer/Merchant/Processor/User | 84,260 | 75,238 | — | +9,022 | +18,164 | 1.85% | +17,421 | 42th percentile |
| 2025-12-23 | Palladium | Managed Money | 8,039 | 8,622 | 704 | -583 | -876 | -2.56% | +492 | 96th percentile |