Wheat COT Report
Live CFTC Commitments of Traders positioning for Wheat futures — commercial hedgers versus managed money. Latest report: June 9, 2026.
Positioning signal
extreme_short
Large specs at extreme short position — contrarian bullish
Z-score (vs 3yr)
-2.22
3.8th percentile
Open interest
290,952
-24,990 WoW
Who's positioned where
Commercials (hedgers)
+20,576
net · 132,794 long / 112,218 short
Managed money (specs)
-21,263
net · 61,275 long / 82,538 short
Commercial net — last 6 months
What this means for Wheat
The CFTC's weekly Commitments of Traders report splits Wheat futures positions into commercials — producers and users hedging real exposure — and managed money, the speculators taking the other side. Commercials are net long here, while specs are net short. Research on hedging pressure finds that when commercial hedgers are unusually net-short, it has historically preceded positive returns — so the z-score (currently -2.22) matters more than the raw number.Wheat ultimately trades on growing-region weather, global supply, and exports, and positioning is one input among those fundamentals.
Educational analysis, not investment advice. Positioning is descriptive and can stay extreme for long stretches.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.