Wheat COT Report
Live CFTC Commitments of Traders positioning for Wheat futures — commercial hedgers versus managed money. Latest report: July 28, 2026.
By RetailVest Researchsourced from CFTCupdated
Positioning signal
neutral
No clear positioning bias
Z-score (vs 3yr)
1.33
100th percentile
Open interest
303,684
+9,551 WoW
In plain English
Speculators lean bullish on Wheat, but positioning isn't at an extreme yet — there's still room for the trend to run before the crowd gets over-committed.
Who's positioned where
Commercials (hedgers)
-16,736
net · 113,133 long / 129,869 short
Managed money (specs)
+15,958
net · 72,422 long / 56,464 short
Commercial net — last 6 months
What this means for Wheat
The CFTC's weekly report splits Wheat futures positions into — producers and users hedging real exposure — and , the speculators taking the other side. Commercials are net short here, while specs are net long. Research on hedging pressure finds that when commercial hedgers are unusually net-short, it has historically preceded positive returns — so the (currently 1.33) 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.
Trade Wheat without futures — ETF proxies
Liquid ETFs that track Wheat. Same idea, no margin account required.
Leveraged/inverse ETFs (amber) reset daily and decay over time — for short holds only. Not investment advice.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.