How to read a CFTC Commitment of Traders report

What the COT report shows

The CFTC publishes the Commitment of Traders report every Friday at 3:30 PM ET. It breaks down futures positioning into three groups: Commercials (hedgers), Non-Commercials (speculators), and Non-Reportable (small traders).

Reading the data

Commercials are considered 'smart money' — they hedge real business exposure. When commercial net positioning reaches an extreme, it often precedes a reversal. Non-commercial positioning shows speculative sentiment.

Visualising with Quadesto

Upload the CFTC CSV or connect via API. Quadesto renders net positioning over time for any commodity, with commercial vs speculative positioning overlaid.