🐄 Livestock Futures Positioning
CFTC weekly report · Report Date: 2026-07-21
Live Cattle Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Live Cattle while speculators exit — smart money positioning bullish.
Spec:
55,014
(-14,691)
·
Comm:
-48,925
3Y Percentile
26%
Latest Week
Speculator Net
55,014
Commercial Net
-48,925
Small Trader Net
-6,089
Long/Short Ratio
2.14
Open Interest
303,089
Total Traders
372
Feeder Cattle Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Feeder Cattle while speculators exit — smart money positioning bullish.
Spec:
-2,003
(-1,026)
·
Comm:
3,924
3Y Percentile
18%
Latest Week
Speculator Net
-2,003
Commercial Net
3,924
Small Trader Net
-1,921
Long/Short Ratio
0.91
Open Interest
65,505
Total Traders
261
Lean Hogs Futures
SQUEEZE2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
SQUEEZE
Short squeeze in Lean Hogs — specs covering extreme short positions. Distribution phase — commercials selling Lean Hogs into speculator demand.
Spec:
-48,802
(+16,426)
·
Comm:
48,492
3Y Percentile
3%
Latest Week
Speculator Net
-48,802
Commercial Net
48,492
Small Trader Net
310
Long/Short Ratio
0.57
Open Interest
267,566
Total Traders
326
Milk Class III Futures
SQUEEZE2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
SQUEEZE
Short squeeze in Milk Class III — specs covering extreme short positions. Distribution phase — commercials selling Milk Class III into speculator demand.
Spec:
-7,674
(+781)
·
Comm:
9,435
3Y Percentile
6%
Latest Week
Speculator Net
-7,674
Commercial Net
9,435
Small Trader Net
-1,761
Long/Short Ratio
0.31
Open Interest
31,606
Total Traders
78
Cheese Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Cheese while speculators exit — smart money positioning bullish.
Spec:
-9,158
(+290)
·
Comm:
8,553
3Y Percentile
14%
Latest Week
Speculator Net
-9,158
Commercial Net
8,553
Small Trader Net
605
Long/Short Ratio
0.05
Open Interest
29,753
Total Traders
75
How to Read COT Data
Speculators (Non-Commercial)
Hedge funds, CTAs, and momentum traders. They follow trends and amplify moves. When their positioning reaches extremes, it often signals the trend is crowded and vulnerable to reversal.
Commercials (Hedgers)
Producers, refiners, and consumers who use futures to hedge their business. They tend to be contrarian — selling into rallies and buying dips. At extremes, they're historically on the right side.
The Percentile Bar
Shows where current speculator positioning ranks vs. the past 3 years. Above 80% = historically bullish, below 20% = historically bearish. Extremes (top/bottom 10%) are the highest-signal readings.
What To Watch For
The best signals come from extreme positioning + divergence: when speculators are max long but commercials are max short, it often precedes a reversal. The weekly change shows who's adding or liquidating.
Source: U.S. Commodity Futures Trading Commission (CFTC) Commitments of Traders reports. Data is published weekly with a 3-day lag.