What is the Wheat (Chicago SRW) COT report?

It is the weekly CFTC Commitments of Traders breakdown for Wheat SRW (CBOT): how many long and short futures contracts each group of large traders held as of the prior Tuesday, published the following Friday.

How do you read Wheat (Chicago SRW) net positioning?

Net position is long contracts minus short contracts for one trader group. A positive net means the group leans bullish; the weekly change matters more than the raw level.

What does the Wheat (Chicago SRW) COT index mean?

The COT index rescales a group's net position 0-100 against its own high and low over the chosen lookback. Above 80 is close to the most bullish that group has been; below 20 is close to the most bearish.

What is a bearish divergence in Wheat (Chicago SRW)?

A bearish divergence is Wheat futures (front month) making new highs while the tracked trader group reduces its net long position — the rally is losing the sponsorship of the money that usually drives it.

Wheat SRW (CBOT)

Wheat (Chicago SRW) positioning

Price series: Wheat futures (front month) · positions as of Tuesday Jul 28, 2026, published Friday Jul 31, 2026

Last weekly close · Wheat futures (front month)

639.25

Managed money net position (contracts)

-8,163

Convergence — healthy uptrendJun 2, 2026 → Jul 28, 2026 · 8-week windowconfirmed by 2 categories

Price and positioning are rising together: the trend is well supported.

price +10.2% · managed money net position +46,477 (contracts, over 8 weekly reports)

Price vs positioning (contracts)

Price on top, and what the big traders were holding underneath it.

Price — Wheat futures (front month)

Net position (contracts) — Net position = long contracts minus short contracts. Above the zero line = net long.

Signal classification tracks bullish divergencebearish divergenceconvergence (healthy trend)

COT Index

0–100 · vs last 3 years

How extreme today's positioning is compared with this group's own history.

Each group's current net position, rescaled 0–100 against its own high and low over the selected lookback. 0 = most bearish it has been in that window, 100 = most bullish. Unitless by design, so markets of very different sizes can be compared.

Non-commercial (large specs)98 · stretched long

Near the most bullish this group has been in the window.

Commercial (hedgers)6 · stretched short

Near the most bearish this group has been in the window.

Managed money85 · stretched long

Near the most bullish this group has been in the window.

Producers / merchants14 · stretched short

Near the most bearish this group has been in the window.

Swap dealers57 · neutral

Middle of its own historical range — nothing stretched.

0 · most bearish50 · mid-range100 · most bullish

COT Index = ((Current − Min) / (Max − Min)) × 100, over the last 3 years

Managed money — COT index history (0–100, rolling 3 years window)

Gap & Gap Index

contracts · index 0–100

How far apart two trader groups are right now.

Gap = group A's net position minus group B's, measured in contracts. The Gap Index rescales that difference 0–100 against its own last 3 years: 0 = the two groups as close together as they get, 100 = as far apart as they get.

Gap Index · vs last 3 years

Historically extreme disagreement between the two groups.

Current gap (contracts)

+54,398 contracts

Left axis: gap in contracts (positive = Managed money is more net long than Producers / merchants). Right axis: gap index, 0–100. Gap tracks Managed money − Producers / merchants.

Latest week by category

What each trader group was holding in the most recent report.

Positions as of Tuesday Jul 28, 2026, published Friday Jul 31, 2026, compared with the prior weekly report. Positive net = net long; negative net = net short. COT index is measured over the last 3 years.

Category	Long (contracts)	Short (contracts)	Net (contracts)	Weekly change (contracts)	COT index (0–100, 3y)
Non-commercial (large specs)	119,046	121,038	-1,992	+5,017	98
Commercial (hedgers)	173,966	169,507	4,459	-7,728	6
Managed money	85,168	93,331	-8,163	+10,236	85
Producers / merchants	65,697	128,258	-62,561	-7,735	14
Swap dealers	82,515	15,495	67,020	+7	57

Signal log — Managed money

Every past signal in this market, and what price did afterwards.

Every rolling 8-week window classified as a bullish or bearish divergence, or as convergence where price and positioning agree. Price change is in percent; net change is in contracts.

Each row covers one stretch of weekly reports: the % is the price change over that stretch, the net figure is the change in the group's net position, in contracts.

Convergence — healthy uptrendJun 2, 2026 → Jul 28, 2026price +10.2% · net position +46,477 contracts
Bearish divergenceMay 19, 2026 → Jul 14, 2026price +5.6% · net position -31,798 contracts
Convergence — healthy downtrendApr 28, 2026 → Jun 30, 2026price -5.4% · net position -79,286 contracts
Bearish divergenceMar 17, 2026 → Jun 2, 2026price -2.6% · net position -42,766 contracts
Bullish divergenceMar 10, 2026 → May 5, 2026price -1.8% · net position +12,213 contracts
Convergence — healthy uptrendDec 23, 2025 → Apr 28, 2026price +20.3% · net position +109,899 contracts
Bearish divergenceDec 16, 2025 → Feb 10, 2026price +7.7% · net position -13,753 contracts
Convergence — healthy downtrendOct 28, 2025 → Jan 13, 2026price -3.0% · net position -34,916 contracts
Convergence — healthy uptrendSep 2, 2025 → Dec 9, 2025price +6.7% · net position +34,241 contracts
Convergence — healthy downtrendJun 17, 2025 → Sep 16, 2025price -8.0% · net position -11,543 contracts
Bullish divergenceJun 3, 2025 → Aug 5, 2025price -7.3% · net position +11,586 contracts
Convergence — healthy uptrendApr 22, 2025 → Jul 8, 2025price +2.0% · net position +24,268 contracts

Source: CFTC Commitments of Traders — positions as of Tuesday, published the following Friday. All position figures are futures contracts unless the % of open interest view is selected. Positioning is a sentiment tool, not a timing signal. Not investment advice.