What the COT report measures#
The CFTC publishes aggregate long, short and spreading positions for reportable traders in covered futures markets. The report also shows open interest, percentages and trader counts, but it does not identify individual traders or explain the purpose of each position.
Tuesday positions usually appear on Friday#
The normal report describes positions held on Tuesday and is released on Friday at 3:30 p.m. Eastern Time. Holiday schedules can change publication timing, so readers should check both the report date and release date instead of treating COT as live data.
Choose the correct report family#
Legacy, Supplemental, Disaggregated and Traders in Financial Futures reports use different markets and participant categories. Futures-only and futures-and-options-combined versions are also different datasets and should not be mixed without a clear label.
Categories describe business roles, not motives#
Managed money, swap dealer, producer, leveraged-fund and asset-manager labels describe predominant business activity under CFTC classifications. They do not prove why every position exists or whether it is directional, hedged or part of a broader portfolio.
What COT cannot tell you#
COT does not provide individual identities, entry prices, leverage, hedge relationships, current spot positioning or future direction. A large net position or weekly change is not an automatic reversal, continuation, buy or sell signal.
A safer reading workflow#
Verify the contract, report family, report date, release date, category definition and percentage of open interest. Label any calculated net position as a derived measure, then compare it with independent market context without converting it into an instruction.
Sources and references#
Use these direct research and official references to verify definitions, scope and limitations.
- Commitments of Traders — U.S. Commodity Futures Trading Commission
- About the COT Reports — U.S. Commodity Futures Trading Commission
- COT Explanatory Notes — U.S. Commodity Futures Trading Commission
- Disaggregated Explanatory Notes — U.S. Commodity Futures Trading Commission
- COT Release Schedule — U.S. Commodity Futures Trading Commission
- Public Reporting Environment — U.S. Commodity Futures Trading Commission
Key principles#
Weekly, not live
The normal release describes Tuesday positions and usually appears later in the week.
Roles, not motives
A category reflects predominant business activity, not the reason for every position.
Futures are not spot
Futures positions are not a complete map of spot, CFD, ETF or retail exposure.
Context, not a signal
A large or changing position does not establish the next price direction.