Week 28, 2026
Wheat leads buying as metals liquidate
Report date: Tue 14th Jul 26
Released: Fri 17th Jul 26
Legacy Futures Only Report
Good Morning. This is your weekly COT Digest. Speculators stepped up buying in wheat in size this week. Metals saw liquidation, but that was the smaller side of the tape.
Top Buyers This Week
Wheat
New longs and short covering while still net short, +12.28% of the book. This is a second week of new longs and short covering. Spot continued the buying from the report date close to the release close, +8.2%.
Soybeans
New longs and short covering while net long, +3.96% of the book. Spot did not continue the buying from the report date close to the release close; it moved the other way, -0.2%.
Cotton
The book is a crowded long versus the prior 52 weeks. Short covering while net long, +3.76% of the book. Spot did not continue the buying from the report date close to the release close; it moved the other way, -3.2%.
Corn
New longs and short covering while net long, +3.56% of the book.
Brent Crude
New longs and short covering while net short, +2.54% of the book.
| Commodity | Contracts | Long | Short | Net Long | 52w |
|---|---|---|---|---|---|
|
Wheat
Spot +8.2% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
4.05%
(252,099)
|
6.08%
|
-16.56%
|
12.28%
|
83rd |
|
Soybeans
Spot -0.2% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
2.95%
(316,243)
|
2.41%
|
-7.19%
|
3.96%
|
48th |
|
Cotton
Spot -3.2% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
1.34%
(173,227)
|
-2.27%
|
-20.67%
|
3.76%
|
100th |
|
Corn
Spot +2.5% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
-0.27%
(832,983)
|
0.85%
|
-7%
|
3.56%
|
73rd |
|
Brent Crude
Spot +4.0% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
2.39%
(126,348)
|
2.3%
|
-2.69%
|
2.54%
|
67th |
|
Coffee
Spot -2.6% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
-4.36%
(79,999)
|
-9.26%
|
-22.8%
|
2.36%
|
50th |
Top Sellers This Week
Silver
This marks a flip from new longs last week. Long liquidation while net long, -5.78% of the book. Spot continued the selling from the report date close to the release close, -4.7%.
Gold
This marks a flip from new longs last week. Long liquidation and new shorts while net long, -2.77% of the book. Spot continued the selling from the report date close to the release close, -1.9%.
Crude Oil WTI
The book is net long, but it still sits as a crowded short versus the prior 52 weeks. Long liquidation while net long, -2.33% of the book. Spot did not continue the selling from the report date close to the release close; it moved the other way, +4.0%.
Natural Gas
New shorts while net short, -1.87% of the book.
| Commodity | Contracts | Long | Short | Net Short | 52w |
|---|---|---|---|---|---|
|
Silver
Spot -4.7% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
0.16%
(47,418)
|
-8.11%
|
-2.27%
|
-5.78%
|
56th |
|
Gold
Spot -1.9% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
3.2%
(267,938)
|
-2.74%
|
2.94%
|
-2.77%
|
73rd |
|
Crude Oil WTI
Spot +4.0% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
-1.59%
(542,175)
|
-4.83%
|
-0.94%
|
-2.33%
|
10th |
|
Natural Gas
Spot +0.2% from the report date close (Tue 14 Jul) to the release close (Fri 17 Jul) |
-0.39%
(753,122)
|
5.01%
|
6.15%
|
-1.87%
|
60th |
Other Notable Moves
Coffee saw short covering while net long, +2.36% of the book. Spot did not continue the buying from the report date close to the release close; it moved the other way, -2.6%.
Quick Read
Wheat posted the week's largest shift with new longs and short covering while still net short.
Silver and gold both flipped to liquidation after prior buying.
WTI was little changed in positioning while Brent added new longs and short covering.
Disclaimer: COT data reflects positioning and sentiment, not trade timing or price predictions.
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