CFTC Wheat Speculative Net Positions
Published:
A weekly CFTC measure of speculative (non-commercial) net futures positioning in the CBOT Soft Red Winter Wheat contract, in thousands of contracts.
Full explanation
CFTC Wheat Speculative Net Positions is the net position of non-commercial (speculative) traders in the CFTC-reported CBOT Soft Red Winter Wheat futures contract ("WHEAT-SRW - CHICAGO BOARD OF TRADE", CFTC contract market code 001602). It is calculated as non-commercial long futures contracts minus non-commercial short futures contracts from the CFTC's Legacy Futures Only Commitments of Traders report, and calendars show it in thousands of contracts. It is a positioning measure: it is not an amount of money and not a physical quantity of soft red winter wheat. It covers the CBOT Soft Red Winter Wheat contract only; other wheat contracts, such as Kansas City Hard Red Winter Wheat, are reported separately and are not included. Positions are measured as of Tuesday and normally published by the CFTC on the following Friday at 3:30 p.m. Eastern Time.
Why traders watch it
Traders use it as a weekly sentiment and positioning gauge for soft red winter wheat. Large or fast-changing net positions can show speculative exposure building up or being unwound, which may matter when positioning becomes crowded.
Market interpretation
- Soft Red Winter Wheat and related instruments
- May influence how traders read speculative sentiment and the risk of position unwinds, particularly when positioning is one-sided.
Stronger vs weaker outcomes
There is no consensus forecast, so the week-on-week change and the level relative to its own history are the main points of interpretation. A rising figure means speculators have become more net long (or less net short); a falling figure means the reverse.
A higher reading means non-commercial traders are more net long, or less net short, than before.
A lower reading means non-commercial traders are less net long, or more net short, than before.
Higher means more speculative net-long positioning; lower means more net-short positioning.
Release details
- Release frequency
- Weekly (Tuesday positions, published Friday 3:30 p.m. ET)
Typical volatility
Low. The data are backward-looking (Tuesday positions released on Friday), cover futures only, use broad regulatory trader categories and do not reveal entry prices or motives. A change can reflect new positions, closed positions, or both.
Trading considerations
- Check the Tuesday position date as well as the Friday publication date.
- Focus on the week-on-week change rather than the headline level alone.
- Compare current positioning with its own history; extremes can persist for long periods.
- Remember the figure counts contracts, not money or physical quantity.
Educational guidance only — never a trading signal or recommendation.
Related indicators
15-Year Mortgage Rate
A weekly Freddie Mac measure of average U.S. 15-year fixed-rate mortgage borrowing costs.
Absa Manufacturing PMI
A monthly survey indicator tracking whether South African manufacturing conditions are improving or weakening.
ADP Employment Change
ADP Employment Change is a private estimate of changes in U.S. private-sector jobs based on payroll data from ADP.
ADP Nonfarm Employment Change
A monthly, payroll-data-based measure of changes in US private-sector employment.
Ai Group Australian Industry Index
A monthly survey-based gauge of whether activity in Australian industrial sectors is expanding or contracting.
Albania Balance of Trade
Albania Balance of Trade measures the difference between the value of Albania’s goods exports and goods imports.