Disaggregated Data
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Changes may be made in the Commitments of Traders COT report and are described in the following CFTC document.

http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/disaggregatedcotexplanatorynot.pdf

Start of Extracts from the CFTC document:


The new Disaggregated Commitments of Traders Report:

The Commission, by regulation, collects confidential daily large-trader data as part of its market surveillance program. The data, which also supports the traditional, weekly COT report, will now be separated into the following 4 categories:

  • “Producer/Merchant/Processor/User,”
  • “Swap Dealers,”
  • “Managed Money,” and
  • “Other Reportables.”
Producer/Merchant/Processor/User
A “producer/merchant/processor/user” is an entity that predominantly engages in the production, processing, packing or handling of a physical commodity and uses the futures markets to manage or hedge risks associated with those activities.

Swap Dealer
A “swap dealer” is an entity that deals primarily in swaps for a commodity and uses the futures markets to manage or hedge the risk associated with those swaps transactions. The swap dealer’s counterparties may be speculative traders, like hedge funds, or traditional commercial clients that are managing risk arising from their dealings in the physical commodity.

Money Manager
A “money manager,” for the purpose of this report, is a registered commodity trading advisor (CTA); a registered commodity pool operator (CPO); or an unregistered fund identified by CFTC.7 These traders are engaged in managing and conducting organized futures trading on behalf of clients.

Other Reportables
Every other reportable trader that is not placed into one of the other three categories is placed into the “other reportables” category.

End of CFTC text

Analysis of the effect of different categories.
Note that the above 4 categories relate to the CURRENT 2 categories in the following manner:

Commercials = "Producer/Merchant/Processor/User" + Swaps
Non-Commercials (or Speculators as I call them) = Managed Money + Other Reportables.

In order to evaluate the effect of this recatagorization, we have provided charts of net (long minus short) contract position, price and respective COT index. for the following groups.

  • The current data
  • Producer/Merchant/Processor/User (our chart labels continue to call this "Commercial") and Money Manager (our tables and charts labels continuue to call this "Speculator")
  • Swap Dealer (our chart labels continue to call this "Commercial") and Other Reportables (our chart labels continue to call this "speculator")
Access to this critically important information is for Members only ($4.95/mo) click to subscribe


After selecting the commodity to view the tables, click on the green bars to view the charts.
For the Swap link above, you will see that you can directly compare all the different category charts because we have displayed them on the same page. Comparison of table data is possible by using a seperate browser window. 

                           DISTRIBUTION of NEW COT CATEGORIES
                                 EXPRESSED AS A % of OI
                            OLD COMMERCIALS = (PMPU + SWAPS)
               OLD NON-COMMERCIALS (or Speculators)= ( MONEY MGR + OTHER)

        Commodity                      PMPU MONY SWAP OTH SPREAD SMALL CFTC
                                             MGR       ER              REPO
                                                                       DATE


        COCOA - ICE FUTURES U.S.         52   21    8   2     11     6 11/17/09
        GASOLINE BLENDSTOCK (RBOB) - N   52   13    7   4     17     7 11/17/09
        SOYBEAN MEAL - CHICAGO BOARD O   51   14    1   5     13    16 11/17/09
        NO. 2 HEATING OIL, N.Y. HARBOR   46    7   10   3     23    11 11/17/09
        COFFEE C - ICE FUTURES U.S.      43   13   22   3     14     5 11/17/09
        COTTON NO. 2 - ICE FUTURES U.S   39   17   23   4     10     7 11/17/09
        SUGAR NO. 11 - ICE FUTURES U.S   38   10   19   4     23     6 11/17/09
        WHEAT - KANSAS CITY BOARD OF T   37   12   11   6     17    17 11/17/09
        CORN - CHICAGO BOARD OF TRADE    34   11   16   6     15    18 11/17/09
        SOYBEANS - CHICAGO BOARD OF TR   34   13   15   5     17    16 11/17/09
        SOYBEAN OIL - CHICAGO BOARD OF   34   13   11   3     26    13 11/17/09
        CRUDE OIL, LIGHT SWEET - ICE F   27    5   12   3     49     4 11/17/09
        SILVER - COMMODITY EXCHANGE IN   26   13   14   5     27    15 11/17/09
        COPPER-GRADE #1 - COMMODITY EX   26   21   24   4     15    10 11/17/09
        LEAN HOGS - CHICAGO MERCANTILE   25   16   17   6     20    16 11/17/09
        GOLD - COMMODITY EXCHANGE INC.   25   21   17   9     18    10 11/17/09
        LIVE CATTLE - CHICAGO MERCANTI   24   23   17   4     15    17 11/17/09
        WHEAT - CHICAGO BOARD OF TRADE   23   14   23   6     22    12 11/17/09
        RANDOM LENGTH LUMBER - CHICAGO   22   27   12   7     14    18 11/17/09
        CRUDE OIL, LIGHT SWEET - NEW Y   20    8   13   8     41    10 11/17/09
        NATURAL GAS - NEW YORK MERCANT   13   18   10   3     47     9 11/17/09
        FEEDER CATTLE - CHICAGO MERCAN   10   40    5   5     11    29 11/17/09