New Hedger Highs in Coffee and Sterling; New Lows in Nasdaq 100

The report dated 2026-09-22 puts eleven markets at a three-year positioning extreme: seven at lows, four at highs. Three of them set fresh window records, Lean Hogs and Class III Milk on the high side and the 5-Year U.S. T-Note on the low, where the commercial book is still net long but the least long it has been in three years. Four markets are new to the list: Coffee and the British Pound at highs, the E-mini Nasdaq 100 and Copper at lows. Four left it since last week: Wheat, the 2-Year T-Note, the 30-Year T-Bond and Bitcoin. The British Pound is the one market in both halves of this issue, a new three-year extreme and one of the five programs below that crossed their six-month midpoint with this report.

Market	Side	Percentile	New
Lean Hogs	▲ HIGH	100th
Class III Milk	▲ HIGH	100th
5-Year U.S. T-Note	▼ LOW	1st
Coffee (Arabica)	▲ HIGH	99th	New
E-mini Nasdaq 100	▼ LOW	1st	New
Sugar #11	▼ LOW	1st
Corn	▼ LOW	2nd
Copper	▼ LOW	2nd	New
Cotton #2	▼ LOW	4th
Soybeans	▼ LOW	4th
British Pound	▲ HIGH	96th	New

Percentile is where this week’s net sits inside its own 3-year range. How the desk reads positioning: About the desk.

---

Lean Hogs: commercials at a 3-year high, a fresh record

Producer/Merchant Net sits at the 100th percentile of its ~3-year range. The commercials (the hedgers) have covered shorts toward the least-short end of the window; the book is still net short. That is a fresh record for the window. Net: -6,997 contracts (as of 2026-09-22).

---

Class III Milk: commercials at a 3-year high, a fresh record

Producer/Merchant Net sits at the 100th percentile of its ~3-year range. The commercials have been heavy net buyers. That is a fresh record for the window. Net: +8,351 contracts (as of 2026-09-22).

---

5-Year U.S. T-Note: commercials at a 3-year low, a fresh record

Commercial Net sits at the 1st percentile of its ~3-year range. The commercials have shed longs toward the least-long end of the window; the book is still net long. That is a fresh record for the window. Net: +840,022 contracts (as of 2026-09-22).

---

Coffee (Arabica): commercials at a 3-year high

Producer/Merchant Net sits at the 99th percentile of its ~3-year range. The commercials have covered shorts toward the least-short end of the window; the book is still net short. Net: -12,534 contracts (as of 2026-09-22). New this week.

---

E-mini Nasdaq 100: commercials at a 3-year low

Commercial Net sits at the 1st percentile of its ~3-year range. The commercials have been heavy net sellers. Net: -65,763 contracts (as of 2026-09-22). New this week.

---

Sugar #11: commercials at a 3-year low

Producer/Merchant Net sits at the 1st percentile of its ~3-year range. The commercials have been heavy net sellers. Net: -340,141 contracts (as of 2026-09-22).

---

Corn: commercials at a 3-year low

Producer/Merchant Net sits at the 2nd percentile of its ~3-year range. The commercials have been heavy net sellers. Net: -773,483 contracts (as of 2026-09-22).

---

Copper: commercials at a 3-year low

Producer/Merchant Net sits at the 2nd percentile of its ~3-year range. The commercials have been heavy net sellers. Net: -112,575 contracts (as of 2026-09-22). New this week.

---

Cotton #2: commercials at a 3-year low

Producer/Merchant Net sits at the 4th percentile of its ~3-year range. The commercials have been heavy net sellers. Net: -154,611 contracts (as of 2026-09-22).

---

Soybeans: commercials at a 3-year low

Producer/Merchant Net sits at the 4th percentile of its ~3-year range. The commercials have been heavy net sellers. Net: -322,240 contracts (as of 2026-09-22).

---

British Pound: commercials at a 3-year high

Commercial Net sits at the 96th percentile of its ~3-year range. The commercials have been heavy net buyers. Net: +87,680 contracts (as of 2026-09-22). New this week.

---

The hedging program

Where each market’s tracked COT net sits inside its own trailing six-month range: above the midpoint of that range or below it. This is the same positioning read at close quarters, and it answers a different question from the extremes above: a book can sit at a three-year low and still have been working higher for six months. What follows is only what MOVED: the markets that crossed that midpoint with this week’s report.

20 programs read above the midpoint of their own trailing six-month range this week, 19 below. Five crossed it with this report: Soybean Oil from below to above, Cocoa from below to above, British Pound from below to above, Swiss Franc from above to below and Ethereum from above to below.

Market	Turned	6-month program
Soybean Oil	from below the midpoint	▲ above midpoint
Cocoa	from below the midpoint	▲ above midpoint
British Pound	from below the midpoint	▲ above midpoint
Swiss Franc	from above the midpoint	▼ below midpoint
Ethereum	from above the midpoint	▼ below midpoint

Soybean Oil: the program turns bullish

In the CFTC report of 2026-09-22, Producer/Merchant Net crossed the midpoint of its own trailing six-month range: it now sits above that midpoint, where the previous report still had it below. It cleared that midpoint by 8.4% of the window’s own range.

Cocoa: the program turns bullish

In the CFTC report of 2026-09-22, Producer/Merchant Net crossed the midpoint of its own trailing six-month range: it now sits above that midpoint, where the previous report still had it below. It cleared that midpoint by 50.0% of the window’s own range.

British Pound: the program turns bullish

In the CFTC report of 2026-09-22, Commercial Net crossed the midpoint of its own trailing six-month range: it now sits above that midpoint, where the previous report still had it below. It cleared that midpoint by 7.8% of the window’s own range.

Swiss Franc: the program turns bearish

In the CFTC report of 2026-09-22, Commercial Net crossed the midpoint of its own trailing six-month range: it now sits below that midpoint, where the previous report still had it above. It cleared that midpoint by 1.5% of the window’s own range: a crossing on the definition, and a coin-flip in fact.

Ethereum: the program turns bearish

In the CFTC report of 2026-09-22, Leveraged Funds Net crossed the midpoint of its own trailing six-month range: it now sits below that midpoint, where the previous report still had it above. It cleared that midpoint by 21.4% of the window’s own range. The book tracked here is leveraged funds, a speculative cohort, not the hedger side.