New Hedger High in Euro; New Low in Brent; Record Low in Nasdaq 100

The report dated 2026-10-06 puts ten markets at a three-year positioning extreme: six at highs, four at lows. Four of them set fresh window records with this report, Euro FX and Lean Hogs on the high side, the E-mini Nasdaq 100 and Sugar on the low. Euro FX went from off the list to a record in a single week: the commercial net rose from +40,577 to +72,024 contracts, clear of the window’s previous high of +55,114 from December 2024. Two markets are new to the list, Euro FX at a high and Brent Crude Oil at a low. Two left it since last week: the 5-Year U.S. T-Note and Corn. Two of last week’s four records stay on it without a new one, Class III Milk at the 99th percentile and the 2-Year T-Note at the 4th. Brent 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
Euro FX	▲ HIGH	100th	New
Lean Hogs	▲ HIGH	100th
E-mini Nasdaq 100	▼ LOW	1st
Sugar #11	▼ LOW	1st
Class III Milk	▲ HIGH	99th
British Pound	▲ HIGH	99th
E-mini Russell 2000	▲ HIGH	99th
Platinum	▲ HIGH	97th
2-Year U.S. T-Note	▼ LOW	4th
Brent Crude Oil	▼ LOW	4th	New

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

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Euro FX: commercials at a 3-year high, a fresh record

Commercial Net sits at the 100th percentile of its ~3-year range. The commercials (the hedgers) have been heavy net buyers. That is a fresh record for the window. Net: +72,024 contracts (as of 2026-10-06). New this week.

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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 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: -2,418 contracts (as of 2026-10-06).

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

Commercial Net sits at the 1st percentile of its ~3-year range. The commercials have been heavy net sellers. That is a fresh record for the window. Net: -68,446 contracts (as of 2026-10-06).

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Sugar #11: commercials at a 3-year low, a fresh record

Producer/Merchant Net sits at the 1st percentile of its ~3-year range. The commercials have been heavy net sellers. That is a fresh record for the window. Net: -375,370 contracts (as of 2026-10-06).

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Class III Milk: commercials at a 3-year high

Producer/Merchant Net sits at the 99th percentile of its ~3-year range. The commercials have been heavy net buyers. Net: +9,537 contracts (as of 2026-10-06).

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British Pound: commercials at a 3-year high

Commercial Net sits at the 99th percentile of its ~3-year range. The commercials have been heavy net buyers. Net: +111,867 contracts (as of 2026-10-06).

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E-mini Russell 2000: commercials at a 3-year high

Commercial Net sits at the 99th percentile of its ~3-year range. The commercials have been heavy net buyers. Net: +80,284 contracts (as of 2026-10-06).

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Platinum: commercials at a 3-year high

Producer/Merchant Net sits at the 97th 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: -9,484 contracts (as of 2026-10-06).

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2-Year U.S. T-Note: commercials at a 3-year low

Commercial Net sits at the 4th 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. Net: +809,853 contracts (as of 2026-10-06).

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Brent Crude Oil: 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: -41,789 contracts (as of 2026-10-06). New this week.

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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.

22 programs read above the midpoint of their own trailing six-month range this week, 17 below. Five crossed it with this report: Brent Crude Oil from above to below, Copper from below to above, Canadian Dollar from below to above, New Zealand Dollar from below to above and 30-Year U.S. T-Bond from above to below.

Market	Turned	6-month program
Brent Crude Oil	from above the midpoint	▼ below midpoint
Copper	from below the midpoint	▲ above midpoint
Canadian Dollar	from below the midpoint	▲ above midpoint
New Zealand Dollar	from below the midpoint	▲ above midpoint
30-Year U.S. T-Bond	from above the midpoint	▼ below midpoint

Brent Crude Oil: the program turns bearish

In the CFTC report of 2026-10-06, Producer/Merchant 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 35.3% of the window’s own range.

Copper: the program turns bullish

In the CFTC report of 2026-10-06, 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 15.0% of the window’s own range.

Canadian Dollar: the program turns bullish

In the CFTC report of 2026-10-06, 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 1.5% of the window’s own range: a crossing on the definition, and a coin-flip in fact.

New Zealand Dollar: the program turns bullish

In the CFTC report of 2026-10-06, 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 2.6% of the window’s own range.

30-Year U.S. T-Bond: the program turns bearish

In the CFTC report of 2026-10-06, 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 5.5% of the window’s own range.