New Positioning Highs in Bitcoin, T-Note, Australian Dollar and Gold

The report dated 2026-10-13 puts ten markets at a three-year positioning extreme: nine at highs, one at a low. Five set fresh window records with this report, Euro FX, Lean Hogs, Class III Milk and Platinum on the high side and Sugar #11 on the low. Euro FX, Lean Hogs and Sugar #11 extend records they set a week ago; the Euro FX commercial net added another 39,201 contracts, to +111,225. Class III Milk (99th percentile last week) and Platinum (97th) reach theirs for the first time. Four markets are new to the list, all at highs: Bitcoin (where the tracked book is the leveraged funds, not the commercials), the 10-Year U.S. T-Note, the Australian Dollar and Gold. Four left it since last week: the E-mini Nasdaq 100 (a record low a week ago), the E-mini Russell 2000, the 2-Year U.S. T-Note and Brent Crude Oil. That leaves Sugar #11 as the only low on the board, where last week’s had four.

Market	Side	Percentile	New
Euro FX	▲ HIGH	100th
Lean Hogs	▲ HIGH	100th
Class III Milk	▲ HIGH	100th
Platinum	▲ HIGH	100th
Sugar #11	▼ LOW	1st
Bitcoin	▲ HIGH	99th	New
British Pound	▲ HIGH	99th
10-Year U.S. T-Note	▲ HIGH	98th	New
Australian Dollar	▲ HIGH	97th	New
Gold	▲ HIGH	97th	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: +111,225 contracts (as of 2026-10-13).

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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: -1,389 contracts (as of 2026-10-13).

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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: +10,643 contracts (as of 2026-10-13).

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Platinum: 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: -7,654 contracts (as of 2026-10-13).

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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: -385,991 contracts (as of 2026-10-13).

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Bitcoin: leveraged funds at a 3-year high

Leveraged Funds Net sits at the 99th percentile of its ~3-year range. The leveraged funds (the fast, speculative money) have covered shorts toward the least-short end of the window; the book is still net short. Net: -5,844 contracts (as of 2026-10-13). New this week.

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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: +121,444 contracts (as of 2026-10-13).

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10-Year U.S. T-Note: commercials at a 3-year high

Commercial Net sits at the 98th percentile of its ~3-year range. The commercials have been heavy net buyers. Net: +942,566 contracts (as of 2026-10-13). New this week.

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Australian Dollar: commercials at a 3-year high

Commercial Net sits at the 97th percentile of its ~3-year range. The commercials have been heavy net buyers. Net: +106,370 contracts (as of 2026-10-13). New this week.

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Gold: 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: -18,437 contracts (as of 2026-10-13). 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.

25 programs read above the midpoint of their own trailing six-month range this week, 14 below. Five crossed it with this report: WTI Crude Oil from below to above, Silver from below to above, Cotton #2 from below to above, Cocoa from above to below and 30-Year U.S. T-Bond from below to above.

Market	Turned	6-month program
WTI Crude Oil	from below the midpoint	▲ above midpoint
Silver	from below the midpoint	▲ above midpoint
Cotton #2	from below the midpoint	▲ above midpoint
Cocoa	from above the midpoint	▼ below midpoint
30-Year U.S. T-Bond	from below the midpoint	▲ above midpoint

WTI Crude Oil: the program turns bullish

In the CFTC report of 2026-10-13, 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 6.2% of the window’s own range.

Silver: the program turns bullish

In the CFTC report of 2026-10-13, 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 2.0% of the window’s own range.

Cotton #2: the program turns bullish

In the CFTC report of 2026-10-13, 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 4.2% of the window’s own range.

Cocoa: the program turns bearish

In the CFTC report of 2026-10-13, 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 5.8% of the window’s own range.

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

In the CFTC report of 2026-10-13, 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 5.7% of the window’s own range.