New Hedger Lows in Nasdaq 100, 5-Year U.S. T-Note and Brent

The report dated 2026-10-20 puts fourteen markets at a three-year positioning extreme: ten at highs, four at lows. Three set fresh window records with this report, Bitcoin and Platinum on the high side and Sugar #11 on the low. Platinum and Sugar #11 extend records they already held a week ago; Bitcoin, at the 99th percentile last week, reaches its first, though there the tracked book is the leveraged funds, not the commercials. Euro FX, Lean Hogs and Class III Milk, all records a week ago, stay on the board just short of them, at the 99th, 98th and 98th percentiles. Four markets are new to the list: the New Zealand Dollar at a high (83rd percentile a week ago), and the E-mini Nasdaq 100, the 5-Year U.S. T-Note and Brent Crude Oil at lows, the Nasdaq 100 and Brent back after a single week off it. None left, so where last week’s board had one low, this one has four.

Market	Side	Percentile	New
Bitcoin	▲ HIGH	100th
Platinum	▲ HIGH	100th
Sugar #11	▼ LOW	1st
Euro FX	▲ HIGH	99th
Gold	▲ HIGH	99th
Australian Dollar	▲ HIGH	98th
New Zealand Dollar	▲ HIGH	98th	New
Lean Hogs	▲ HIGH	98th
Class III Milk	▲ HIGH	98th
10-Year U.S. T-Note	▲ HIGH	97th
E-mini Nasdaq 100	▼ LOW	3rd	New
5-Year U.S. T-Note	▼ LOW	4th	New
British Pound	▲ HIGH	96th
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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Bitcoin: leveraged funds at a 3-year high, a fresh record

Leveraged Funds Net sits at the 100th 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. That is a fresh record for the window. Net: -4,942 contracts (as of 2026-10-20).

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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 (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: -5,743 contracts (as of 2026-10-20).

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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: -391,175 contracts (as of 2026-10-20).

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Euro FX: 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: +104,895 contracts (as of 2026-10-20).

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Gold: 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: -14,783 contracts (as of 2026-10-20).

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Australian Dollar: 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: +114,925 contracts (as of 2026-10-20).

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New Zealand Dollar: 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: +60,422 contracts (as of 2026-10-20). New this week.

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Lean Hogs: commercials at a 3-year high

Producer/Merchant Net sits at the 98th 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: -4,162 contracts (as of 2026-10-20).

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Class III Milk: commercials at a 3-year high

Producer/Merchant Net sits at the 98th percentile of its ~3-year range. The commercials have been heavy net buyers. Net: +8,903 contracts (as of 2026-10-20).

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10-Year U.S. T-Note: 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: +930,819 contracts (as of 2026-10-20).

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

Commercial Net sits at the 3rd percentile of its ~3-year range. The commercials have been heavy net sellers. Net: -63,576 contracts (as of 2026-10-20). New this week.

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5-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: +1,038,989 contracts (as of 2026-10-20). New this week.

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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: +95,508 contracts (as of 2026-10-20).

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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: -41,220 contracts (as of 2026-10-20). 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. Eight crossed it with this report: RBOB Gasoline from below to above, Corn from below to above, Wheat (Chicago SRW) from below to above, Coffee (Arabica) from above to below, E-mini Dow ($5) from below to above, E-mini Russell 2000 from above to below, Canadian Dollar from above to below and 30-Year U.S. T-Bond from above to below.

Market	Turned	6-month program
RBOB Gasoline	from below the midpoint	▲ above midpoint
Corn	from below the midpoint	▲ above midpoint
Wheat (Chicago SRW)	from below the midpoint	▲ above midpoint
Coffee (Arabica)	from above the midpoint	▼ below midpoint
E-mini Dow ($5)	from below the midpoint	▲ above midpoint
E-mini Russell 2000	from above the midpoint	▼ below midpoint
Canadian Dollar	from above the midpoint	▼ below midpoint
30-Year U.S. T-Bond	from above the midpoint	▼ below midpoint

RBOB Gasoline: the program turns bullish

In the CFTC report of 2026-10-20, 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 12.7% of the window’s own range.

Corn: the program turns bullish

In the CFTC report of 2026-10-20, 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 10.4% of the window’s own range.

Wheat (Chicago SRW): the program turns bullish

In the CFTC report of 2026-10-20, 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 14.4% of the window’s own range.

Coffee (Arabica): the program turns bearish

In the CFTC report of 2026-10-20, 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 18.1% of the window’s own range.

E-mini Dow ($5): the program turns bullish

In the CFTC report of 2026-10-20, 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 6.6% of the window’s own range.

E-mini Russell 2000: the program turns bearish

In the CFTC report of 2026-10-20, 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 5.1% of the window’s own range.

Canadian Dollar: the program turns bearish

In the CFTC report of 2026-10-20, 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 8.0% of the window’s own range.

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

In the CFTC report of 2026-10-20, 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 23.1% of the window’s own range.