By InvestMacro
Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).
The latest COT data is updated through Tuesday May 20th and shows a quick view of how large market participants (for-profit speculators and commercial traders) were positioned in the futures markets. All currency positions are in direct relation to the US dollar where, for example, a bet for the euro is a bet that the euro will rise versus the dollar while a bet against the euro will be a bet that the euro will decline versus the dollar.
Weekly Speculator Changes led lower overall by Canadian Dollar & Brazilian Real
The COT currency market speculator bets were decisively lower this week as just one out of the eleven currency markets we cover had higher positioning while the other ten markets had lower speculator contracts.
The currency with a gain this week was the US Dollar Index that showed a small rise of 69 contracts on the week.
The currencies seeing declines in speculator bets on the week were the Canadian Dollar (-21,705 contracts), the Brazilian Real (-17,226 contracts), the EuroFX (-10,321 contracts), the Australian Dollar (-9,731 contracts), the Japanese Yen (-4,938 contracts), British Pound (-3,223 contracts), the Mexican Peso (-3,174 contracts), Bitcoin (-1,125 contracts), the New Zealand Dollar (-1,040 contracts) and with the Swiss Franc (-698 contracts) seeing lower bets on the week.
Currency Speculator Position Roundup:
The latest data (through Tuesday May 20th) showed that all currency speculator positions pulled back, except for the US Dollar Index. However, the US Dollar Index only had a small rise and actually remains in a very small net speculator bearish position of -546 contracts as of Tuesday.
Overall, most currencies’ speculator positions remain in a bullish state against the US Dollar, including the Japanese Yen, which is not too far off its all-time record high that has was reached recently on April 29th at +179,212 contracts. The Euro is currently at approximately +75,000 contracts and has been in an overall bullish position for the past 11 weeks. The British Pound has also been in a bullish position for 13 straight weeks and is around +24,000 contracts at the moment.
The Mexican Peso has been mostly bullish since 2023 and is currently at approximately +62,000 contracts, which is above its average for 2025 (of around +34,000 weekly contracts). In comparison, the Mexican Peso contracts averaged +68,482 weekly contracts over the whole of 2024 which included a 15-week streak of over +100,000 contracts from March of 2024 to June 2024.
The Brazilian Real recently hit an all-time high and remains bullish for a 16th consecutive week at over +26,000 contracts.
The only speculator positions with negative positions right now against the US Dollar are the Swiss Franc, the New Zealand Dollar, the Australian Dollar, the Canadian Dollar and Bitcoin.
Euro Speculator Bets
The Euro speculator bets dipped this week by over 10,000 contracts for its largest pullback since early April. However, this speculator contract has been on the rise strongly since February, with gains in 10 out of the last 14 weeks. The 14-week rise has been over a total +138,000 contracts to bring the Euro position from a -64,425 contract position on February 11th to this week’s total of +74,453 contracts.
Bitcoin Speculator Contracts
The Bitcoin speculator positions have been in overall bearish territory for the last five weeks. Bitcoin contracts seem to be behaving similarly to some of the stock market contracts, which exhibit the behavior of hedging among the speculators. As the Bitcoin price has been going up, the contracts speculators have been going more bearish and vice versa. The Bitcoin price has been rising rapidly lately and reaching all-time record high prices despite the bearish speculator bets.
Exchange Rate Market
The US Dollar Index fell sharply on the week and closed under the significant 100 level, ending the week around the 99.30 level.
The Euro, the Pound, the Yen, the Swiss Franc, the Canadian Dollar, the Australian Dollar, and the New Zealand Dollar, despite the fall in speculator contracts, all had positive weeks against the US Dollar in the exchange rate markets.
Last week, the Mexican Peso was up for the third time in the last four weeks, while the Brazilian Real also squeaked out a positive week.
Currencies Data:
Legend: Open Interest | Speculators Current Net Position | Weekly Specs Change | Specs Strength Score compared to last 3-Years (0-100 range)
Strength Scores led by Japanese Yen & Brazilian Real
COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that the Japanese Yen (97 percent) and the Brazilian Real (66 percent) lead the currency markets this week. The Mexican Peso (61 percent), EuroFX (57 percent) and the Swiss Franc (53 percent) come in as the next highest in the weekly strength scores.
On the downside, the US Dollar Index (6 percent) and the Bitcoin (9 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent). The next lowest strength scores are the Australian Dollar (34 percent) and the New Zealand Dollar (37 percent).
3-Year Strength Statistics:
US Dollar Index (5.6 percent) vs US Dollar Index previous week (5.4 percent)
EuroFX (57.1 percent) vs EuroFX previous week (61.0 percent)
British Pound Sterling (45.4 percent) vs British Pound Sterling previous week (46.8 percent)
Japanese Yen (96.7 percent) vs Japanese Yen previous week (98.1 percent)
Swiss Franc (52.7 percent) vs Swiss Franc previous week (54.1 percent)
Canadian Dollar (41.4 percent) vs Canadian Dollar previous week (51.1 percent)
Australian Dollar (34.4 percent) vs Australian Dollar previous week (41.3 percent)
New Zealand Dollar (37.1 percent) vs New Zealand Dollar previous week (38.3 percent)
Mexican Peso (60.6 percent) vs Mexican Peso previous week (62.3 percent)
Brazilian Real (65.9 percent) vs Brazilian Real previous week (79.9 percent)
Bitcoin (8.7 percent) vs Bitcoin previous week (33.3 percent)
New Zealand Dollar & Swiss Franc top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that the New Zealand Dollar (18 percent) and the Swiss Franc (13 percent) lead the past six weeks trends for the currencies. The Mexican Peso (12 percent), the Canadian Dollar (7 percent) and the EuroFX (6 percent) are the next highest positive movers in the 3-Year trends data.
The Bitcoin (-72 percent) leads the downside trend scores currently with the Brazilian Real (-15 percent), US Dollar Index (-7 percent) and the Australian Dollar (3 percent) following next with lower trend scores.
3-Year Strength Trends:
US Dollar Index (-7.2 percent) vs US Dollar Index previous week (-15.9 percent)
EuroFX (5.5 percent) vs EuroFX previous week (12.5 percent)
British Pound Sterling (3.1 percent) vs British Pound Sterling previous week (-3.4 percent)
Japanese Yen (5.6 percent) vs Japanese Yen previous week (13.9 percent)
Swiss Franc (13.2 percent) vs Swiss Franc previous week (39.9 percent)
Canadian Dollar (6.9 percent) vs Canadian Dollar previous week (21.4 percent)
Australian Dollar (3.0 percent) vs Australian Dollar previous week (18.8 percent)
New Zealand Dollar (17.9 percent) vs New Zealand Dollar previous week (25.9 percent)
Mexican Peso (12.0 percent) vs Mexican Peso previous week (7.5 percent)
Brazilian Real (-15.3 percent) vs Brazilian Real previous week (5.3 percent)
Bitcoin (-71.7 percent) vs Bitcoin previous week (-28.8 percent)
Individual COT Forex Markets:
US Dollar Index Futures:
The US Dollar Index large speculator standing this week came in at a net position of -546 contracts in the data reported through Tuesday. This was a weekly gain of 69 contracts from the previous week which had a total of -615 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 5.6 percent. The commercials are Bullish-Extreme with a score of 97.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 12.3 percent.
Price Trend-Following Model: Downtrend
Our weekly trend-following model classifies the current market price position as: Downtrend.
| US DOLLAR INDEX Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 58.2 | 27.7 | 7.5 |
| – Percent of Open Interest Shorts: | 60.1 | 21.5 | 11.8 |
| – Net Position: | -546 | 1,870 | -1,324 |
| – Gross Longs: | 17,583 | 8,369 | 2,252 |
| – Gross Shorts: | 18,129 | 6,499 | 3,576 |
| – Long to Short Ratio: | 1.0 to 1 | 1.3 to 1 | 0.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 5.6 | 97.8 | 12.3 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -7.2 | 8.8 | -13.8 |
Euro Currency Futures:
The Euro Currency large speculator standing this week came in at a net position of 74,453 contracts in the data reported through Tuesday. This was a weekly decrease of -10,321 contracts from the previous week which had a total of 84,774 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 57.1 percent. The commercials are Bearish with a score of 38.0 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 89.6 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| EURO Currency Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 27.1 | 55.8 | 12.4 |
| – Percent of Open Interest Shorts: | 17.3 | 72.5 | 5.5 |
| – Net Position: | 74,453 | -126,830 | 52,377 |
| – Gross Longs: | 206,042 | 423,456 | 94,072 |
| – Gross Shorts: | 131,589 | 550,286 | 41,695 |
| – Long to Short Ratio: | 1.6 to 1 | 0.8 to 1 | 2.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 57.1 | 38.0 | 89.6 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 5.5 | -12.4 | 48.8 |
British Pound Sterling Futures:
The British Pound Sterling large speculator standing this week came in at a net position of 23,993 contracts in the data reported through Tuesday. This was a weekly lowering of -3,223 contracts from the previous week which had a total of 27,216 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 45.4 percent. The commercials are Bearish with a score of 49.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 82.8 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| BRITISH POUND Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 45.1 | 29.5 | 17.0 |
| – Percent of Open Interest Shorts: | 32.8 | 46.8 | 12.0 |
| – Net Position: | 23,993 | -33,817 | 9,824 |
| – Gross Longs: | 88,144 | 57,675 | 33,168 |
| – Gross Shorts: | 64,151 | 91,492 | 23,344 |
| – Long to Short Ratio: | 1.4 to 1 | 0.6 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 45.4 | 49.9 | 82.8 |
| – Strength Index Reading (3 Year Range): | Bearish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 3.1 | -7.5 | 23.8 |
Japanese Yen Futures:
The Japanese Yen large speculator standing this week came in at a net position of 167,330 contracts in the data reported through Tuesday. This was a weekly decline of -4,938 contracts from the previous week which had a total of 172,268 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 96.7 percent. The commercials are Bearish-Extreme with a score of 5.3 percent and the small traders (not shown in chart) are Bullish with a score of 76.9 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| JAPANESE YEN Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 53.0 | 27.8 | 10.5 |
| – Percent of Open Interest Shorts: | 7.4 | 77.2 | 6.8 |
| – Net Position: | 167,330 | -181,021 | 13,691 |
| – Gross Longs: | 194,510 | 102,102 | 38,497 |
| – Gross Shorts: | 27,180 | 283,123 | 24,806 |
| – Long to Short Ratio: | 7.2 to 1 | 0.4 to 1 | 1.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 96.7 | 5.3 | 76.9 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 5.6 | -4.9 | -2.1 |
Swiss Franc Futures:
The Swiss Franc large speculator standing this week came in at a net position of -23,767 contracts in the data reported through Tuesday. This was a weekly decrease of -698 contracts from the previous week which had a total of -23,069 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 52.7 percent. The commercials are Bearish with a score of 40.8 percent and the small traders (not shown in chart) are Bullish with a score of 72.3 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| SWISS FRANC Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 10.4 | 70.9 | 18.5 |
| – Percent of Open Interest Shorts: | 42.9 | 36.3 | 20.6 |
| – Net Position: | -23,767 | 25,298 | -1,531 |
| – Gross Longs: | 7,632 | 51,871 | 13,558 |
| – Gross Shorts: | 31,399 | 26,573 | 15,089 |
| – Long to Short Ratio: | 0.2 to 1 | 2.0 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 52.7 | 40.8 | 72.3 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 13.2 | -20.4 | 25.4 |
Canadian Dollar Futures:
The Canadian Dollar large speculator standing this week came in at a net position of -103,861 contracts in the data reported through Tuesday. This was a weekly lowering of -21,705 contracts from the previous week which had a total of -82,156 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 41.4 percent. The commercials are Bullish with a score of 61.5 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 17.9 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| CANADIAN DOLLAR Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 8.5 | 81.3 | 8.3 |
| – Percent of Open Interest Shorts: | 47.4 | 38.9 | 11.7 |
| – Net Position: | -103,861 | 112,982 | -9,121 |
| – Gross Longs: | 22,629 | 216,736 | 22,213 |
| – Gross Shorts: | 126,490 | 103,754 | 31,334 |
| – Long to Short Ratio: | 0.2 to 1 | 2.1 to 1 | 0.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 41.4 | 61.5 | 17.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 6.9 | -7.0 | 3.1 |
Australian Dollar Futures:
The Australian Dollar large speculator standing this week came in at a net position of -59,077 contracts in the data reported through Tuesday. This was a weekly reduction of -9,731 contracts from the previous week which had a total of -49,346 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 34.4 percent. The commercials are Bullish with a score of 65.4 percent and the small traders (not shown in chart) are Bearish with a score of 47.9 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| AUSTRALIAN DOLLAR Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 11.8 | 68.2 | 11.7 |
| – Percent of Open Interest Shorts: | 45.0 | 34.7 | 11.9 |
| – Net Position: | -59,077 | 59,536 | -459 |
| – Gross Longs: | 20,997 | 121,279 | 20,781 |
| – Gross Shorts: | 80,074 | 61,743 | 21,240 |
| – Long to Short Ratio: | 0.3 to 1 | 2.0 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 34.4 | 65.4 | 47.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 3.0 | -6.4 | 17.0 |
New Zealand Dollar Futures:
The New Zealand Dollar large speculator standing this week came in at a net position of -23,652 contracts in the data reported through Tuesday. This was a weekly fall of -1,040 contracts from the previous week which had a total of -22,612 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 37.1 percent. The commercials are Bullish with a score of 61.4 percent and the small traders (not shown in chart) are Bearish with a score of 45.7 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| NEW ZEALAND DOLLAR Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 16.3 | 76.3 | 5.9 |
| – Percent of Open Interest Shorts: | 55.1 | 36.6 | 6.9 |
| – Net Position: | -23,652 | 24,260 | -608 |
| – Gross Longs: | 9,981 | 46,591 | 3,626 |
| – Gross Shorts: | 33,633 | 22,331 | 4,234 |
| – Long to Short Ratio: | 0.3 to 1 | 2.1 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 37.1 | 61.4 | 45.7 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 17.9 | -19.1 | 19.5 |
Mexican Peso Futures:
The Mexican Peso large speculator standing this week came in at a net position of 62,532 contracts in the data reported through Tuesday. This was a weekly decline of -3,174 contracts from the previous week which had a total of 65,706 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 60.6 percent. The commercials are Bearish with a score of 41.3 percent and the small traders (not shown in chart) are Bearish with a score of 31.2 percent.
Price Trend-Following Model: Strong Uptrend
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| MEXICAN PESO Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 65.2 | 29.3 | 4.1 |
| – Percent of Open Interest Shorts: | 19.6 | 76.0 | 3.0 |
| – Net Position: | 62,532 | -64,062 | 1,530 |
| – Gross Longs: | 89,323 | 40,078 | 5,579 |
| – Gross Shorts: | 26,791 | 104,140 | 4,049 |
| – Long to Short Ratio: | 3.3 to 1 | 0.4 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 60.6 | 41.3 | 31.2 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 12.0 | -14.3 | 24.2 |
Brazilian Real Futures:
The Brazilian Real large speculator standing this week came in at a net position of 26,289 contracts in the data reported through Tuesday. This was a weekly lowering of -17,226 contracts from the previous week which had a total of 43,515 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 65.9 percent. The commercials are Bearish with a score of 27.6 percent and the small traders (not shown in chart) are Bullish with a score of 76.6 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| BRAZIL REAL Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 56.3 | 31.4 | 12.1 |
| – Percent of Open Interest Shorts: | 27.6 | 70.9 | 1.3 |
| – Net Position: | 26,289 | -36,167 | 9,878 |
| – Gross Longs: | 51,552 | 28,734 | 11,113 |
| – Gross Shorts: | 25,263 | 64,901 | 1,235 |
| – Long to Short Ratio: | 2.0 to 1 | 0.4 to 1 | 9.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 65.9 | 27.6 | 76.6 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -15.3 | 8.3 | 48.1 |
Bitcoin Futures:
The Bitcoin large speculator standing this week came in at a net position of -1,952 contracts in the data reported through Tuesday. This was a weekly lowering of -1,125 contracts from the previous week which had a total of -827 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 8.7 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bullish with a score of 50.8 percent.
Price Trend-Following Model: Weak Downtrend
Our weekly trend-following model classifies the current market price position as: Weak Downtrend.
| BITCOIN Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 75.4 | 6.6 | 4.6 |
| – Percent of Open Interest Shorts: | 81.5 | 1.3 | 3.8 |
| – Net Position: | -1,952 | 1,692 | 260 |
| – Gross Longs: | 24,142 | 2,121 | 1,466 |
| – Gross Shorts: | 26,094 | 429 | 1,206 |
| – Long to Short Ratio: | 0.9 to 1 | 4.9 to 1 | 1.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 8.7 | 100.0 | 50.8 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -71.7 | 61.1 | 36.0 |
Article By InvestMacro – Receive our weekly COT Newsletter
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.
The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.
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