| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Commodity breadth | 75.00 | 75.00 | 25.00 | 100.00 |
breadth = 100 × count(ManagedMoney NetOI > 0) / validContractsEight commodity futures (gold, silver, copper, WTI, natural gas, corn, wheat, soybeans) are each checked for positive Managed Money Net/OI (net long). Breadth is the percentage of valid contracts that are net long. A reading of 100 means managed money is net long every commodity, and 0 means net short across the board.
As of 4 August 2026, the latest reading is 75.00%. That is up 25.0 pp over the past year and at its long-run median of 75.00%.
A high breadth reading means speculative optimism is widespread: many commodity markets are net long. This is the configuration associated with broad commodity rallies and reflation narratives. A low reading means speculative bearishness is broad. The extremes are the signal: 100 (all long) and 0 (all short) mark periods of cross-commodity consensus that have historically preceded reversals.
Each commodity has a different Net/OI range (WTI from −2% to +21%, corn from −30% to +35%), so magnitudes cannot be averaged directly. The binary cuts through that: above/below zero is the same line in every market, and the breadth percentage is comparable across time as the tracked-universe expands.
Breadth discards magnitude. A commodity barely net long and one at a record long both count as 1. The universe is the eight dominant futures; many smaller contracts are excluded. Treat the chart as a broad commodity-sentiment gauge, not investment advice.
Broad commodity rallies (the 2000s supercycle, the 2021 reflation) are characterized by breadth readings near 100. A breadth above 75 with a weakening composite flags the narrowing rally that precedes a broad retracement.
As of 4 August 2026, the latest reading is 75.00%. That is up 25.0 pp over the past year and at its long-run median of 75.00%.
This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
The chart is built from Commodity breadth, Gold, Silver, Copper, WTI, Natural gas, Corn, Wheat and Soybeans, sourced from the CFTC Commitments of Traders report.
Each contract contributes once it has enough history to register. Contracts like soybeans start later in the sample. The breadth percentage uses only the commodities with valid readings that week, not a fixed denominator.
One tested idea, through the evidence stack. No migration of any kind.