# Commodity positioning breadth | PIER20 benchmarks

What share of the eight tracked commodity futures have positive Managed Money Net/OI?

Commodity positioning breadth counts how many of eight major commodity futures (spanning metals, energy and grains) Managed Money holds net long. A reading of 100 means speculators are betting on higher prices in every commodity at once, and zero, lower prices across the board. The breadth line is a cross-commodity sentiment thermometer, complementing the individual commodity pages that show magnitude.

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%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Commodity breadth | 75.00 | 75.00 | 25.00 | 100.00 |
| Gold | 100.00 | 100.00 | 0.00 | 100.00 |
| Silver | 100.00 | 100.00 | 0.00 | 100.00 |
| Copper | 100.00 | 100.00 | 0.00 | 100.00 |
| WTI | 100.00 | 100.00 | 0.00 | 100.00 |
| Natural gas | 0.00 | 0.00 | 0.00 | 100.00 |
| Corn | 100.00 | 100.00 | 0.00 | 100.00 |
| Wheat | 0.00 | 0.00 | 0.00 | 100.00 |
| Soybeans | 100.00 | 100.00 | 0.00 | 100.00 |

## Last 24 readings

| Date | Commodity breadth | Gold | Silver | Copper | WTI | Natural gas | Corn | Wheat | Soybeans |
|---|---|---|---|---|---|---|---|---|---|
| 24 Feb 2026 | 62.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 0.00 | 0.00 | 100.00 |
| 3 Mar 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 10 Mar 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 17 Mar 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 24 Mar 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 31 Mar 2026 | 87.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 100.00 | 100.00 |
| 7 Apr 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 14 Apr 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 21 Apr 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 28 Apr 2026 | 87.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 100.00 | 100.00 |
| 5 May 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 12 May 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 19 May 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 26 May 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 2 Jun 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 9 Jun 2026 | 62.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 0.00 | 0.00 | 100.00 |
| 16 Jun 2026 | 62.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 0.00 | 0.00 | 100.00 |
| 23 Jun 2026 | 62.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 0.00 | 0.00 | 100.00 |
| 30 Jun 2026 | 62.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 0.00 | 0.00 | 100.00 |
| 7 Jul 2026 | 62.50 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 0.00 | 0.00 | 100.00 |
| 14 Jul 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 21 Jul 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 28 Jul 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 4 Aug 2026 | 75.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 0.00 | 100.00 |

## How to read this benchmark

**What a high or low reading means.** 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.

**Why binary positive/negative, not magnitude.** 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.

**Limitations.** 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.

## How this benchmark is used

**Commodity supercycle breadth.** 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.

## Frequently asked questions

**What is the current commodity positioning breadth?**

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%.

**How often is this benchmark updated?**

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.

**What data sources does this chart use?**

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.

**Why does the eligible universe change?**

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.

## Methodology

- Formula: breadth = 100 × count(ManagedMoney NetOI > 0) / validContracts
- Frequency: Weekly
- Sources: Commodity breadth (commodity-breadth:overall) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Gold (commodity-breadth:gold) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Silver (commodity-breadth:silver) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Copper (commodity-breadth:copper) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; WTI (commodity-breadth:wti) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Natural gas (commodity-breadth:natgas) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Corn (commodity-breadth:corn) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Wheat (commodity-breadth:wheat) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Soybeans (commodity-breadth:soybeans) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE. Data via the CFTC Commitments of Traders report.
- Data through: 4 August 2026
- Last refreshed: 04 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/commodity-positioning-breadth
Disclaimer: research software output, not investment advice.