Tonight’s report, regraded across all 44 markets. What moved, where the crowd is stretched, what the files say. ‌ ‌ ‌ ‌ ‌

cotreport* view in browser ●  THE NEW REPORT IS IN · ALL 44 FILES REGRADED AND CHECKED · EVERY NUMBER BELOW IS THIS WEEK’S REGRADE THE FRIDAY LETTER · JUL 19, 2026 · REPORT OF JUL 14, 2026 Two markets are crowded. One file is open. What moved in Friday’s CFTC filing, where the crowd is stretched, and what twenty years of receipts say happened after setups like this week’s. Ninety seconds. No hype. No homework. Just the regrade. ★ THE TAKE · LETTER EXCLUSIVE · NOT ON THE SITE The Take is a letter-exclusive read, sent only to Friday Letter subscribers. It is free: subscribe at cotreport.ai. BIGGEST MOVE WHEAT SRW +6.5 pts OI RUNNER-UP FEEDER CATTLE −5.4 pts OI THIRD ROUGH RICE +5.2 pts OI ★ FREE PREVIEW · EVERY NUMBER OPEN BITCOIN  CROWD LONG 97 of 100 WEEK 8 AT THE EXTREME · RECORD IS 16 MAX SHORT 3-YEAR RANGE MAX LONG 38% TURNED ≤ 8 WKS · ANY WK 37% 6 wks MEDIAN WAIT −65.5% WORST SIT-THROUGH The week itself: specs trimmed 2.6 points of open interest (cut 174 longs · added 235 shorts), and bitcoin still sits at the 97th slot of its three-year range. Read that as a risk state, not a countdown. Open the full file, free → ONE MORE FILE · PRO LEAN HOGS  SHORT · WK 7 ••% turn · •• wks  PRO Turn rate, median wait and worst drawdown, from 1,206 backtested extremes since 2006, out-of-sample confirmed 2019→. Numbers a skeptic can attack, because we attacked them first. OPEN TRADES · THE BACKTEST, STILL TRADING Every new extreme enters by the frozen rule, blind on purpose, and sits here until its 13-week window closes. A measurement, not a recommendation. The bar is the move that counts as a turn; only Friday’s pipeline confirms one. COCOA #29 FADE LONG · WK 13/13 +67.8% · bar 19.4% OVER THE BAR LIVE CATTLE #19 FADE SHORT · WK 13/13 +10.1% · bar 7.1% OVER THE BAR SOYBEAN MEAL #27 FADE SHORT · WK 13/13 +1.5% · bar 8.1% RUNNING NZDUSD #25 FADE LONG · WK 12/13 −1.1% · bar 3.2% RUNNING COPPER #32 FADE SHORT · WK 11/13 −7.3% · bar 13.2% RUNNING NASDAQ EMINI #30 FADE LONG · WK 9/13 −1.1% · bar 5.6% RUNNING NATGAS #25 FADE LONG · WK 7/13 −8.4% · bar 42.1% RUNNING RBOB #35 FADE SHORT · WK 6/13 −10.5% · bar 15.9% RUNNING + 4 more on the site → THE LEDGER · ALL 44 MARKETS SHORT ← 3-YEAR RANGE → LONG · GREEN FILL = WHERE THE CROWD SITS METALS · 5 MARKETS PCT · ΔWK COPPER 85 −0.3 GOLD 69 +0.2 PALLADIUM 63 +2.2 PLATINUM 69 +1.2 SILVER 32 −1.6 ENERGY · 4 MARKETS PCT · ΔWK CRUDE WTI 20 −0.1 HEATOIL 51 +2.3 NATGAS 17 −2.7 RBOB  WATCH 94 −1.4 GRAINS · 8 MARKETS PCT · ΔWK CORN 71 +1.5 OATS 82 −2.0 ROUGH RICE 71 +5.2 SOYBEANS 71 +0.4 SOYBEAN MEAL 63 +4.6 SOYBEAN OIL  WATCH 92 +3.7 WHEAT HRW  WATCH 93 +1.9 WHEAT SRW  WATCH 86 +6.5 SOFTS · 4 MARKETS PCT · ΔWK COCOA 19 −0.5 COFFEE 36 −0.1 COTTON 83 +2.8 SUGAR 29 +0.6 LIVESTOCK · 3 MARKETS PCT · ΔWK FEEDER CATTLE 35 −5.4 LEAN HOGS  CROWD SHORT 1 −1.5 LIVE CATTLE 60 −4.8 FX · 9 MARKETS PCT · ΔWK AUDUSD 68 −2.7 CADUSD 17 −0.2 CHFUSD 57 +0.7 EURUSD  WATCH 13 +0.5 GBPUSD  WATCH 6 +4.2 JPYUSD 34 +0.2 MXNUSD 62 −2.3 NZDUSD 15 +4.3 USDX 76 −0.1 EQUITY · 5 MARKETS PCT · ΔWK DOW EMINI  WATCH 90 +2.9 NASDAQ EMINI 19 +0.2 RUSSELL EMINI 49 +1.5 SP500 EMINI 77 +0.2 VIX 19 +0.3 RATES · 4 MARKETS PCT · ΔWK UST 10Y 37 −0.4 UST 2Y 85 +2.3 UST 5Y 81 +0.9 UST BOND 15 −2.1 CRYPTO · 2 MARKETS PCT · ΔWK BITCOIN  CROWD LONG 97 −2.6 ETHER  WATCH 90 −3.9 NOWCAST This report is already 3 days old. Pro’s nowcast estimates what specs have done since: daily, all 44 markets, 62% directionally right over 52 weeks. See the nowcast → WHY PRO Every other COT letter gives you an opinion. This one gives you the record. Pro opens the one locked file above, plus every market’s backtest file, what marked its turns (and how much of the move was left after they fired), and the nowcast read in each file: so you’re never blindsided by a report that’s already three days old. Start Pro · €49/month → CANCEL ANYTIME · PRICES INCL. VAT WHERE APPLICABLE · UNLOCKS IN SECONDS Statistics, not advice. Data and models can contain errors; past patterns are no indicator of future results. Futures trading involves substantial risk of loss. The map is ours, the trade is yours. Not affiliated with, endorsed by, or sponsored by the U.S. Commodity Futures Trading Commission (CFTC); COT data comes from its public reports. Ventus XII Management GmbH, Wien · statistics about the past, not advice. Impressum · Datenschutz · unsubscribe