The CFTC’s Commitments of Traders reports (DCOT and SCOT) are a key source of information about the open interest in commodity derivatives markets. While informative, these publications leave open four important questions. (1) Do traders that hold large positions every single day make up most of the total open interest? How big is that “market core”? (2) What is the relation between DCOT figures on swap dealer futures positions and CIT futures positions? (3) Are most futures traders long-only or short-only, or do they hold “mixed” positions? (4) Who makes up the fast-growing “Other Reportables” category that comprises all noncommercial market participants that are not managed money traders? We tackle those questions with regulatory data on futures positions in the four largest U.S. grain and oilseed markets in 2015–2018.

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交易商报告的四项承诺重温：谷物和油籽期货市场的答案

CFTC 的交易者承诺报告（DCOT 和 SCOT）是有关商品衍生品市场未平仓合约的重要信息来源。这些出版物虽然内容丰富，但仍留下了四个重要问题。 (1) 每天持有大量仓位的交易者是否占总持仓量的大部分？这个“市场核心”有多大？ (2) 掉期交易商期货头寸的 DCOT 数据与 CIT 期货头寸之间有何关系？ (3) 大多数期货交易者是只做多还是做空，还是持有“混合”头寸？ (4) 谁构成了快速增长的“其他可报告对象”类别，该类别包括所有非托管资金交易者的非商业市场参与者？我们利用 2015 年至 2018 年美国四大谷物和油籽市场期货头寸的监管数据来解决这些问题。