Commitments of Traders options-futures-combined vs futures only positioning questions

November 24th, 2019, 04:56 PM

When looking at the most recent CFTC COT report for manged money positions for CBOT Corn, I have noticed that the combined futures and options report shows less short positions than the futures only report.

Does anyone know why? Shouldn't the combined report show more positions because they are reporting additional options positions to their futures positions?

I understand the CFTC counts options positions as futures-equivalent positions according to their delta, so could it just be that the delta of past reported options have fallen, reducing their positioning?

Any help understanding this is appreciated.

November 24th, 2019, 09:18 PM

I believe I found the answer and it might have to do with the spread positions

Commitments of Traders options-futures-combined vs futures only positioning questions

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Commitments of Traders options-futures-combined vs futures only positioning questions