Euronext Wheat: Funds Remain Net Short While Commercials Increase Long Positions
Funds stayed net short on Euronext wheat at 25,544 lots as at 12 June. Commercials, by contrast, extended their long position (+19%). A look at the positioning and at the market backdrop around €200/t.
Funds remained net short as at 12/06/2026 at 25,544 lots, against 18,118 lots the week before.
That position nonetheless came with a simultaneous build in both longs and shorts.
Commercials moved from a net long of 45,689 lots to 54,456 lots, a rise of 19%. They bought 7,229 long contracts and took profit on 1,538 short contracts, clearly taking advantage of the low prices seen last week around €200/t.
Internationally, wheat remains under pressure overall. Harvests look rather good in Europe, Russia, Ukraine and even the United States (although US winter wheat production is coming in slightly below expectations).
Rain across the Corn Belt and Western Europe is reassuring everyone, and ample supply continues to weigh on prices.
On Euronext, we are still turning around €199-203/t on the front months. The contrast is clear: funds remain net sellers (and have even added slightly to their short), while commercials are using the opportunity to hedge more at these low levels. The market stays sensitive to the weather over the coming weeks and to export flows (Black Sea above all), but for now the fundamentals lean towards comfortable supply.
On the macro side, euro-dollar is holding around 1.16 and Brent below $80 a barrel, while the G7 wrapping up in Évian is emphasising support for Ukraine and energy sanctions against Russia, which could still shift Black Sea flows.