Euronext Wheat: Fund Positioning and Weekly Market Analysis
Weekly review of positioning on Euronext wheat. Funds held broadly steady net short at 26,018 lots as at 24 June, while commercials trimmed their net long slightly. A look back at this week's moves and at the market backdrop.
Funds broadly held their net short steady, moving from 25,544 lots last week to 26,018 lots this week. That relative stability hides sustained activity, however, with a simultaneous build in both longs and shorts.
Funds bought 13,902 long contracts while adding 14,377 short contracts.
Commercials, for their part, trimmed their net long slightly, from 54,456 lots to 52,459 lots over the week.
The heatwave currently affecting France and much of Europe continues to weigh on crops. Late winter wheat and spring crops, corn and sunflower in particular at flowering, are under significant stress.
On Euronext, after Monday's sharp rally, wheat and corn corrected yesterday on profit-taking, while rapeseed continued to firm.
The September 2026 wheat contract, which had touched €200/t in mid-June, is quoted today around €210/t, a rebound of almost €10/t in some ten days.
On the macro side, weaker crude (back below $73 a barrel) and euro-dollar slipping under 1.14 are supporting the competitiveness of European wheat against Black Sea origins.
In the United States, the Chicago market remains quiet after crop ratings judged neutral, although spring wheat is under downward pressure.
Technically, the €200/t support on Euronext September wheat is holding for now, in a market still highly sensitive to the weather on the eve of harvest.
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