Euronext Wheat: Funds flip to net short – COT Report week 24

Today's COT report is quite something, as market operators sharply reshaped their positions in the space of a week. Funds moved from a net long of 50,324 lots to a net short of 18,118 lots. That abrupt turn reflects the opening of 46,426 short contracts and the closing of 22,016 longs.

Commercials did exactly the opposite, moving from a net short of 30,659 lots to a net long of 45,689 lots.

On Euronext, September 2026 wheat lost 3% last week, moving from €208/t to €201.5/t, before edging back up early this week to close today at €203.25/t.

On currencies and energy, the euro is trading around 1.155 USD this morning, slightly higher on the day but down 2% over the month. A stronger euro weighs directly on euro-denominated prices, while crude remains supported by tensions in the Middle East, which raises production and freight costs for wheat.

Geopolitically, Black Sea tensions persist, with the Russia-Ukraine conflict continuing to complicate exports, even if alternative corridors keep part of the flow moving.

In the Middle East, exchanges of strikes between Israel and Iran sustain a risk of energy disruption, with an indirect effect on agricultural commodities.