Euronext Wheat: Managed Money Sharply Reduce Net Short Positions
Funds sharply cut their net short on Euronext wheat, from 26,018 to 12,025 lots as at 26 June. Commercials also reduced their net long. A look at the positioning and the market backdrop, with September wheat trading around €204/t on the back of a weak euro.
Funds sharply cut their net short, which moved from -26,018 lots to -12,025 lots as at Friday 26 June. The fall reflects a significant reduction in short exposure (-12,619 lots) and a modest purchase of 1,375 long contracts.
Commercials, meanwhile, sharply cut their net long, down 24% to 39,959 lots against 52,459 lots the previous week.
That move is not especially meaningful, however, as commercials simultaneously took profit on 6,552 long contracts while accumulating 5,948 shorts.
On the price front, Euronext September 2026 wheat is currently trading around €203.75/t. Euro-dollar slipping below 1.14 and weaker WTI crude (now quoted around $68.5-69 a barrel) continue to support the competitiveness of European wheat against Black Sea origins.
That macro setup remains broadly favourable to European origins in a market still highly sensitive to harvest conditions.