Euronext Wheat COT: Funds Cut Net Long 24% to 42,625 Lots
Funds cut the net long by 24% this week to 42,625 lots against 56,561 lots the week before. The fall reflects profit-taking on 9,898 long contracts combined with the purchase of 4,038 short contracts.
Funds cut the net long by 24% this week to 42,625 lots against 56,561 lots the week before. The fall reflects profit-taking on 9,898 long contracts combined with the purchase of 4,038 short contracts.
Commercials in turn cut their net short by 40%, moving from -57,081 lots to -33,785 lots. The change reflects the purchase of 9,804 long contracts and the sale of 13,492 short contracts.
Markets have been at the mercy of Trump's mood these past 4 weeks, and above all very early this morning (around 1am) after the announcement of a two-week ceasefire, shortly before the countdown on his 48-hour ultimatum ran out. Relief across markets drove crude and agricultural commodities lower, and pushed the euro higher against the dollar.
May wheat is now trading below the psychological €200 a tonne threshold, with a low late in the day at €197.25/t, the weakest level since late February. All wheat contracts thus lost around €5/t today after Trump's announcement.
Crude could not resist the good news and lost around 12% against yesterday. WTI is trading at $89/bbl and Brent at $92.6/bbl, narrowing the spread between the two contracts.
EURUSD also climbed as far as 1.17 before easing back around 1.1680.
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