Speculative fund positioning on Euronext futures contracts — a market sentiment signal updated each week, freely available. · Report of 21 August 2026
Corn EMA, Rapeseed ECO: positioning is in extreme territory on the buying side, close to historical highs. History shows no reliable link between extreme positioning and a subsequent price reversal.
Z-Score, 4-week momentum, raw fund/commercial positions and full positioning history.
Access full analysis →Source: Euronext COT · Weekly data
The Euronext COT report (Commitment of Traders) tracks weekly net positions of speculative funds on soft wheat EBM, corn EMA and rapeseed ECO. It is published every Wednesday evening by Euronext. Two indicators help read the report. The Z-score measures the gap between current fund positions and the average of the contract's available history, expressed in standard deviations. The NPI (Net Position Index) places the current position relative to the minimum and maximum observed over that same history: +100 marks the record long, -100 the record short, and the index can exceed either bound on a new record. Extreme positioning (beyond a threshold calibrated separately for each contract, based on its own historical distribution) signals that funds are heavily committed in one direction, without indicating future price direction: across the history of these three contracts, no reliable link has been found between extreme positioning and a short-term reversal. The signal makes sense against the market: EBM wheat expiry by expiry.