Speculative Funds Boost Bullish Euronext Wheat Bets, Data Shows

Speculative traders significantly increased their bullish bets on Euronext milling wheat in the week ending July 24, according to data released Wednesday by the exchange. The net long position held by non-commercial participants rose to 144,577 contracts, a substantial increase from 111,938 contracts the previous week.

Speculators and Commercials Diverge

The non-commercial category, which includes investment funds and other financial institutions, speculates on future price movements. An increase in a net long position indicates a stronger belief that prices will rise.

In contrast, commercial traders—who typically include producers, merchants, and processors hedging their physical market exposure—expanded their net short position. Their bearish hedge position grew to 146,085 contracts, up from 110,558 contracts in the prior week.

Market Positioning Breakdown

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The latest data provides a detailed view of market positioning in Euronext wheat futures and options:

• Non-commercial traders held 58.8% of total long positions, while their short positions accounted for 36.1% of the total.
• Commercial traders represented 41.2% of total long positions and held 63.9% of all short positions.

Modest Rise in Rapeseed Longs

In the Euronext rapeseed market, non-commercial traders also modestly increased their bullish stance. Their net long position in rapeseed futures and options grew to 74,576 contracts from 72,519 contracts the week before, as reported by Euronext.