Speculative positioning in U.S. wheat futures has dropped sharply, with net long positions sliding from 10.5K to just 1.2K contracts, according to the latest Commitments of Traders data from the CFTC released on 18 September 2026. The move signals that speculative traders have significantly pared back their bullish exposure to the wheat market.
The steep reduction in net longs suggests growing caution among funds and other speculators, who appear less confident in further price gains. While the data do not reveal the underlying drivers, the shift in positioning indicates that recent market developments have prompted traders to adopt a more neutral stance toward U.S. wheat. Market participants will now be watching upcoming data and price action closely to see whether this marks a pause in bullish momentum or the start of a more prolonged repositioning.
