FX.co ★ Speculators Turn Bearish on U.S. Wheat as CFTC Net Positions Swing Deep into Negative Territory

Speculative sentiment toward U.S. wheat has flipped sharply bearish, with the latest CFTC data showing a decisive move into net short territory. According to figures updated on 29 May 2026, speculative net positions in wheat have fallen from a marginally positive 0.3K contracts to -9.5K.

The swing signals that traders who had been cautiously optimistic or neutral on wheat are now positioning for potential downside in prices. While the previous reading suggested an almost flat stance among speculators, the current negative net position underlines a growing expectation of weaker market conditions or improved supply outlooks. Market participants will be watching closely to see whether this move deepens in the coming weeks or proves to be a short-term repositioning in an increasingly volatile agricultural complex.