Yes, there is an EMF. But it is not an induced EMF, it is a motional EMF.
Let's look at the top down picture. The left side of the picture has a magnetic force pushing upwards. The right side of the picture has a magnetic force pushing downwards. And in the middle you have the exact top and the exact bottom and there is no magnetic force there because the field and the velocity are exactly in the same direction there.
Thus when we compute the total EMF:
$$\mathscr E=\oint \left(\vec E+\vec v\cdot\vec B\right)\cdot \mathrm d\vec \ell$$ we get the magnetic part $\oint \left(\vec v\cdot\vec B\right)\cdot \mathrm d\vec \ell$ is non zero. The electric part of the EMF is related to Faraday's Law:
$$\oint \vec E\cdot \mathrm d\vec \ell=-\iint \frac{\partial \vec B}{\partial t}\cdot \hat n\, \mathrm d A.$$
And, when
- the wire is thin (so it should look like a horizontal line when viewed from above) and
- there are no magnetic monopoles, and
- the charges are confined to stay in the wires (e.g. by a Hall voltage)
then all three together give us:
$$
\oint \left(\vec v\cdot\vec B\right)\cdot \mathrm d\vec \ell=
\iint \frac{\partial \vec B}{\partial t}\cdot \hat n\, \mathrm d A-\frac{\mathrm d}{\mathrm d t}\iint \vec B\cdot \hat n\,\mathrm d A.$$
That, plus Faraday gives us the universal flux law:
$$\oint \left(\vec E+\vec v\cdot\vec B\right)\cdot \mathrm d\vec \ell=-\frac{\mathrm d}{\mathrm d t}\iint \vec B\cdot \hat n\,\mathrm d A.$$
If you want to relate your EMF to the universal flux law note that while the flux is zero in the position you drew. It is about to be nonzero as soon as you move a bit to the right. So the time rate of change is nonzero. It's just that since the magnetic field isn't changing in time, the EMF is motional because it is all due to the motion of the wire in the current magnetic field.