Canola fund short position shrinking

Managed money is net long on corn, soy

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Published: April 10, 2023

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(File photo by Dave Bedard)

MarketsFarm — Managed money fund traders continued to cover their large short positions in canola in early April, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of April 4, the net managed money short position in canola futures came in at 49,470 contracts (70,671 short; 21,201 long), a decrease of about 13,500 contracts from the previous week.

Open interest in the canola market came in at 287,760 contracts on April 4, which was down by about 9,000 from the previous week.

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At the Chicago Board of Trade, fund traders were holding a net long of about 145,300 contracts in soybeans, which was up by 47,000 from the previous week. Meanwhile, corn moved from a small net short of about 13,400 to a net long of 24,600, on a combination of short covering and new longs being put on the books.

In wheat, the Chicago soft wheat market reported a net short position of about 89,750 contracts. The funds were holding a net long position in Kansas City hard red winter wheat of around 7,000. In Minneapolis spring wheat, managed money traders holding were holding a small net long of 694 contracts.

— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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