Canola fund short position smallest in six months

Net long up sharply in CBOT soybeans

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MarketsFarm — The managed money net short position in canola tightened to its smallest level in nearly six months in the commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money short position in ICE Futures canola came in Tuesday at 29,869 (9,349 long/39,218 short), a decrease of about 9,000 contracts from the previous week, and marked the first time the net short position was below 30,000 contracts since January.

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Open interest in the canola market increased slightly on the week, coming in at 159,559 contracts.

At the Chicago Board of Trade, the managed money net long position in soybeans was up sharply, rising by about 27,000 contracts on a combination of short-covering and new longs to just over 90,000.

Meanwhile, the corn managed money net short position fell by roughly 60,000 contracts, to about 150,338.

In wheat, activity was mixed. The net short in Chicago soft wheat declined to 32,370. The Kansas City hard red winter wheat net short was down by about 3,000 contracts, at 34,000 contracts. Meanwhile the net managed money net short in Minneapolis spring wheat was up by about 400, to come in at about 18,000 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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