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Fund long position drops in canola

Net long in CBOT soybeans also down on week

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Published: September 18, 2023

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(Dave Bedard photo)

MarketsFarm — Fund traders have been busy liquidating long positions and putting on new bearish canola bets in early September.

The net managed money long position in the ICE Futures market dropping sharply during the week ended Tuesday (Sept. 12), according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of Sept. 12, the net managed money long position in canola futures came in at 2,418 contracts (39,625 long; 37,207 short), a decrease of about 16,000 contracts from the previous week.

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Open interest in the canola market was up by nearly 6,000 contracts from the previous week, at 292,132 contracts.

At the Chicago Board of Trade, fund traders were holding a net long of about 67,475 contracts in soybeans, down by about 9,000 from the previous week. Meanwhile, the net short position in corn rose to roughly 138,000 contracts from 96,000 the previous week.

In wheat, the Chicago soft wheat market reported a net short position of about 89,200 contracts. The net short in Kansas City red winter wheat came in at roughly 13,300 contracts. In Minneapolis spring wheat, managed money traders were also holding a net short of around 13,300 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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