MarketsFarm – The managed money position in canola flipped from a net short to a net long for the first time in six months during the week ended July 18, as fund traders covered short positions and put on new bullish bets, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of July 18, 2023, the net managed money long position in canola futures came in at 13,004 contracts (37,226 long/24,222 short), a move of about 17,000 contracts from the 3,899-contract net short posted the previous week. The last time the market was showing a net long position was the first week of January 2023.
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Open interest in the canola market came in at 209,329 contracts on July 18, which was up by 3,369 from the previous week.
At the Chicago Board of Trade, fund traders were holding a net long of about 95,000 contracts in soybeans which was up by about 11,000 from the previous week. Meanwhile, the managed money short position in corn declined by about 10,000 contracts, to 46,150.
In wheat, the Chicago soft wheat market reported a net short position of about 57,000 contracts. The net long in Kansas City red winter wheat came in at roughly 13,300 contracts. In Minneapolis spring wheat, managed money traders were holding a net long of around 6,500 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
