Fund position switches to net long in canola

Net long in CBOT corn decreases on the week

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Published: November 15, 2022

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(File photo by Dave Bedard)

MarketsFarm — The overall speculative position in the ICE Futures canola market swung from net short to net long during the first week of November, marking the first time speculators were holding more longs than shorts in four months.

That’s according to the latest Commitment of Traders (CoT) report compiled by the U.S. Commodity Futures Trading Commission (CFTC), a weekly report which last week was delayed by a day due to the Veterans Day holiday in the United States.

The net managed money long position in ICE Futures canola came in at 3,089 contracts on Tuesday (25,876 long/22,787 short), a swing of about 9,000 from the previous week’s net short position of 6,269 contracts on a combination of short-covering and new longs going on the books.

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The last time the CoT report showed a net long managed money position in canola was June 28.

Open interest in the canola market increased by 10,805 contracts during the week, to 226,652.

At the Chicago Board of Trade, the managed money net long position in soybeans increased by about 3,000 contracts, coming in at just over 105,300 contracts.

The corn managed money net long position decreased by roughly 40,000 contracts, to about 221,800, as speculators liquidated longs and put on fresh short positions.

The Chicago (CBOT) soft wheat market reported a net short position of about 43,500 contracts, which was up by roughly 7,000 on the week. The net long position in Kansas City wheat came in at about 24,200. In Minneapolis (MGEX), the net long position for spring wheat decreased by about 750 contracts, at around 3,050.

— Phil Franz-Warkentin reports for MarketsFarm from 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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