Fund short position grows in canola

Traders net long in soy, K.C. wheat

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Published: June 13, 2023

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(File photo by Dave Bedard)

MarketsFarm — The speculative short position in canola grew to is largest level in nearly three months in early June, as investors covered longs and put on more bearish bets, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of Tuesday (June 6), the net managed money short position in canola futures came in at 63,568 contracts (86,977 short, 23,409 long) — an increase of about 9,500 contracts from the previous week.

Open interest in the canola market came in Tuesday at 253,542 contracts, down by 8,830 contracts from the previous week.

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At the Chicago Board of Trade, fund traders were holding a net long of about 14,000 contracts in soybeans which was up by about 12,000 from the previous week. Meanwhile, the net short position in corn dipped to 44,500, from 46,800 the previous week.

In wheat, the Chicago soft wheat market reported a net short position of about 122,300 contracts. In Kansas City, hard red winter wheat funds reduced their net long position by roughly 2,300, to 6,400. In Minneapolis spring wheat, managed money traders were holding a net short of around 9,000 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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