Fund short position hits six-month low in canola

CBOT soybeans show reduced net long

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Published: July 10, 2023

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(Dave Bedard photo)

MarketsFarm — The speculative short position in ICE Futures canola fell to its smallest level in six months at the beginning of July, as fund traders covered short positions and put on some new longs.

That’s according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of July 3, the net managed money short position in canola futures came in at 18,311 contracts (46,561 short, 28,250 long), a decrease of about 8,000 contracts from the previous week.

Open interest in the canola market came in at 200,205 contracts on July 3, which was down by 5,300 from the previous week.

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At the Chicago Board of Trade, fund traders were holding a net long of about 90,200 contracts in soybeans which was down by about 9,000 from the previous week. Meanwhile, the managed money position in corn flipped from a net long of 66,500 contracts to a net short of about 7,300.

In wheat, the Chicago soft wheat market reported a net short position of about 56,400 contracts. The net long in Kansas City red winter wheat came in at roughly 14,500 contracts. In Minneapolis spring wheat, managed money traders were holding a net long of around 2,000 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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