Fund traders back on the long side in canola

Net long also extended in CBOT corn, soy

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Published: January 10, 2023

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(Dave Bedard photo)

MarketsFarm — Speculators in ICE canola moved back to a net long position in the futures to start the New Year, according to the latest Commitment of Traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money long position in ICE Futures canola came in at 6,805 contracts on Jan. 3 (25,062 long/18,287 short), a swing of about 9,500 from the previous week’s net short position on a combination of short covering and new longs going on the books.

Open interest in the canola market increased by 1,346 contracts during the week, to 223,841.

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At the Chicago Board of Trade, the managed money net long position in soybeans increased by about 13,500 contracts, coming in at roughly 143,000 contracts.

The corn managed money net long position increased by roughly 36,000 contracts, to about 200,000.

The Chicago soft wheat market reported a net short position of about 53,000 contracts, down roughly 3,500 on the week. The net long position in Kansas City wheat came in at about 1,100, with the long and short sides of the market relatively even. In Minneapolis, the net short position dipped by about 500 contracts at roughly 2,800 contracts.

— 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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