Fund traders still bearish on canola

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Published: February 21, 2020

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(File photo by Dave Bedard)

MarketsFarm — Large fund traders covered short positions in soybeans and corn during the week ended Tuesday, but continued to add to bearish bets in canola, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money short position in ICE Futures canola came in Tuesday at 68,942 contracts (1,485 long/70,427 short), an increase of about 3,500 contracts from the previous week.

Open interest in the canola market declined by about 6,500 contracts, to 186,859, during the week.

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At the Chicago Board of Trade, the managed money net-short position in soybeans of 95,975 contracts was down by about 1,500 contracts from the previous week.

Corn speculators put on more new longs than shorts during the week, taking the overall net managed-money short position to 56,855 contracts. That was down by about 13,000 contracts from the previous week.

Wheat futures were mixed during the week. The net-long positions in CBOT and K.C. wheat rose to 59,262 and 13,687 contracts respectively. Meanwhile, the managed money net-short position in Minneapolis spring wheat grew by about 5,000 contracts, to hit 11,963.

— 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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