MarketsFarm — The overall fund position in ICE Futures canola flipped from a net long to a net short during the week ended Tuesday, marking the first net short position in the commodity in just over two months, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
As of Tuesday, the net managed money short position in canola futures came in at 14,538 contracts (27,510 long. 42,048 short) — a shift of about 17,000 contracts from the previous week’s small net long position.
Read Also
U.S. grains: Wheat futures rise on supply snags in top-exporter Russia
U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.
Open interest in the canola market was up by nearly 13,000 contracts from the previous week, at 305,099 contracts.
At the Chicago Board of Trade, fund traders were still holding a net long position in soybeans, but it was down by about 29,000 contracts on the week at roughly 38,400 contracts.
Meanwhile, the net short position in corn rose by about 11,000 at roughly 149,500 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 104,000 contracts. The net short in K.C. hard red winter wheat came in at roughly 12,500 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 15,200 contracts.
— Phil Franz-Warkentin is an associate editor/analyst for MarketsFarm in Winnipeg.
