Glacier FarmMedia -– The net short position in canola futures was sitting near its largest levels on record to end 2023, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of Dec. 26, 2023, the net managed money short position in canola futures came in at 110,612 (6,507 long/117,119 short), which was down by about 5,000 from the record-large net short hit the previous week.
Open interest in the canola market came in at 240,298 contracts, which was down by 9,183 on the week.
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At the Chicago Board of Trade, a combination of long liquidation and speculative short covering saw the net long position in soybeans increase by about 1,000 contracts at roughly 11,500.
Meanwhile, corn traders were covering shorts and putting on some new longs as they squared positions ahead of the New Year, with the net short in corn down by about 10,000 contracts to come in at about 172,000.
In wheat, the Chicago soft wheat market reported a net short position of about 60,700 contracts. The net short in Kansas City hard red winter wheat came in at roughly 30,800 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 27,500 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
