Managed money adding to net short positions in canola

Canola at biggest net short position in months

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Published: October 23, 2023

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(Dave Bedard photo)

MarketsFarm — Managed money fund traders remain bearish canola, growing the net short position in the ICE Futures market to the second largest level of the past year, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of Oct. 17, the net managed money short position in canola futures came in at 70,768 contracts (9,238 long, 80,006 short), an increase of about 9,000 contracts from the previous week and the largest net short position in seven months.

Open interest in the canola market came in at 302,972 contracts, which was down by 2,350 contracts from the previous week.

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At the Chicago Board of Trade, fund traders were on both sides of the market, with the recently established net short position in soybeans edging up slightly at about 3,400 contracts.

Meanwhile, the net short position in CBOT corn decreased by about 5,000 at roughly 105,600 contracts.

In wheat, the Chicago soft wheat market reported a net short position of about 111,000 contracts. The net short in Kansas City hard red winter wheat came in at roughly 27,300 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 25,800 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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