Net short drops in canola as funds cover positions

Traders expand net longs in soy, corn

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Published: June 27, 2023

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(Dave Bedard photo)

MarketsFarm — Speculative traders were busy covering short positions in ICE Futures canola during the week ended June 20, taking the net short position in the market to its smallest level in four months, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of June 20, the net managed money short position in canola futures came in at 43,381 contracts (65,025 short, 21,644 long), a decrease of about 23,000 contracts from the previous week.

Open interest in the canola market came in at 230,439 contracts on June 20, down by 15,000 from the previous week.

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At the Chicago Board of Trade, fund traders were holding a net long of about 83,400 contracts in soybeans which was up by about 33,500 from the previous week. Meanwhile, the net long position in corn rose to 66,500, from only 1,800 the previous week.

In wheat, the Chicago soft wheat market reported a net short position of about 90,300 contracts. The net long in Kansas City red winter wheat came in at roughly 6,000 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 3,300 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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