Glacier FarmMedia – The net short position in canola futures climbed to a new record large level in mid-December, as speculators added to their bearish bets for the second week in a row, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of Dec. 12, 2023, the net managed money short position in canola futures came in at 107,326 (5,152 long/112,478 short), which was up by about 12,000 from the previous week and surpasses the previous record of 105,440 contracts set on Oct. 31, 2023.
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Open interest in the canola market came in at 256,476 contracts, which was down by 15,363 on the week.
At the Chicago Board of Trade, long liquidation saw the net long position in soybeans dip by about 6,000 contracts to come in at 31,700.
Meanwhile, corn traders were exiting both their longs and their shorts, with the net short in corn down by about 7,000 contracts to come in at about 149,700 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 71,100 contracts. The net short in Kansas City hard red winter wheat came in at roughly 30,500 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 27,000 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
