MarketsFarm – Speculators continued to bail out of long positions in the ICE Futures canola market during the week ended June 21, according to the latest Commitment of Traders (CoT) report compiled by the United States Commodity Futures Trading Commission (CFTC).
The net managed money long position in ICE Futures canola came in at 25,117 contracts on June 21, 2022 (31,615 long/6,498 short), which was a decrease of about 7,000 contracts from the previous week.
The long liquidation was met with some end-user demand on the other side, with open interest only down by about 700 contracts at 146,674.
Heavy selling pressure on June 22 and 23 should see more speculative long positions flush out of the market in the next report.
At the Chicago Board of Trade fund traders reduced their net long position in soybeans by about 9,000 contracts, taking it to about 149,300.
The corn managed money net short position fell by roughly 12,000 contracts, to about 241,700.
In wheat, investors also reduced their net long positions, with the Chicago soft wheat net long at about 3,200 contracts, Kansas City at 31,000 and Minneapolis spring wheat at 12,400.
