Glacier FarmMedia | MarketsFarm—Managed money fund traders added to their large net short position in canola in early September, while profit-taking saw a reduction in the bearish bets for soybeans and corn in Chicago, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of Sept. 10, 2024, the net managed money short position in canola futures came in at 139,883 contracts (3,889 long/143,772 short), which was up by roughly 4,300 contracts from the previous week. Open interest in the canola market held relatively steady on the week at 304,466 contracts.
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At the Chicago Board of Trade, the net short position in | soybeans was down by about 26,000 contracts to come in at around 120,700 contracts. Meanwhile, the net short position in soyoil remained at around 46,500 contracts.
The net short position in corn futures fell to its smallest level in four months, losing about 41,000 contracts to come in at roughly 146,600 contracts.
In wheat, the Chicago soft wheat market reported a net short position of 31,700 contracts. The net short in Kansas City hard red winter wheat came in at roughly 17,800 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of 21,700 contracts as of Sept. 10.
