MarketsFarm — The managed money net short position in the ICE Futures canola market more than doubled during the week ended Tuesday on a combination of long liquidation and new bearish bets going on the books, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
As of Sept. 26, the net managed money short position in canola futures came in at 34,874 contracts (19,071 long; 53,945 short), an increase of about 20,000 contracts from the previous week and the largest net short position in three months.
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Open interest in the canola market dipped by 2,500 contracts from the previous week, at 302,599 contracts.
At the Chicago Board of Trade, fund traders were still holding a net long position in soybeans, but it was down by about 12,500 contracts on the week at just under 26,000 contracts.
Meanwhile, the net short position in CBOT corn increased by about 17,000 at roughly 166,600 contracts.
In wheat, the CBOT soft wheat market reported a net short position of about 102,400 contracts. The net short in Kansas City hard red winter wheat came in at roughly 16,600 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 15,600 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
