MarketsFarm — The managed money net short position in ICE canola futures continued to grow in early October as speculators liquidated long positions and put on new shorts, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
As of Oct. 10, the net managed-money short position in canola futures came in at 61,744 contracts (8,420 long; 70,164 short), an increase of about 16,000 contracts from the previous week and the largest net short position in four months.
Open interest in the canola market dipped by 6,914 contracts from the previous week, at 305,322 contracts.
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At the Chicago Board of Trade, fund traders flipped to a net short position for the first time since March 2020, moving from a net long of nearly 2,400 contracts to a net short of around 3,200 contracts. Meanwhile, the net short position in CBOT corn decreased by about 45,000 at roughly 110,500 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 110,200 contracts. The net short in Kansas City hard red winter wheat came in at roughly 26,100 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 23,600 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
