MarketsFarm — Speculators were busy covering short positions and putting on some fresh longs in the canola market during the week ended Nov. 1.
That lowered the net short position in the ICE Futures canola market to its smallest level since the beginning of July, according to the latest Commitment of Traders (CoT) report compiled by the U.S Commodity Futures Trading Commission (CFTC).
The net managed money short position in ICE Futures canola came in at 6,269 contracts on Nov. 1, 2022 (18,058 long/24,327 short), a decrease of about 2,400 from the previous week on a combination of short-covering and new longs going on the books.
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Open interest in the canola market moved increased by 10,070 contracts during the week, to 215,847.
At the Chicago Board of Trade, the managed money net long position in soybeans increased by over 26,000 contracts, coming in at just over 102,000.
The corn managed money net long position increased by roughly 12,600 contracts, to about 261,500, as speculators were predominantly on the buy side of the market.
In wheat, the Chicago soft wheat market reported a net short position of about 36,700 contracts, which was relatively steady on the week on a combination of new longs and shorts. The net long position in Kansas City wheat came in at about 23,100. In Minneapolis, the net long position increased about 300 contracts at around 4,100.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
