Fund traders add to short positions in canola, corn

MarketsFarm — Fund traders added to net short positions in canola and corn while reducing their net long in soybeans, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money short position in ICE Futures canola came in Tuesday at 38,810 contracts (5,349 long/44,159 short), an increase of about 3,500 contracts from the previous week.

Open interest in the canola market was up by about 4,500 contracts, to 185,182 during the week.

At the Chicago Board of Trade, fund traders reduced their net long position in soybeans by about 5,000 contracts, taking it to about 7,000.

Meanwhile, the corn managed money net short position grew by roughly 30,000 contracts, to about 277,000.

In wheat, investors were bearish in the Kansas City hard red winter wheat market, growing the net short position to nearly 27,000 contracts.

Activity was more mixed in the Chicago soft wheat and Minneapolis spring wheat markets, with the managed money holding onto a net short of about 8,500 in soft wheat and 23,000 in Minneapolis.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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