Fund traders back adding to short positions in canola

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Published: April 22, 2024

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Glacier FarmMedia – The net managed money short position in canola grew for the first time in seven weeks as fund traders put on fresh bearish bets in mid-April, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).

As of April 16, 2024, the net managed money short position in canola futures came in at 106,701 contracts (4,327 long/111,028 short), which was up by roughly 21,000 contracts from the previous week.

Open interest in the canola market was down by 5,272 contracts on the week at 264,015 contracts.

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At the Chicago Board of Trade, the net short position in soybeans was up by about 29,000 contracts to come in at around 155,700 contracts. Soyoil futures saw their net short position grow to roughly 51,200 contracts from only 3,600 the previous week.

The net short position in corn increased by about 16,000 contracts on the week to come in at 271,600 contracts.

In wheat, the Chicago soft wheat market reported a net short position of about 95,500 contracts, which was up by about 10,000 from the previous week. The net short in Kansas City hard red winter wheat came in at roughly 49,300 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 25,600 contracts.

Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg. 

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