MarketsFarm — Commodity fund traders were busy covering short positions in corn and canola during the week ended Oct. 8, and even moved to a small 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 at 40,623 contracts on Oct. 8, which was a decline of about 23,000 contracts from the previous week.
Open interest in the canola market fell by about 10,000 contracts, to 297,812 during the week.
At the Chicago Board of Trade the managed money position in soybeans moved from a net short of about 33,000 contracts to a net long of 4,464 as investors covered shorts and put on fresh longs.
Speculators were also buying back short positions in corn during the week, with the net managed money short position declining by about 32,000 contracts, to 96,859.
— Phil Franz-Warkentin reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.
