Fund traders still bearish on canola

MarketsFarm — The managed money net short position in canola grew to nearly 50,000 contracts in 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 48,777 contracts (3,932 long/52,709 short), an increase of about 10,000 contracts from the previous week.

Open interest in the canola market was up by about 3,700 contracts, to 188,923 during the week.

At the Chicago Board of Trade fund traders held their net long position in soybeans steady at about 7,000 contracts.

Meanwhile, the corn managed money net short position grew by roughly 9,000 contracts, to about 286,000.

In wheat, activity was mixed, with only small adjustments. The net short in Chicago soft wheat grew by roughly 1,000 contracts, to 9,800. The K.C. hard red winter wheat net short came in at about 24,000 contracts, while the net managed money net short in Minneapolis spring wheat came in at about 22,000 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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