Funds add to net longs in canola, U.S. futures

MarketsFarm — The large managed-money net long positions in soybean, corn and canola futures increased during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

Managed money fund traders were holding a net long position in ICE Futures canola of 43,967 contracts as of Tuesday, up by about 2,100 on the week. Of that overall position, the data showed 47,010 longs and 3,043 shorts on the other side.

Open interest in the canola market increased by about 2,000 contracts on the week, to come in at 217,408 contracts.

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At the Chicago Board of Trade, the managed-money net long position in soybeans was up by about 11,000 contracts, at around 159,500.

Meanwhile, the corn market saw its net long position jump by 18,000 contracts, to around 340,400.

Activity was mixed in wheat, with the net long in Chicago soft wheat holding steady on a combination of long liquidation and short covering, at about 13,200. The Kansas City wheat net long increased by about 3,000 contracts, to 72,700.

Traders as of Tuesday were holding a net long in Minneapolis spring wheat of about 13,000 contracts, which was down by about 1,000 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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