Glacier FarmMedia — Speculative fund traders reduced their net short position in canola futures for the fourth straight week in the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC) released Friday.
Why it matters: A large fund position can sway the futures markets
The net managed money short position in canola futures came in at 42,379 contracts as of Feb. 3 (40,584 long/82,963 short). That was down by about 10,000 contracts from the previous week on a combination of short covering and new longs going on the books. It marks the smallest net short in canola in two months.
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Total open interest in canola futures increased to 296,432 contracts, from 254,979 the previous week.
U.S. futures
Fund traders grew their net long position in soybeans at the Chicago Board of Trade by roughly 10,000 contracts, with the net long rising to just over 29,000 contracts from about 19,800 the previous week.
The net short position in corn came in at about 80,600 contracts on Feb. 3, holding relatively steady on the week.
In wheat, the Chicago soft wheat market reported a net short position of 81,500 contracts. The net short in hard red winter wheat came in at roughly 7,800 contracts. In MIAX spring wheat, managed money traders were holding a net short of around 20,800 contracts as of Feb. 3.
