Funds’ long position up in canola ahead of selloff

MarketsFarm — Fund traders continued to add to their large long positions in canola 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, as of Tuesday, were holding a net long position in ICE Futures canola of 61,936 contracts (62,919 long/983 short), up by about 5,000 contracts on the week. However, prices posted a sizeable drop on Wednesday, which likely took many of those longs back out of the market.

Open interest in the canola market rose by about 4,500 contracts on the week, coming in at 197,645 contracts

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At the Chicago Board of Trade the managed money net long position in soybeans was down by about 3,600 contracts, at around 224,000.

The corn market saw its net long position rise by 46,000 contracts, to around 259,000.

In wheat, Minneapolis spring wheat saw its net long double to nearly 9,000 contracts. The Chicago soft wheat net long position declined by about 5,000, to 46,400 contracts. Kansas City hard red winter wheat posted a net long of about 39,800 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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