MarketsFarm — Fund traders were buying back some of their large net short position for the fourth week in a row in late-November, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of Nov. 28, 2023, the net managed money short position in canola futures came in at 81,770 (6,918 long/88,688 short), a decrease of about 5,000 from the previous week.
Open interest in the canola market came in at 256,563 contracts, which was down by 8,732 on the week.
At the Chicago Board of Trade, fund traders were on the other side of the market, liquidating some of their large net long position in soybeans, taking it to roughly 71,100 contracts from 85,800 the previous week.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Meanwhile, the net short position in corn was up by about 11,000 contracts, coming in at about 212,000 contracts as traders added new shorts and liquidated some longs.
In wheat, the Chicago soft wheat market reported a net short position of about 124,000 contracts. The net short in Kansas City hard red winter wheat came in at roughly 49,700 contracts.
In Minneapolis spring wheat, managed money traders were holding a net short of around 29,100 contracts, which was up by just over 1,000 contracts on the week.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
