Glacier FarmMedia – The managed money short position in canola futures edged lower in the latest data, while bearish bets in soybeans hit their largest level in five years and the net short position in corn set a new record, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of July 9, 2024, the net managed money short position in canola futures came in at 132,548 contracts (4,870 long/137,418 short), which was down by roughly 2,000 contracts from the previous week. Open interest in the canola market was up by 13,190 contracts on the week at 271,075 contracts.
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At the Chicago Board of Trade, the net short position in soybeans was up by about 29,000 contracts to come in at its highest level in five years at around 162,800 contracts as investors added fresh shorts. Meanwhile, the net short position in soyoil dropped by about 45,900 contracts amid heavy short covering, to come in at roughly 15,500 contracts.
The record-large net short position in corn futures grew by about 10,000 contracts to come in at roughly 356,400 contracts.
In wheat, the Chicago soft wheat market reported a net short position of 68,700 contracts. The net short in Kansas City hard red winter wheat came in at roughly 40,900 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of 23,700 contracts as of July 9.
