MarketsFarm — Fund traders were actively covering bearish bets in canola during the week ended Nov. 21, buying back some previously placed short positions, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
The report was delayed due to the U.S. Thanksgiving holiday.
As of Nov. 21, 2023, the net managed money short position in ICE canola futures came in at 87,007 (5,968 long, 92,975 short), down about 11,000 from the previous week.
Open interest in the canola market came in at 265,295 contracts, down by 13,291 on the 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.
At the Chicago Board of Trade, fund traders liquidated some of their large net long position in soybeans, taking it to roughly 85,800 contracts from 95,300 the previous week.
Meanwhile, the net short position in corn was up by about 26,000 contracts, coming in at about 201,800 contracts as traders added new shorts and liquidated some longs.
In wheat, the Chicago soft wheat market reported a net short position of about 117,400 contracts. The net short in K.C. hard red winter wheat came in at roughly 48,300 contracts.
In Minneapolis spring wheat, managed money traders were holding a net short of around 27,800 contracts, which was relatively unchanged on the week.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
