Fund money moving into corn, canola position steady

The managed money net long position in Chicago Board of Trade corn futures grew to its largest level of the past decade during the week ended March 16, while soybeans and canola only saw slight adjustments and investors reduced their long positions in wheat, according to the latest Commitment of Traders (CoT) report compiled by the United States Commodity Futures Trading Commission (CFTC).

Managed money fund traders were holding a net long position in ICE Futures canola of 29,930 contracts as of March 16 (36,015 long/6,085 short), which was relatively steady on the week.

Open interest in the canola market declined by about 6,200 contracts on the week to come in at 214,367 contracts.

At the Chicago Board of Trade the managed money net long position in soybeans was down by about 1,300 contracts, at around 145,200.

Meanwhile, the corn market saw its net long position jump by 21,000 contracts, hitting its highest level since 2011 at nearly 360,800 contracts on a combination of new longs being put on the books and short covering.

Activity in wheat saw the net long in Chicago soft wheat decline by 10,000 contracts, at about 12,000. The Kansas City net long was down by about 9,000 contracts, at 38,300. Traders were holding a net long in Minneapolis spring wheat of about 15,900 contracts on March 16, which was down by about 700 from the previous week.

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Phil Franz-Warkentin - MarketsFarm

Phil Franz-Warkentin writes for MarketsFarm specializing in grain and commodity market reporting.

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