Funds add to short position in canola, move to net long in soy

(File photo by Dave Bedard)

MarketsFarm — The net managed money short position in canola rose slightly in late April, while soybean speculators covered some of their bearish bets, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money short position in ICE Futures canola came in Tuesday at 47,113 contracts (3,506 long/50,619 short), an increase of about 3,000 contracts from the previous week.

Open interest in the canola market was down by about 4,700 contracts, to 172,813 during the week.

At the Chicago Board of Trade, the fund position shifted from a small net short back to a net long position of about 6,300 contracts as investors covered some of their recent shorts.

The corn managed money net short position held steady at around 160,600.

In wheat, speculators put on about 6,000 new short positions, reducing the net long to just over 17,000 contracts. Kansas City hard red winter wheat saw the net managed money long position fall to around 5,400 contracts.

The managed money net short position in Minneapolis spring wheat rose by about 3,000, to around 20,600 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.



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