MarketsFarm – After a month of covering short positions, fund traders were back adding to their bearish bets to start December, with the net short position in the oilseed growing by roughly 13,000 contracts, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of Dec. 5, 2023, the net managed money short position in canola futures came in at 94,912 (6,508 long/101,420 short), which compares with 81,770 from the previous week.
Open interest in the canola market came in at 271,839 contracts, which was up by 15,276 on the week.
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At the Chicago Board of Trade, a combination of long liquidation and new shorts going on the books saw the net long in soybeans fall to roughly 37,700 from 71,100 the previous week.
Meanwhile, corn traders were on the other side of the market, with the net short there falling by about 55,000 contracts to come in at about 156,800 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 100,500 contracts. The net short in Kansas City hard red winter wheat came in at roughly 38,400 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 27,100 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
