Glacier FarmMedia – Managed money fund traders continued to chip away at their large net short position in canola in mid-March, covering more of their large bearish bets, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of March 19, 2024, the net managed money short position in canola futures came in at 124,887 contracts (6,491 long/131,378 short), which was down by roughly 11,000 contracts from the previous week and the smallest short position in two months.
Open interest in the canola market was up 5,410 contracts on the week at 300,421 contracts.
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, the net short position in soybeans decreased by about 8,000 contracts to come in at around 138,600 contracts.
The net short position in corn also lost about 8,000 contracts on the week to come in at roughly 244,200 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 81,200 contracts. The net short in Kansas City hard red winter wheat came in at roughly 37,300 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 22,800 contracts.
—Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
