MarketsFarm — The managed money net short position in ICE Futures canola grew to its largest level in three and a half months in early October on a combination of long liquidation and new bearish bets going on the books, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
As of Oct. 3, 2023, the net managed money short position in canola futures came in at 45,573 contracts (16,015 long; 61,588 short), an increase of about 11,000 contracts from the previous week.
Open interest in the canola market rose by 9,637 contracts from the previous week, at 312,236 contracts.
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At the Chicago Board of Trade, fund traders were still holding a net long position in soybeans, but it was down by about 12,500 contracts on the week at just under 26,000 contracts. Meanwhile, the net short position in corn increased by about 17,000 at roughly 166,600 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 102,400 contracts. The net short in Kansas City hard red winter wheat came in at roughly 24,100 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 21,100 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
