Speculators covering canola shorts in latest trading report

(Dave Bedard photo)

MarketsFarm — Commodity fund traders bought back some of their previously sold contracts in canola during the week ended Tuesday, 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 50,987 contracts, a decrease of about 2,500 contracts from the previous week.

Open interest in the canola market fell by about 3,900 contracts, to 178,184 during the week.

At the Chicago Board of Trade the net managed money long position in soybeans was roughly cut in half, coming in at 11,676 contracts as fund traders were both liquidating longs and putting on new short positions.

Speculators were on the sell side in corn during the week, with the net managed money short position growing by about 18,000 contracts, to 138,815.

— Phil Franz-Warkentin reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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