Glacier FarmMedia – Fund traders continued to add to their large net short positions in canola as the calendar flipped to the final month of the 2023/24 marketing year for the crop, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of July 2, 2024, the net managed money short position in canola futures came in at 134,739 contracts (7,179 long/141,918 short), which was up by roughly 5,000 contracts from the previous week and the largest net short position in the commodity since March. The latest report was delayed due to the recent Independence Day holiday in the United States.
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Open interest in the canola market was up by 4,479 contracts on the week at 257,885 contracts.
At the Chicago Board of Trade, the net short position in soybeans was up by about 7,200 contracts to come in at around 133,380 contracts as investors liquidated long positions. Meanwhile, the net short position in soyoil dropped by about 46,000 contracts amid heavy short covering, to come in at roughly 61,400 contracts.
The net short position in corn grew by about 50,000 contracts to come in at its largest level on record at 346,744 contracts.
In wheat, the Chicago soft wheat market reported a net short position of 74,000 contracts. The net short in Kansas City hard red winter wheat came in at roughly 43,200 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of 22,455 contracts as of July 2.
