Canola fund short position smallest in six months

Net long up sharply in CBOT soybeans

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Published: July 14, 2020

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(File photo by Dave Bedard)

MarketsFarm — The managed money net short position in canola tightened to its smallest level in nearly six months in the 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 29,869 (9,349 long/39,218 short), a decrease of about 9,000 contracts from the previous week, and marked the first time the net short position was below 30,000 contracts since January.

Open interest in the canola market increased slightly on the week, coming in at 159,559 contracts.

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At the Chicago Board of Trade, the managed money net long position in soybeans was up sharply, rising by about 27,000 contracts on a combination of short-covering and new longs to just over 90,000.

Meanwhile, the corn managed money net short position fell by roughly 60,000 contracts, to about 150,338.

In wheat, activity was mixed. The net short in Chicago soft wheat declined to 32,370. The Kansas City hard red winter wheat net short was down by about 3,000 contracts, at 34,000 contracts. Meanwhile the net managed money net short in Minneapolis spring wheat was up by about 400, to come in at about 18,000 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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