ICE weekly outlook: Canola funds maintain net long position

CNS Canada – Speculators grew their net long positions in the ICE canola market slightly during the week ended Oct. 23, while commercial traders built their positions on the short side, according to the latest Commitment of Traders

(CoT) report compiled by the United States Commodity Futures Trading Commission (CFTC).

Managed money and other reportable speculators moved to a net long position of about 5,300 contracts in canola during the reporting period, which was up by 300 contracts from the previous week.

Meanwhile, commercials grew their net short position to 4,830 contracts, from 900 the previous week.

Total open interest in the canola market fell by about 15,000 contracts compared to the previous week, to come in at about 142,000 contracts.

Market participants usually follow the movements in the funds with interest, as large positions have the potential to independently move the futures.

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