Canola funds reduce net short position

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Published: December 14, 2018

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(Dave Bedard photo)

CNS Canada — Fund traders lowered their net short positions in ICE Futures canola during the week ended Tuesday, according to the latest commitment of traders (CoT) report compiled by the U.S. Commodity Futures Trading Commission (CFTC).

According to the latest report, managed money and other reportable speculators decreased their net short position in canola by 7,000 contracts, to roughly 30,000, during the week ended Tuesday.

Commercials and producers were on both the long and short sides of the market, although new hedges outpaced the increase on the buy side and the net commercial long position declined to 30,000, from 37,000.

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Total open interest in the canola market increased by about 2,900 contracts compared to the previous week, to come in at 181,488 contracts.

For canola, less than one per cent of the total open interest was counted as non-reportable in the latest CoT report. That compares with soybeans at the Chicago Board of Trade where about 10 per cent of the open interest was non-reportable.

At the CBOT, speculators continued to cover short positions in soybeans during the week, with the net short soybean position dropping by about 3,000 contracts to come in at roughly 5,900, according to the report.

— Phil Franz-Warkentin writes for Commodity News Service Canada, a Glacier FarmMedia company specializing in grain and commodity market reporting.

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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