Glacier FarmMedia | MarketsFarm — Speculators were busy covering short positions and moving more money to the long side of the canola market during the week ended Oct. 29, taking the net short position in the oilseed to its lowest level in over a year, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
The net managed money short position in canola futures came in at 33,047 contracts (26,638 long/59,685 short), down by roughly 33,000 contracts from the previous week and the lowest level since September 2023. Open interest in the canola market fell by 10,641 on the week at 211,684 contracts.
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At the Chicago Board of Trade, the net short position in soybeans was up by about 3,800 contracts to come in at around 61,800. Meanwhile, the net long position in soyoil was dipped slightly to 37,200 contracts.
The net short position in corn was down by 52,300 contracts to come in at roughly 35,500.
In wheat, the Chicago soft wheat market reported a net short position of 36,000 contracts. The net short in Kansas City hard red winter wheat came in at roughly 9,500 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 16,000 contracts as of Oct. 29.
