Fund traders cover canola shorts, liquidate corn longs

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Published: March 22, 2020

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(Dave Bedard photo)

MarketsFarm — Fund traders were covering short positions in canola and liquidating longs in corn during the week ended Tuesday, according to the latest 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 58,455 contracts (2,163 long/60,618 short), a decrease of about 10,000 contracts from the previous week.

Open interest in the canola market declined by about 2,800 contracts, to 182,174, during the week.

At the Chicago Board of Trade, the managed money net-short position in soybeans of 33,116 contracts was up slightly from the previous week, as traders were both liquidating longs and covering short positions.

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Corn speculators were bearish during the week, liquidating about 42,000 long contracts to take the net-short to 93,839 contracts.

Fund activity was mixed in wheat, with long liquidation a feature in Chicago soft wheat while speculators were on both sides of the market in Kansas City and Minneapolis contracts.

Chicago wheat moved from a net long position to a net short of nearly 4,000 contracts during the week. The K.C. hard red winter contract reported a net short position of 13,519 contracts, while managed money was holding a net short of just under 20,000 spring wheat 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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