Fund traders still bearish on canola

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Published: February 28, 2020

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(Dave Bedard photo)

MarketsFarm — Fund traders remained heavily on the short side in canola futures 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 62,709 contracts (1,100 long/73,809 short), which was an increase of about 4,000 contracts from the previous week.

Open interest in the canola market declined by about 8,700 contracts, to 178,076 during the week.

At the Chicago Board of Trade, the managed money net-short position in soybeans of 75,736 contracts was down by about 20,000 contracts from the previous week.

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Detail from the front of the CBOT building in Chicago. (Vito Palmisano/iStock/Getty Images)

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U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.

Corn speculators put on more new shorts than longs during the week, taking the overall net managed-money short position to 88,157 contracts. That was up by about 32,000 contracts from the previous week.

Speculators liquidated long positions in the wheat market during the week. Net-long positions in Chicago and K.C. wheat declined to 43,319 and 8,170 contracts respectively. Meanwhile, the managed money net-short position in Minneapolis spring wheat grew by about 2,400 contracts, to hit 14,318.

— 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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