Glacier FarmMedia | MarketsFarm — Speculative fund traders moved to a net long position in canola for the first time in one-and-a-half years, as they covered short positions and put on fresh bullish bets in early February, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
The net managed money long position in canola futures came in at 43,434 contracts as of Feb. 11 (85,382 long/41,948 short) — a swing of roughly 51,000 contracts from the previous week’s net short position. Open interest in the canola market increased by 1,583 on the week at 263,828 contracts.
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At the Chicago Board of Trade, the net long position in soybeans fell by about 30,000 contracts, to come in at roughly 42,200 contracts. Meanwhile, the net long position in soyoil was up by about 5,500 contracts, at just under 50,000.
The net long position in corn was down by about 35,000 contracts to come in at roughly 326,200
In wheat, the Chicago soft wheat market reported a net short position of 74,200 contracts. The net short in Kansas City hard red winter wheat came in at roughly 29,700 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 10,900 contracts as of Feb. 11.
