Funds reduce short position in canola

CNS Canada — Fund traders lowered their net short positions in ICE canola futures during the week ended Dec. 4, according to the latest Commitment of Traders (CoT) report from 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 37,000, during the week ended Dec. 4. The weekly report was delayed due to the funeral of former U.S. President George H.W. Bush.

Commercials and producers reduced their net long position in the market by a similar amount, taking it to 37,000 contracts.

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Total open interest in the canola market decreased by about 5,600 contracts compared to the previous week, to come in at 178,581 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 Chicago Board of Trade, speculators were busy covering short positions in soybeans during the week, with the net short soybean position, dropping by about 31,000 contracts to come in at roughly 8,900, according to the report.

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

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