Funds shift to long side in soybeans, covering canola shorts

MarketsFarm — Fund traders moved to a small net long position in soybeans and reduced their overall short position in canola during the second week of January, 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 21,401 contracts, a decrease of about 12,000 contracts from the previous week.

Open interest in the canola market increased by about 8,300 contracts, to 186,574 during the week.

At the Chicago Board of Trade, the managed money shifted to a net-long position from a small net-short the previous week, coming at 3,185 contracts.

Corn futures saw mixed activity during the week, with the overall net-short position declining by about 6,000 contracts, to 79,140.

— Phil Franz-Warkentin reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.


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