Funds sitting on large net long in canola

MarketsFarm — The net long position fund traders are holding in canola futures remains historically large, with almost all of the managed money in the market sitting on the long side, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

Managed money fund traders as of Tuesday were holding a net long position in ICE Futures canola of 61,436 contracts, up by about 2,000 on the week. Of that overall position, the data showed 61,545 longs and only 109 shorts on the other side.

Open interest in the canola market declined by about 25,000 contracts on the week, coming in at 200,830 contracts.

At the Chicago Board of Trade the managed money net long position in soybeans was up by about 3,000 contracts, at around 180,800.

Meanwhile, the corn market saw its net long position drop by 19,000 contracts, to around 228,000.

In wheat, the Chicago soft wheat managed money position moved from a net short of about 12,000 contracts to a net long of 2,400. The Kansas City net long increased by about 7,000 contracts, to 51,800. Traders were holding a net long in Minneapolis spring wheat of about 3,400 contracts on Tuesday, up by about 1,000 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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