Funds still holding large net long position in canola

MarketsFarm — Funds’ net long position in canola remained large during the week ended Tuesday, with only small adjustments in 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 56,913 contracts (58,771 long/1,858 short), up by about 1,000 contracts on the week.

Open interest in the canola market fell by about 8,355 contracts on the week, coming in at 230,487 contracts.

At the Chicago Board of Trade the managed money net long position in soybeans was up by about 13,000 contracts, at around 224,900.

The corn market saw its net long position edge up slightly, to around 84,750.

In wheat, activity was mixed. Chicago soft wheat saw its net long position decline by about 3,000, to 10,200 contracts. Kansas City hard red winter wheat posted a net long of about 17,800 contracts.

Minneapolis spring wheat reported a net short position of about 4,800 contracts, up by about 2,600 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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