Funds still holding large net short position in canola

MarketsFarm — The large short fund position in ICE canola futures held relatively steady during the week ended Tuesday, with only a small reduction in the net reportable position, 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 had a net short position of 57,843 contracts on Tuesday, down by about 1,000 from the previous week.

Open interest in the canola market increased by roughly 1,500 contracts, to 190,618.

At the Chicago Board of Trade, speculators were putting on new short positions during the reporting period, with the net fund short position rising to 44,040 contracts from 27,227 the previous week.

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

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