Managed money backing out of bearish canola bets

Reading Time: < 1 minute

Published: July 27, 2020

,

Photo: Thinkstock

MarketsFarm – Fund traders were backing out of bearish bets in canola while actively putting on new longs during the week ended July 21, according to the latest Commitment of Traders (CoT) report compiled by the United States Commodity Futures Trading Commission (CFTC).

The net managed money short position in ICE Futures canola came in at 10,510 on July 21 (14,932 long/25,442 short), which was a decrease of about 12,500 contracts from the previous week and the smallest net short position in some time.

Open interest in the canola market increased slightly on the week, coming in at 160,878 contracts.

Read Also

Photo: Getty Images Plus

Alberta crop conditions improve: report

Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.

At the Chicago Board of Trade the managed money net long position in soybeans was up by about 10,000 contracts, at around 73,000.

Meanwhile, investors were still bearish on corn, with the net short position in the grain rising by about 6,600 contracts to around 155,700.

In wheat, activity was mixed. Managed money moved from a small net short to a net long of about 2,600 in Chicago soft wheat. The Kansas City hard red winter wheat net short was down by about 5,000 contracts, at 19,700 contracts. Meanwhile the net managed money net short in Minneapolis spring wheat was up by about 2,000 to come in at about 20,600 contracts.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

explore

Stories from our other publications