Net short position keeps growing in canola

MarketsFarm — The large speculative short position in ICE Futures canola contracts continued to grow during the week ended Tuesday, as speculators added to their bearish bets on the market, according to the latest commitment of traders (CoT) report compiled by the U.S. Commodity Futures Trading Commission (CFTC).

Managed money and other reportable speculators had a net short position of 75,889 contracts on Tuesday, which was an increase of about 8,000 from the previous week, according to the report.

Open interest in the canola market increased by roughly 5,400 contracts, to 173,400, during the week.

At the Chicago Board of Trade the net speculative short position in soybeans held relatively steady at 117,511 contracts.

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

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