MarketsFarm — The speculative short position in canola continued to shrink during the week ended May 15, as speculators bought back short positions and put on new longs, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
As of May 15, 2023, the net managed money short position in canola futures came in at 48,599 contracts (73,981 short, 25,382 long), a decrease of about 8,500 contracts from the previous week.
Open interest in the canola market came in at 256,049 contracts on May 15, which was down by only 514 contracts from the previous week.
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At the Chicago Board of Trade, fund traders were holding a net long of about 21,800 contracts in soybeans, down about 28,000 from the previous week. Meanwhile, the net short position in corn fell to 87,600, from 104,500 the previous week.
In wheat, the Chicago soft wheat market reported a net short position of about 115,400 contracts.
In K.C. hard red winter wheat, funds grew their net long position by roughly 10,000, to 15,100. In Minneapolis spring wheat, managed money traders were holding a net short of around 4,800 contracts.
— Phil Franz-Warkentin is an associate editor/analyst for MarketsFarm in Winnipeg.
