MarketsFarm — Speculators in the ICE Futures canola were busy liquidating long positions and adding to the short side of the market during the last week of November.
That’s caused the net short position to grow to its largest level in two months, according to the latest Commitments of Traders (CoT) report compiled by the U.S. Commodity Futures Trading Commission (CFTC).
The net managed money short position in ICE canola came in last Tuesday at 19,721 contracts (9,447 long/29,168 short), an increase of about 16,000 from the previous week on a combination of long-liquidation and new shorts going on the books.
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Open interest in the canola market decreased by 6,562 contracts during the week, to 234,153.
At the Chicago Board of Trade, soybean speculators were on the other side of the market, with the managed money net long position in soybeans increasing by about 19,000 contracts, coming in at just over 103,000 contracts.
The corn managed money net long position increased by roughly 37,000 contracts, to about 194,000.
The Chicago soft wheat market reported a net short position of about 53,000 contracts, which was down by roughly 1,000 on the week, while the net long position in Kansas City wheat came in at about 17,000. In Minneapolis, the net short position grew by about 800 contracts, at about 1,400.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
