Glacier FarmMedia | MarketsFarm — Speculative fund traders were busy covering bearish bets and putting on new long positions during the first few days of February, taking the net short position in canola to its smallest level since September 2023, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
The net managed money short position in canola futures came in at 7,953 contracts as of Feb. 4 (60,408 long/68,361 short), down by roughly 27,000 contracts from the previous week on a combination of short-covering and new buying. Open interest in the canola market dropped by 11,687 on the week at 262,245 contracts.
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At the Chicago Board of Trade, the net long position in soybeans held steady at around 72,800 contracts. Meanwhile, the net long position in soyoil was up by about 6,000 contracts, at 45,400.
The net long position in corn was up by about 8,000 contracts to come in at roughly 361,400 — the highest level in three years.
In wheat, the Chicago soft wheat market reported a net short position of 82,000 contracts. The net short in Kansas City hard red winter wheat came in at roughly 35,250 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 15,000 contracts as of Feb. 4.
