Fund position back to net short in canola

MarketsFarm — Heavy long-liquidation in ICE Futures canola saw the managed money speculative position flip back to a net short after a brief flirtation with a net long, according to the latest Commitment of Traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The weekly report was delayed one day due to last week’s Thanksgiving Day holiday in the U.S.

The net managed money short position in ICE Futures canola came in Tuesday at 3,879 contracts (19,328 long/22,207 short), a swing of about 13,500 from the previous week’s net long position of 9,661 contracts on a combination of long-liquidation and new shorts going on the books.

Open interest in the canola market moved increased by 6,423 contracts during the week, to 240,715.

At the Chicago Board of Trade, the managed money net long position in soybeans decreased by about 11,700 contracts, coming in at just under 84,000 contracts.

The corn managed money net long position decreased by roughly 9,000 contracts, to about 157,000.

In wheat, the Chicago soft wheat market reported a net short position of about 55,800 contracts, which was up by roughly 10,000 on the week. The net long position in Kansas City wheat came in at about 17,300. In Minneapolis, the wheat market moved from a small net long position of under 200 contracts to a net short position of roughly 650 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.