Fund short position grows in canola

ICE futures
(Dave Bedard photo)

MarketsFarm — Speculators were actively adding to their short positions in the ICE Futures canola market during the holiday week ended July 2, according to Monday’s commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money short position came in July 2 at 65,022, an increase of nearly 5,000 contracts from the previous week.

Open interest in the canola market increased by roughly 2,500 contracts, to 135,216 during the week.

At the Chicago Board of Trade, the net managed money short position in soybeans increased by about 1,600 contracts, to roughly 40,500 contracts.

Corn traders in the U.S. put on some fresh short positions during the week, but were still holding onto a large net long of about 170,000 contracts as the majority of corn traders are still betting on higher prices.

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

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