Funds add to canola short position in early August

ICE futures
(Dave Bedard photo)

MarketsFarm — Fund traders added to their large net short position in canola during the first week of the new crop year, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money short position in canola came in at 69,062 on Tuesday (Aug. 6), an increase of roughly 3,800 contracts from the previous week.

Open interest in the canola market increased by 2,198 contracts, to 154,511, during the week.

At the Chicago Board of Trade, the net managed money short position in soybeans increased by about 21,000 contracts, to roughly 76,000 contracts.

Meanwhile, investors were much less bullish on corn than they had been earlier in the growing season, lowering their net long position to roughly 68,000 contracts.

The net long position in corn had been above 200,000 contracts at one point in June.

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

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