Funds cover canola short positions

ice futures
(File photo by Dave Bedard)

MarketsFarm — Fund traders covered some of their large net short position in canola during the week ended Tuesday, 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 Tuesday at 66,293, a decrease of roughly 3,000 contracts from the previous week.

Open interest in the canola market rose by 4,977 contracts, to 159,488 during the week.

At the Chicago Board of Trade the net managed money short position in soybeans declined by about 9,000 contracts, to roughly 67,200 contracts.

Meanwhile, investors were busy liquidating their long positions in corn and placing more shorts, lowering their net long position to roughly 21,500 contracts, from 68,000 the previous week.

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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