Glacier FarmMedia COVID-19 & the Farm

Funds’ net long position edges lower in canola

Net long increased in MGEX and K.C. wheats

ice futures
(File photo by Dave Bedard)

MarketsFarm — Funds’ large net long position in canola narrowed slightly during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

Managed-money fund traders as of Tuesday were holding a net long position in ICE Futures canola of 51,614 contracts, down by about 2,500 on the week and by nearly 10,000 over the past month. Of that overall position, the data showed 52,796 longs and 1,182 shorts on the other side.

Open interest in the canola market held relatively steady, declining by 206 contracts on the week to come in at 205,500 contracts.

At the Chicago Board of Trade, the managed-money net long position in soybeans was down by about 9,000 contracts, at around 150,500.

Meanwhile, the corn market saw its net long position rise by 31,000 contracts, to around 360,000.

Activity was mixed in wheat, with the net long in Chicago soft wheat declining by about 10,000 contracts, at about 11,300. The Kansas City net long increased by about 1,500 contracts, to 55,000.

Traders on Tuesday were holding a net long in Minneapolis (MGEX) spring wheat of about 11,800 contracts, which was up by about 4,000 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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