Funds still sitting on large net short position in canola

Glacier FarmMedia – The large net short position in canola futures held relatively steady during the week ended Jan. 30, with speculative traders making only minor adjustments, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).

As of Jan. 30, 2024, the net managed money short position in canola futures came in at 131,534 (5,388 long/136,922 short), which was up by roughly 200 contracts from the previous week.

Open interest in the canola market came in at 292,495 contracts, which was up by 17,653 on the week.

At the Chicago Board of Trade, the net short position in soybeans increased by about 5,000 contracts on the week at about 101,600 contracts.

Meanwhile, the net short position in corn grew by about 4,000 contracts on the week to come in at roughly 279,500 contracts.

In wheat, the Chicago soft wheat market reported a net short position of about 67,700 contracts. The net short in Kansas City hard red winter wheat came in at roughly 31,900 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 27,200 contracts.

— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.