Large speculative short position in canola dips slightly

MarketsFarm — The large managed money short position in canola futures dipped slightly during the week ended Nov. 14, as speculators bought back some of their bearish bets, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of Nov. 14, the net managed money short position in canola futures came in at 98,129 (5,389 long, 103,518 short), a decrease of about 4,750 from the previous week.

Open interest in the canola market came in at 278,586 contracts, which was up by 3,151 on the week.

At the Chicago Board of Trade, fund traders added 24,000 contracts to their net long position in soybeans, taking it to roughly 95,300 contracts.

Meanwhile, the net short position in corn dipped slightly, coming in at about 174,600 contracts as traders added to their positions on both sides of the market.

In wheat, the Chicago soft wheat market reported a net short position of about 97,400 contracts. The net short in Kansas City hard red winter wheat came in at roughly 37,700 contracts, which would be its largest net-short since September 2019.

In Minneapolis spring wheat, managed money traders were holding a net short of around 27,800 contracts, which was down slightly from the record-large short position over 31,000 contracts reported the previous week.

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