Glacier FarmMedia COVID-19 & the Farm

Net long position in canola nears lowest level of past year

ice futures
(File photo by Dave Bedard)

MarketsFarm — The managed money net long position in canola has edged down over the past few months, moving to its lowest level in nearly a year in the latest commitment of traders 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 15,021 contracts (28,732 long/13,711 short), down by nearly 3,000 from the previous week and well off the high net long position above 60,000 hit in December 2020.

Investors put on 2,354 new long positions during the week, but also added over 5,000 shorts, accounting for the net reduction.

The last time the net long fund position was lower than the current level was in late July 2020.

Open interest in the canola market increased by nearly 9,000 contracts on the week to come in at 199,309 contracts.

At the Chicago Board of Trade the managed money net long position in soybeans was up by about 5,500 contracts, at around 77,300.

Meanwhile, the corn market saw its net long position drop by 20,000 contracts on a combination of long liquidation and new shorts, to come in at around 217,000.

Activity in wheat saw the net short in Chicago soft wheat increase by 15,000 contracts, at about 16,000. The Kansas City (K.C. wheat) net long was down by about 2,000 contracts, at 20,065.

Managed money traders in the Minneapolis spring wheat market were holding a net long of about 9,000 contracts, down by about 1,000 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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