Record large fund short position grows in canola

Glacier FarmMedia – Speculators added to their already record large net short position in early February, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).

As of Feb 13, 2024, the net managed money short position in canola futures came in at 147,603 (7,808 long/155,411 short), which was up by roughly 9,000 contracts from the former record hit just the previous week.

Open interest in the canola market came in at 308,702 contracts, which was up by 3,894 on the week.

At the Chicago Board of Trade, the net short position in soybeans increased by about 3,000 contracts on the week at about 124,400 contracts.

Meanwhile, the net short position in corn grew by about 11,300 contracts on the week to come in at roughly 305,000 contracts.

In wheat, the Chicago soft wheat market reported a net short position of about 57,900 contracts. The net short in Kansas City hard red winter wheat came in at roughly 34,300 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 28,800 contracts.

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