Fund traders were back on the sell side of the canola market in early June, putting on fresh bearish bets and growing their net short position, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of June 4, 2024, the net managed money short position in canola futures came in at 69,307 contracts (4,182 long/73,498 short), which was up by roughly 18,000 contracts from the previous week.
Open interest in the canola market was down by 14,880 contracts on the week at 243,349 contracts.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
At the Chicago Board of Trade, the net short position in soybeans was up by about 39,000 contracts to come in at around 40,800 contracts. Soyoil futures also saw their net short position grow by about 13,000 contracts at roughly 55,800 contracts.
The net short position in corn was up by nearly 90,000 contracts, coming in at about 219,600 contracts.
In wheat, the Chicago soft wheat market reported a net short position of 36,200 contracts. The net short in Kansas City hard red winter wheat came in at roughly 12,300 contracts. In Minneapolis spring wheat, managed money traders were holding a small net long of around 7,700 contracts.
