Bearish fund traders add to shorts in canola and corn

MarketsFarm – Commodity fund traders added to their net short positions in canola and corn, while they maintained a steady position in soybeans, according to the latest Commitment of Traders (CoT) report compiled by the United States Commodity Futures Trading Commission (CFTC) as of Nov. 1.

The net managed money short position in ICE Futures canola came in at 42,102 contracts on Oct. 29, which was an increase of about 7,000 contracts from the previous week.

Open interest in the canola market fell by about 17,700 contracts, to 167,352 during the week. That compares with the beginning of the month when the open interest had topped 300,000 contracts.

At the Chicago Board of Trade the managed money position in soybeans held relatively steady at 65,849 contracts, as fund traders were both liquidating longs and buying back shorts.

Speculators were on the sell side in corn during the week, with the net managed money short position growing by about 13,000 contracts, to 88,118.

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Phil Franz-Warkentin writes for MarketsFarm specializing in grain and commodity market reporting.

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