CNS Canada — Fund traders maintained their net short position in ICE Futures canola contracts, according to the latest commitment of traders (CoT) report by the U.S. Commodity Futures Trading Commission (CFTC).
According to the latest report, managed money and other reportable speculators increased their net short position in canola by only 500 contracts, to roughly 30,500, during the week ended Tuesday.
The net commercial long position also held relatively steady at 30,400 contracts on the week, as traders exited both long and short positions ahead of the year end.
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Total open interest in the canola market decreased by about 9,000 contracts compared to the previous week, to come in at 172,356 contracts.
For canola, less than one per cent of the total open interest was counted as non-reportable in the latest CoT report. That compares with soybean futures at the Chicago Board of Trade, where about 10 per cent of the open interest was non-reportable.
At the CBOT, speculators covered short positions in soybeans during the week and moved from a net short position of about 5,900 contracts to a net long of 14,500.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Glacier FarmMedia company specializing in grain and commodity market reporting.
