Glacier FarmMedia – The managed money net short position in canola futures edged lower in the latest reporting period, as fund traders covered some of their bearish bets, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of April 23, 2024, the net managed money short position in canola futures came in at 104,243 contracts (5,423 long/109,666 short), which was down by roughly 2,400 contracts from the previous week.
Open interest in the canola market fell by 19,360 contracts on the week at 244,655 contracts.
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At the Chicago Board of Trade, the net short position in soybeans was down by about 17,000 contracts to come in at around 138,700 contracts. Soyoil futures saw their net short position shrink by about 5,000 contracts at roughly 46,400 contracts.
The net short position in corn decreased by about 45,700 contracts on the week to come in at 225,900 contracts.
In wheat, the Chicago soft wheat market reported a net short position of just over 75,500 contracts, which was down by about 20,000 from the previous week. The net short in Kansas City hard red winter wheat came in at roughly 47,800 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 24,600 contracts.
—Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
