Glacier FarmMedia – The net speculative short position in canola continued to rise in the first trading days of March, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of March 5, 2024, the net managed money short position in canola futures came in at 153,833 contracts (7,160 long/160,993 short), which was up by roughly 3,800 contracts from the previous week and a new record.
Open interest in the canola market was up by 12,307 contracts on the week at 303,516 contracts.
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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 increased by about 9,000 contracts on the week to it hits highest level in nearly five years at around 160,300 contracts.
Meanwhile, the net short position in corn lost about 2,000 contracts on the week to come in at roughly 285,800 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 64,800 contracts. The net short in Kansas City hard red winter wheat came in at roughly 40,000 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 24,200 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
