Fund traders cover some bearish bets in canola, soybeans

MarketsFarm — Fund traders were buying back short positions in canola, soybeans and corn during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

In the wheat market, however, they were on the other side.

The net managed money short position in ICE Futures canola came in Tuesday at 69,523 contracts (1,526 long/71,049 short), down about 3,000 contracts from the previous week.

Open interest in the canola market declined by about 1,300 contracts, to 176,749, during the week.

Related Articles

At the Chicago Board of Trade, the managed money net-short position in soybeans of 34,988 contracts was down by about 40,000 contracts from the previous week.

Corn speculators took the overall net managed-money short position to 77,179 contracts, down by about 11,000 contracts from the previous week.

Meanwhile, the fund outlook on wheat was more bearish during the week. The net-long position in Chicago was roughly halved, coming in at 17,096 contracts. The K.C. hard red winter contract moved from a small net-long to a small net-short of 2,064 contracts.

Meanwhile, the managed money net-short position in Minneapolis spring wheat grew by about 2,000 contracts, to hit 16,540.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

Comments

explore

Stories from our other publications