MarketsFarm — After briefly holding a net long position to start the New Year, speculators were back holding a net short position in canola in the second week of January as they liquidated long positions and put on some new bearish bets.
The latest Commitments of Traders (CoT) report compiled by the U.S. Commodity Futures Trading Commission (CFTC) put the net managed money short position in ICE Futures canola on Tuesday (Jan 10) at 1,161 contracts (20,328 long/21,489 short) a swing of about 8,500 from the previous week’s net long position.
Read Also
U.S. grains: Soybeans pressured by lack of Chinese demand; corn rises on export sales
Chicago soybean futures came under pressure on Thursday on a lack of Chinese demand for the U.S. oilseed while corn futures ticked higher on strong export sales data, analysts said.
Open interest in the canola market fell by 10,824 contracts during the week, to 213,017.
At the Chicago Board of Trade, the managed money net long position in soybeans declined by about 10,000 contracts, coming in at roughly 132,600.
The CBOT corn managed money net long position was down by roughly 50,000 contracts, to about 149,700.
The CBOT soft wheat market reported a net short position of about 62,600 contracts, which was up by roughly 10,000 on the week. The fund position in Kansas City wheat flipped from a net long of about 1,100 to a net short of 8,600.
In Minneapolis, the net short position in MGEX hard red spring wheat held steady at around 2,700 contracts.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
