Fund traders still sitting on large canola short position

MarketsFarm — Speculators continue to sit on a large net short position in ICE canola futures, only reducing their holdings slightly over the past week, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

Managed money and other reportable speculators had a net short position of 72,844 contracts on Tuesday — a decrease of about 1,000 from the previous week, according to the report.

Open interest in the canola market increased by roughly 7,000 contracts, to 190,280 during the week.

At the Chicago Board of Trade the net speculative short position narrowed in to just under 100,000 contracts in soybeans as fund traders covered some of their positions.

— Phil Franz-Warkentin writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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