Funds’ net long keeps growing in canola

(File photo by Dave Bedard)

MarketsFarm — The fund net long position in canola continued to climb higher during the week ended Tuesday, as speculators continued to add to their bullish bets in the market, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

Managed money fund traders, as of Tuesday, were holding a net long position in ICE Futures canola of 54,573 contracts (55,447 long/874 short), up by about 6,000 contracts on the week due mainly to new long positions being put on.

Open interest in the canola market increased by about 4,500 contracts on the week, coming in at 233,386 contracts

At the Chicago Board of Trade the managed money net long position in soybeans was up by about 18,000 contracts, at around 190,000.

The corn market saw its net long position nearly double, to around 46,000.

In wheat, activity was mixed. Chicago soft wheat saw its net long position decline by about 19,000, to 14,000 contracts. K.C. hard red winter wheat posted a small net long of about 10,000 contracts.

Minneapolis spring wheat still reported a net short position of about 3,000 contracts, which was down by about 2,000 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.



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