Net long position in canola edging down

Net long increases in Chicago, K.C. wheat

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Published: May 22, 2021

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(File photo by Dave Bedard)

MarketsFarm — The managed money net long position in canola has edged down over the past few months, hitting its lowest level since August 2020 in the latest Commitment of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).

As of Tuesday, managed money fund traders were holding a net long position in ICE Futures canola of 25,155 contracts (32,601 long/7,466 short), down nearly 2,000 from the previous week and well off the high net long position above 60,000 hit in December 2020.

Open interest in the canola market declined by about 13,000 contracts on the week to come in at 182,347 contracts, as traders on both the short and long side of the market covered their positions.

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At the Chicago Board of Trade, the managed money net long position in soybeans was down by about 22,000 contracts, at around 144,500.

Meanwhile, the corn market saw its net long position drop by 17,000 contracts, to come in at around 294,000.

Activity in wheat saw the net long in Chicago soft wheat increase by 1,000 contracts, at about 7,100. The Kansas City net long was down by about 6,000 contracts, at 36,000. Traders were on both sides of the Minneapolis spring wheat futures, with the net long steady at about 16,400 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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