MarketsFarm — Speculative traders continue to exit their bearish bets in canola, with the net short position dipping below 4,000 in the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
As of July 11, the net managed money short position in canola futures came in at 3,899 contracts (34,124 short, 30,225 long), a decrease of about 14,000 contracts from the previous week.
The net short position had topped 66,000 contracts a month ago but has steadily declined as futures climbed higher.
Open interest in the canola market came in at 205,960 contracts on July 11, which was up by 5,755 from the previous week.
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At the Chicago Board of Trade, fund traders were holding a net long of about 84,200 contracts in soybeans which was down by about 6,000 from the previous week. Meanwhile, the managed money short position in corn grew to about 56,200 contracts from 7,300 the previous week.
In wheat, the Chicago soft wheat market reported a net short position of about 54,400 contracts. The net long in Kansas City red winter wheat came in at roughly 15,200 contracts. In Minneapolis spring wheat, managed money traders were holding a net long of around 4,200 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
