Why it matters: A large fund position can sway the futures markets

The net managed money short position in canola futures came in at 42,379 contracts as of Feb. 3 (40,584 long/82,963 short). That was down by about 10,000 contracts from the previous week on a combination of short covering and new longs going on the books. It marks the smallest net short in canola in two months.

Total open interest in canola futures increased to 296,432 contracts, from 254,979 the previous week.

U.S. futures

Fund traders grew their net long position in soybeans at the Chicago Board of Trade by roughly 10,000 contracts, with the net long rising to just over 29,000 contracts from about 19,800 the previous week.

The net short position in corn came in at about 80,600 contracts on Feb. 3, holding relatively steady on the week.

In wheat, the Chicago soft wheat market reported a net short position of 81,500 contracts. The net short in hard red winter wheat came in at roughly 7,800 contracts. In MIAX spring wheat, managed money traders were holding a net short of around 20,800 contracts as of Feb. 3.

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The net managed money short position in canola futures came in at 7,953 contracts as of Feb. 4 (60,408 long/68,361 short), down by roughly 27,000 contracts from the previous week on a combination of short-covering and new buying. Open interest in the canola market dropped by 11,687 on the week at 262,245 contracts.

At the Chicago Board of Trade, the net long position in soybeans held steady at around 72,800 contracts. Meanwhile, the net long position in soyoil was up by about 6,000 contracts, at 45,400.

The net long position in corn was up by about 8,000 contracts to come in at roughly 361,400 — the highest level in three years.

In wheat, the Chicago soft wheat market reported a net short position of 82,000 contracts. The net short in Kansas City hard red winter wheat came in at roughly 35,250 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 15,000 contracts as of Feb. 4.

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The net managed money long position in ICE Futures canola came in at 6,805 contracts on Jan. 3 (25,062 long/18,287 short), a swing of about 9,500 from the previous week’s net short position on a combination of short covering and new longs going on the books.

Open interest in the canola market increased by 1,346 contracts during the week, to 223,841.

At the Chicago Board of Trade, the managed money net long position in soybeans increased by about 13,500 contracts, coming in at roughly 143,000 contracts.

The corn managed money net long position increased by roughly 36,000 contracts, to about 200,000.

The Chicago soft wheat market reported a net short position of about 53,000 contracts, down roughly 3,500 on the week. The net long position in Kansas City wheat came in at about 1,100, with the long and short sides of the market relatively even. In Minneapolis, the net short position dipped by about 500 contracts at roughly 2,800 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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The weekly report was delayed one day due to last week’s Thanksgiving Day holiday in the U.S.

The net managed money short position in ICE Futures canola came in Tuesday at 3,879 contracts (19,328 long/22,207 short), a swing of about 13,500 from the previous week’s net long position of 9,661 contracts on a combination of long-liquidation and new shorts going on the books.

Open interest in the canola market moved increased by 6,423 contracts during the week, to 240,715.

At the Chicago Board of Trade, the managed money net long position in soybeans decreased by about 11,700 contracts, coming in at just under 84,000 contracts.

The corn managed money net long position decreased by roughly 9,000 contracts, to about 157,000.

In wheat, the Chicago soft wheat market reported a net short position of about 55,800 contracts, which was up by roughly 10,000 on the week. The net long position in Kansas City wheat came in at about 17,300. In Minneapolis, the wheat market moved from a small net long position of under 200 contracts to a net short position of roughly 650 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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That’s according to the latest Commitment of Traders (CoT) report compiled by the U.S. Commodity Futures Trading Commission (CFTC), a weekly report which last week was delayed by a day due to the Veterans Day holiday in the United States.

The net managed money long position in ICE Futures canola came in at 3,089 contracts on Tuesday (25,876 long/22,787 short), a swing of about 9,000 from the previous week’s net short position of 6,269 contracts on a combination of short-covering and new longs going on the books.

The last time the CoT report showed a net long managed money position in canola was June 28.

Open interest in the canola market increased by 10,805 contracts during the week, to 226,652.

At the Chicago Board of Trade, the managed money net long position in soybeans increased by about 3,000 contracts, coming in at just over 105,300 contracts.

The corn managed money net long position decreased by roughly 40,000 contracts, to about 221,800, as speculators liquidated longs and put on fresh short positions.

The Chicago (CBOT) soft wheat market reported a net short position of about 43,500 contracts, which was up by roughly 7,000 on the week. The net long position in Kansas City wheat came in at about 24,200. In Minneapolis (MGEX), the net long position for spring wheat decreased by about 750 contracts, at around 3,050.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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That lowered the net short position in the ICE Futures canola market to its smallest level since the beginning of July, according to the latest Commitment of Traders (CoT) report compiled by the U.S Commodity Futures Trading Commission (CFTC).

The net managed money short position in ICE Futures canola came in at 6,269 contracts on Nov. 1, 2022 (18,058 long/24,327 short), a decrease of about 2,400 from the previous week on a combination of short-covering and new longs going on the books.

Open interest in the canola market moved increased by 10,070 contracts during the week, to 215,847.

At the Chicago Board of Trade, the managed money net long position in soybeans increased by over 26,000 contracts, coming in at just over 102,000.

The corn managed money net long position increased by roughly 12,600 contracts, to about 261,500, as speculators were predominantly on the buy side of the market.

In wheat, the Chicago soft wheat market reported a net short position of about 36,700 contracts, which was relatively steady on the week on a combination of new longs and shorts. The net long position in Kansas City wheat came in at about 23,100. In Minneapolis, the net long position increased about 300 contracts at around 4,100.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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The net managed money short position in ICE Futures canola came in Tuesday at 24,164 contracts (4,846 long/29,010 short), an increase of about 2,900 from the previous week.

Open interest in the canola market moved higher during the week, increasing by about 7,000 contracts at 187,437.

At the Chicago Board of Trade fund traders were still holding onto a net long position, but liquidation during the week saw it come down by about 4,700 contracts to just under 100,000.

The corn managed money net long position increased by roughly 5,000 contracts, to about 210,000.

In wheat, the Chicago soft wheat market reported a net short position of about 23,400 contracts, with fund traders reducing their holdings of both short and long positions during the week.

The net long position in K.C. wheat was down by about 1,000 contracts at 11,000. In Minneapolis, the net short position declined by about 400 contracts at around 1,000.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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The net managed money short position in ICE Futures canola came in at 7,817 contracts on Tuesday (7,664 long/15,505 short), an increase of about 1,800 from the previous week.

Managed money traders had been sitting on a net long position for roughly two years before the balance shifted to the short side over the past month.

Open interest in the canola market moved higher during the week, increasing by about 1,500 contracts at 130,809.

At the Chicago Board of Trade fund traders continued to reduce their net long position in soybeans, taking it to about 83,000 contracts.

The corn managed money net long position fell by roughly 25,000 contracts, to about 103,300.

In wheat, the Chicago soft wheat market reported a net short position of about 11,500 contracts, with fund traders adding both short and long positions during the week. The net long position in Kansas City wheat was down by about 4,500 contracts at 11,800. The net long position in Minneapolis held steady at just over 1,000 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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The net managed money short position in ICE Futures canola came in at 677 contracts on Tuesday (10,052 long/10,729 short). That compares with the small net long position of just over 3,000 contracts reported the previous week, due to a combination of long liquidation and new shorts being put on the books.

The last time the CoT report showed a net short for canola was in July 2020, with speculators having held a net long of over 70,000 contracts as recently as January this year.

Open interest in the canola market managed to move higher despite the long liquidation, growing by about 2,000 contracts at 130,952.

At the Chicago Board of Trade, fund traders reduced their net long position in soybeans by about 20,000 contracts, taking it to about 101,000 contracts with long liquidation and new short positions evenly split.

The managed money net long position in corn fell by roughly 53,000 contracts, to about 158,000.

In wheat, the Chicago soft wheat market reported a small net short position of about 2,000 contracts, with fund traders holding large positions on both sides of the market (63,597 long/65,575 short). Kansas City and Minneapolis wheats both saw their net long positions decline by about 2,700, at 22,000 and 5,100 respectively.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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Managed money fund traders were holding a net long position in ICE Futures canola of 68,140 contracts as of Jan. 4 (70,954 long/2,814 short), up by roughly 2,500 from the previous week. The net long marked the largest since canola was first included in the CFTC data in August 2018.

Open interest in the canola market increased by 715 contracts on the week to come in at 177,652 contracts.

At the Chicago Board of Trade, the managed money net long position in soybeans came in at just over 100,000 contracts, rising slightly from the previous week.

Meanwhile, there was some long liquidation in the corn market, which saw the net long position decline by about 7,000 contracts, to come in at around 355,300.

The Chicago soft wheat net short position grow to 22,700 contracts. The Kansas City net long was down by about 7,000 contracts, at 51,200. Managed money traders in the Minneapolis spring wheat market were holding a net long of about 9,450 contracts, which was down by about 2,500 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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