Glacier FarmMedia – Bearish bets in the ICE Futures canola market hit their highest level in three months in mid-June, as speculative fund traders added to their large net short position, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of June 18, 2024, the net managed money short position in canola futures came in at 117,081 contracts (3,779 long/120,860 short), which was up by roughly 18,000 contracts from the previous week. The latest report was delayed due to the recent Juneteenth holiday in the United States.
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Open interest in the canola market was up by 11,465 contracts on the week at 253,550 contracts.
At the Chicago Board of Trade, the net short position in soybeans was up by about 38,000 contracts to come in at around 99,300 contracts. Soyoil futures also saw their net short position grow by about 9,000 contracts at roughly 83,300 contracts.
The net short position in corn shrank by about 10,000 but was still large at around 209,000 contracts.
In wheat, the Chicago soft wheat market reported a net short position of 54,500 contracts. The net short in Kansas City hard red winter wheat came in at roughly 29,100 contracts. In Minneapolis spring wheat, managed money traders moved from a small net long of around 2,500 contracts to a net short of 3,265 contracts.
