Fund short position edging down in canola

MarketsFarm — The managed money net short position in canola saw a slight reduction in mid-June, as speculators covered short positions in the market, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

The net managed money short position in ICE Futures canola came in Tuesday at 40,054 contracts (7,610 long/47,664 short), a decrease of about 2,600 contracts from the previous week.

Open interest in the canola market dropped sharply, falling by about 31,000 contracts, to 158,705 during the week.

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At the Chicago Board of Trade the managed money net long position in soybeans held steady at about 19,000 contracts.

Meanwhile, the corn managed money net short position fell by roughly 24,000 contracts, to about 277,600.

In wheat, activity was mixed. The net short in Chicago soft wheat increased slightly to 26,600. The Kansas City hard red winter wheat net short was up by about 9,000 contracts, at 27,700 contracts, as harvest pressure weighed on that market.

Meanwhile the net managed money net short in Minneapolis spring wheat was down by 2,000, to come in at about 17,100 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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