Fund traders add to bearish bets in canola

MarketsFarm — Large fund traders were busy adding to short positions in canola, soybeans and corn during the first few trading days of February, 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 55,533 contracts (2,914 long/58,447 short), which was an increase of about 18,000 contracts from the previous week.

Open interest in the canola market increased by about 9,800 contracts, to 201,322 during the week.

At the Chicago Board of Trade, the managed money net-short position in soybeans grew to 56,996 contracts as investors put on more than 30,000 new short positions.

Corn traders were also looking more bearish after covering short positions in January, with the overall net-short position in the grain rising by about 28,000 contracts, to 53,045.

— Phil Franz-Warkentin reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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