Fund traders add to net long in canola, soybeans

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Published: September 9, 2020

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(File photo by Dave Bedard)

MarketsFarm — Fund traders remain bullish on soybeans and canola, adding to their net long positions in the two oilseeds, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

Managed money fund traders were holding a net long position in ICE Futures canola of 37,682 contracts as of Sept. 1 (41,984 long; 4,302 short), up by about 14,000 contracts on the week due to a combination of short-covering and new longs being put on.

Open interest in the canola market increased by about 19,000 contracts on the week, coming in at 222,085 contracts.

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At the Chicago Board of Trade the managed money net long position in soybeans was up by about 52,000 contracts, at around 157,149.

Meanwhile, the corn market moved from a net short to a net long of about 8,400 contracts as investors bought back about 70,000 previous short positions.

In wheat, managed money was also on the buy side of the market. Chicago soft wheat saw its net long position grow to 32,100 contracts. Kansas City hard red winter wheat moved from a small net short position to a net long of about 3,000 contracts.

Only Minneapolis spring wheat still reported a net short position of about 10,000 contracts, but that was down by about 7,000 from the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

About The Author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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