Fund traders cover some bearish bets in canola, soybeans

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Published: March 7, 2020

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(File photo by Dave Bedard)

MarketsFarm — Fund traders were buying back short positions in canola, soybeans and corn during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

In the wheat market, however, they were on the other side.

The net managed money short position in ICE Futures canola came in Tuesday at 69,523 contracts (1,526 long/71,049 short), down about 3,000 contracts from the previous week.

Open interest in the canola market declined by about 1,300 contracts, to 176,749, during the week.

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At the Chicago Board of Trade, the managed money net-short position in soybeans of 34,988 contracts was down by about 40,000 contracts from the previous week.

Corn speculators took the overall net managed-money short position to 77,179 contracts, down by about 11,000 contracts from the previous week.

Meanwhile, the fund outlook on wheat was more bearish during the week. The net-long position in Chicago was roughly halved, coming in at 17,096 contracts. The K.C. hard red winter contract moved from a small net-long to a small net-short of 2,064 contracts.

Meanwhile, the managed money net-short position in Minneapolis spring wheat grew by about 2,000 contracts, to hit 16,540.

— 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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