Funds cover canola shorts, but still bearish on corn

MarketsFarm — Speculators reduced their net short position in canola during the first week of May and added to their net long position in soybeans, while placing fresh bearish bets on corn, 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 44,112 contracts (4,767 long/48,879 short), a decrease of about 3,000 contracts from the previous week.

Open interest in the canola market was down by about 2,000 contracts, to 170,811 during the week.

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At the Chicago Board of Trade, fund traders put on some new long positions in soybeans, taking the net long in the oilseed to 9,486 contracts.

Meanwhile, the corn managed money net short position grew by nearly 30,000 contracts, to 189,741, on a combination of long liquidation and the establishment of new short positions.

In wheat, activity was mixed, with the net long position in Chicago soft wheat dropping by about 11,000, to 6,295 contracts. Kansas City hard red winter wheat saw the net managed money long position rise slightly, to around 7,700 contracts.

The managed money net short position in Minneapolis spring wheat rose by about 3,000, to around 23,900 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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