Funds covering shorts in canola

Traders also move to net long in Chicago soybeans

MarketsFarm — Fund traders covered short positions in canola and moved to a net long position in Chicago soybeans during the week ended Wednesday, 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 Wednesday at 39,613 contracts (918 long/40,533 short), a decrease of about 9,000 contracts from the previous week.

Open interest in the canola market declined by about 3,700 contracts, to 171,538, during the week.

At the Chicago Board of Trade, soybean traders moved from a net short of about 4,700 contracts to a net long of 22,909, as participants covered short positions and put on new bullish bets.

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Corn speculators were both buyers and sellers, with the net short position declining by about 12,000 contracts to come in at 99,925.

In wheat, speculators added to their net long position in Chicago soft wheat, taking it to nearly 37,000 contracts. Kansas City hard red winter wheat moved from a small net short to net long of about 2,300 contracts.

The managed money net short position in Minneapolis spring wheat edged down by 2,500, to come in at 13,445 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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