Funds hold steady in canola

MarketsFarm — Fund traders in the U.S. were busy covering short positions and putting on fresh longs in the soybean and corn markets during the week ended Oct. 1.

Meanwhile, the net fund short position in canola held relatively steady, 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 Oct. 1 at 63,785 contracts, a decline of only about 250 contracts from the previous week.

Open interest in the canola market rose by about 1,500 contracts, to 207,603 during the week.

At the Chicago Board of Trade the managed money net short position in soybeans was down by roughly 33,000 contracts, to 10,817 contracts as of Oct. 1, as investors covered short positions and put on some new longs.

Speculators were also buying back short positions in corn during the week, with the net managed money short position declining by about 34,000 contracts, to 128,031.

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

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