Funds’ long position up in canola ahead of selloff

Reading Time: < 1 minute

Published: October 30, 2020

, ,

(File photo by Dave Bedard)

MarketsFarm — Fund traders continued to add to their large long positions in canola during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC).

Managed money fund traders, as of Tuesday, were holding a net long position in ICE Futures canola of 61,936 contracts (62,919 long/983 short), up by about 5,000 contracts on the week. However, prices posted a sizeable drop on Wednesday, which likely took many of those longs back out of the market.

Read Also

Photo: Getty Images Plus

Alberta crop conditions improve: report

Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.

Open interest in the canola market rose by about 4,500 contracts on the week, coming in at 197,645 contracts

At the Chicago Board of Trade the managed money net long position in soybeans was down by about 3,600 contracts, at around 224,000.

The corn market saw its net long position rise by 46,000 contracts, to around 259,000.

In wheat, Minneapolis spring wheat saw its net long double to nearly 9,000 contracts. The Chicago soft wheat net long position declined by about 5,000, to 46,400 contracts. Kansas City hard red winter wheat posted a net long of about 39,800 contracts.

— 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.

explore

Stories from our other publications