Glacier FarmMedia | MarketsFarm — Heavy amounts of fund buying coupled with speculators covering short positions saw the net long position in canola futures hit a new record during the week ended Feb. 18, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Just a week after the managed money position in canola moved to a net long for the first time in one-and-a-half years, those bearish bets hit their largest level in records going back to 2018.
The net managed money long position in canola futures came in at 72,101 contracts as of Feb. 18 (106,682 long/34,581 short) — an increase of roughly 28,000 contracts from the previous week. That compares with the previous record managed money long canola futures position of 71,586 hit in January 2022.
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Open interest in the canola market fell by 14,733 on the week at 249,095 contracts.
At the Chicago Board of Trade, the net long position in soybeans fell by about 9,000 contracts, to come in at roughly 33,700 contracts. Meanwhile, the net long position in soyoil was up by about 7,000 contracts, at about 57,500
The net long position in corn was up by about 33,600 contracts to come in at roughly 359,800
In wheat, the Chicago soft wheat market reported a net short position of 47,800 contracts. The net short in Kansas City hard red winter wheat came in at roughly 23,300 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 7,800 contracts as of Feb. 18.
