Glacier FarmMedia – Managed money fund traders continue to chip away at the large net short position in canola futures, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
As of April 2, 2024, the net managed money short position in canola futures came in at 89,739 contracts (8,146 long/97,885 short), which was down by roughly 6,000 contracts from the previous week.
Open interest in the canola market was down by 5,442 contracts on the week at 288,530 contracts.
At the Chicago Board of Trade, the net short position in soybeans was up by about 4,000 contracts to come in at around 127,000 contracts. Soyoil futures saw the recently established net long grow to just over 7,000 contracts from only 131 contracts the previous week.
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The net short position in corn held relatively steady, increasing by about 4,500 contracts on the week to come in at roughly 250,000 contracts.
In wheat, the Chicago soft wheat market reported a net short position of about 91,000 contracts, which was steady with the previous week. The net short in Kansas City hard red winter wheat came in at roughly 40,800 contracts. In Minneapolis spring wheat, managed money traders were holding a net short of around 28,600 contracts.
—Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
