Net short position reduced in canola

MarketsFarm — Rising futures prices saw speculators exiting short positions in canola and adding to a growing net long in soybeans, 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 at 38,738 contracts on Tuesday, May 12 (5,373 long/44,111 short), a decrease of about 6,000 contracts from the previous week.

Open interest in the canola market was up by about 1,000 contracts, to 171,991 during the week.

At the Chicago Board of Trade, fund traders put on some new long positions in soybeans and covered previous bearish bets, taking the net long in the market to just over 31,000 contracts.

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Meanwhile, the corn managed money net short position grew by roughly 25,000 contracts, to nearly 215,000.

In wheat, activity was mixed, with the net long position in Chicago soft wheat holding steady at around 6,200 contracts. Kansas City hard red winter wheat saw the net managed money long position fall to around 3,500 contracts.

The managed money net short position in Minneapolis spring wheat was steady at around 24,600 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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