Speculators turn bearish in soybeans, add to canola shorts

MarketsFarm — Fund traders have turned from a net long position to a net short position in Chicago soybeans while also adding to their bearish bets in canola, 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 Tuesday at 44,161 contracts (4,107 long/49,161 short), an increase of about 7,000 contracts from the previous week.

Open interest in the canola market was up by about 6,800 contracts, to 177,566 during the week.

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At the Chicago Board of Trade, the fund position in soybeans moved from a net long of about 11,500 contracts to a net short of nearly 5,000 as speculators placed new bearish bets.

Corn speculators added to their net short position by about 23,000 contracts, taking it to around 160,025.

In wheat, speculators were on both sides of the Chicago wheat market, with the net long position holding around 24,000. Kansas City hard red winter wheat saw the net managed money long position rise to just over 10,000 contracts.

The managed money net short position in Minneapolis spring wheat rose by about 5,000, to around 17,400 contracts.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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