Winnipeg Commodity Exchange: Canola and Grain Futures Experience Negative Sentiment

The Winnipeg Commodity Exchange is experiencing negative sentiment in canola and grain futures, with canola futures called lower at Monday's open due to weakness in CBOT soy and corn futures. The technicals in both July and November canola contracts are positive, with July canola closing above the 40-day moving average on Friday. The contract could potentially retest its highs, with the next upside target being around $420. Temperatures across the Prairies have been well below normal, which is supportive of canola values.

Key Takeaways:

• Canola futures are called lower at Monday's open, pressured by weakness in CBOT soy and corn futures.
• July canola closed above the 40-day moving average on Friday, with the contract potentially retesting its highs.
• The next upside target for July canola is around $420.
• Temperatures across the Prairies have been well below normal, which is supportive of canola values.
• Western barley is called lower at the open, following expected weakness in CBOT corn.
• Feed wheat is called lower, following barley and corn.
• The weaker Canadian dollar provides support to the feed complex.
• The commodity funds were good buyers on Friday, and strong technicals could trigger further fund demand.

Statistics:

• Canola futures are called C$2 to C$4 per ton lower at the open.
• July canola closed above the 40-day moving average on Friday.
• The next upside target for July canola is around $420.
• Temperatures across the Prairies have been well below normal.
• Western barley is called C$1 to C$2 lower at the open.
• Feed wheat is called C$2 to C$3 lower.

Sources:

• Resource News International via COMTEX (http://www.comtexnews.com/canada.html) - May 10, 2004.

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