Commodity futures

Winnipeg Commodity Exchange: Canola Futures Finish Mostly Higher as Country Selling Slows

Strategic Insights

Jun 28, 2005 — 1 min read

The Winnipeg Commodity Exchange saw canola futures rise on Wednesday, driven by a slower pace of country selling and gains in CBOT soybean futures. Trade sources attributed the rally to canola being oversold and in need of a correction. The market also received support from firmness in CBOT soyoil and heavy rain in western Canada, particularly in Manitoba. However, the rally was limited by a sluggish export market and mixed choppy tone in CBOT soybeans. Trading volumes were low as many participants took the sidelines, awaiting the CBOT soybean market to stabilize.

Key Takeaways:

Canola futures rose on Wednesday due to a slower pace of country selling and gains in CBOT soybean futures.
Trade sources attributed the rally to canola being oversold and in need of a correction.
Firmness in CBOT soyoil and heavy rain in western Canada, particularly in Manitoba, provided additional support to the market.
However, the rally was limited by a sluggish export market and mixed choppy tone in CBOT soybeans.
Trading volumes were low due to participants taking the sidelines, awaiting the CBOT soybean market to stabilize.
Commercial and speculative buying were noted, with exporters being the best buyers and small speculators going long.
Commodity fund liquidation selling and profit taking also took place, with funds cleaning up their long position.

Statistics:

Total estimated volume: 3,047 contracts, down from Tuesday's 8,654 contracts.
Intermonth spread activity was very light, with the July/Nov spread trading at C$7.50 to $9.40 and the Nov/Jan spread trading at C$9.40.
An estimated 791 contracts traded in feed grains, up from Tuesday's 653 contracts.
Total volumes in western barley were at 1,143 contracts, up from 820 contracts on Tuesday.
The Canadian dollar's gain was partially offset by the firmness in CBOT soyoil.

Sources:

Resource News International via COMTEX
Winnipeg Commodity Exchange
CBOT (Chicago Board of Trade)
COMTEX (http://www.comtexnews.com)

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