Winnipeg Commodity Exchange Closes Mostly Higher in Light Trade

The Winnipeg Commodity Exchange (WCE) saw its grain and oilseed futures close mostly higher in light trade on Monday, with the gains in Chicago Board of Trade (CBOT) futures boosting WCE values. Canola trades were moderate, with only small intermonth spread trade taking place. The Nov/Jan spread traded at C$8.20 to $7.60, while the Nov/Mar spread was at $14.00. An estimated 962 contracts were involved in the spread trade, with a total estimated volume of 4,283 contracts, down from Friday's 8,191 contracts.

Key Takeaways:

• The WCE grain and oilseed futures closed mostly higher in light trade, with Chicago Board of Trade (CBOT) futures gains boosting WCE values.
• Canola trades were moderate, with only small intermonth spread trade taking place, including the Nov/Jan spread trading at C$8.20 to $7.60 and the Nov/Mar spread at $14.00.
• An estimated 962 contracts were involved in the spread trade, with a total estimated volume of 4,283 contracts, down from Friday's 8,191 contracts.
• Overall volume at the WCE was lower compared to the previous session.
• Japanese export buying was noted in the Nov contract, while crushers were buyers in the Jan contract.
• Commodity funds were involved in both long and short positions in small trading volumes, while commercials were the main sellers, with increased country selling prompting their offerings.
• Overnight, Japan booked 5,000 to 6,000 tons of canola, which was reflected in the market.

Statistics:

• Estimated 962 contracts were involved in the spread trade.
• Total estimated volume at the WCE was 4,283 contracts, down from Friday's 8,191 contracts.
• Japanese export buying booked 5,000 to 6,000 tons of canola overnight.
• Commodity funds traded in small volumes on both sides of the market.
• Commercials were the main sellers, with increased country selling prompting their offerings.

Sources:

• Resource News International, Winnipeg, Aug 08, 2005
• COMTEX, via Resource News International