Winnipeg Commodity Exchange Futures Close Lower on Weak Market Tone

The Winnipeg Commodity Exchange (WCE) saw declines in grain and oilseed futures on Monday, November 29, 2004, with canola trading at fresh contract lows. The losses were attributed to weakness in Chicago Board of Trade (CBOT) soy complex futures, increased country movement, and bearish technical signals. Fresh export demand was sluggish, contributing to the weak market tone. Key players in the market included Agricore, which was a noted buyer, while exporter pricing and commercial sales led to selling from cash grain dealers and small commodity funds.

Key Takeaways:

• Canola futures set fresh contract lows, pressured by weakness in CBOT soy complex futures and increased country movement.
• The Jan/Mar canola spread traded at C$3.60, $3.70, $3.50, and $3.30, with small spread activity dominating the session.
• Agricore was a notable buyer, contributing to the market's weak tone.
• Feed grain futures closed lower due to weakness in CBOT corn and large feed grain supplies in western Canada.
• Western barley futures also ended lower, with commission houses and commercial sales dominating the trade.
• Feed wheat futures posted losses due to sluggish demand and weak cash markets.

Statistics:

• Canola futures closed at fresh contract lows.
• The Jan/Mar canola spread traded at C$3.60, $3.70, $3.50, and $3.30.
• Feed grain futures closed lower, with prices down due to weakness in CBOT corn.
• Western barley futures ended the session lower, with the Dec/Mar spread trading at $2.00.
• Feed wheat futures posted losses, with the Dec./Mar spread trading at $6.80 and $6.90.
• Commercials dominated the trade in feed wheat and barley.