Winnipeg Commodity Exchange Futures Finish Mixed on April 26, 2004
Grain and oilseed futures on the Winnipeg Commodity Exchange (WCE) experienced a mixed session on April 26, 2004, with canola futures ending lower in light trade. The canola market was influenced by losses in Chicago Board of Trade soybean futures and bearish technical signals. Sluggish export activity and new crop pricing by farmers also contributed to the declines. Despite some talk about the potential opening of the US border to Canadian live cattle under 30 months, analysts, floor sources described the trade as a "small local and commission house affair moving at the whim of the floor".
Key Takeaways:
- Canola futures ended lower in light trade on April 26, 2004, due to losses in Chicago Board of Trade soybean futures and bearish technical signals.
- Sluggish export activity and new crop pricing by farmers contributed to the decline in canola prices.
- The July/Nov spread traded at C$20.00, while the May/July spread traded at $5.30, $5.60, and $5.70 in small spread activity.
- Floor sources described the trade as a "small local and commission house affair moving at the whim of the floor".
- The opening of the US border to Canadian live cattle under 30 months was discussed as a potential market-moving event.
- Feed grain futures ended the day mixed, with western barley futures edging up in light trade.
- Feed wheat posted losses in light trade due to a lack of demand and weakness in CBOT grains.
Statistics:
- Canola futures ended lower by (no specific percentage mentioned).
- The July/Nov spread traded at C$20.00.
- The May/July spread traded at $5.30, $5.60, and $5.70.
- Sluggish export activity and new crop pricing by farmers contributed to a decline in canola prices.
- The opening of the US border to Canadian live cattle under 30 months was discussed as a potential market-moving event.
Sources:
- Resource News International
- Winnipeg Commodity Exchange (WCE)
- Chicago Board of Trade