Winnipeg Commodity Exchange Futures Steady to Higher on Thursday

The Winnipeg Commodity Exchange (WCE) saw futures for grain and oilseeds trade steady to higher at midsession on Thursday, with underlying support from firmer CBOT soybeans and corn. Canola futures showed some modest strength, with gains in CBOT soybeans lending support. However, the market was not seeing as much spillover strength as expected, and weakness in the Canadian dollar and overnight gains in Malaysian palm oil futures were somewhat offset by solid exporter demand and improving basis levels in the country.

Key Takeaways:

• Winnipeg Commodity Exchange (WCE) futures for grain and oilseeds were steady to higher at midsession on Thursday.
• Canola futures showed some modest strength, with rough estimates of 3,000 contracts traded by midday.
• Gains in CBOT soybeans helped support canola, but the market was not seeing as much spillover strength as expected.
• Weakness in the Canadian dollar and overnight gains in Malaysian palm oil futures were somewhat supportive for canola.
• Solid exporter demand continued to underpin canola values, but end-users seem unwilling to move the market much higher.
• Farmers remain reluctant sellers of their feed grains, although warmer temperatures may be stimulating some end-user demand.
• The March/May spread for canola was C$7.00 under.
• Feed wheat and western barley futures were steady to higher at midsession, seeing some support from the steady tone in CBOT corn.

Statistics:

• Roughly 3,000 canola contracts had traded by midday.
• The March/May spread for canola widened to C$7.00 under.
• Feed wheat futures were steady to higher at midsession.
• Western barley futures were steady to higher at midsession.
• About 150 feed wheat contracts had traded by midsession.