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Commodity futures

Winnipeg Commodity Exchange Grain and Oilseed Futures Close Mixed Amid Heavy Trading

Strategic Insights

— 1 min read

The Winnipeg Commodity Exchange (WCE) grain and oilseed futures closed Monday's session with canola higher, following the gains in Chicago Board of Trade soy complex futures. Heavy trading was dominated by intermonth spreads, with canola being the major beneficiary. The market was influenced by strong upward surges in CBOT soy complex futures, slow farmer selling, and the weak Canadian dollar.

Key Takeaways:

  • Canola futures closed higher in very heavy trade, with an estimated 16,422 contracts involved in the spread trade as part of the total volume of 18,347 contracts.
  • The Jan/Mar spread traded at C$5.90 to C$6.60, with the Jan/May spread at C$14.30, Jan/Nov spread at C$35.20 to C$37.00, and Mar/May spread at C$6.30 to C$12.10.
  • The canola advance was smaller than the US market due to the record large canola supply and lack of non-routine export demand.
  • Routine exporter and moderate crusher buying met commercial scale up selling, with those offerings linked to country movement.
  • Feed grains ended narrowly mixed, with most contracts unchanged in light trade, due to firm tone in CBOT corn and slow farmer selling.
  • Western barley prices were little changed in light commercial trade, with a total volume of 165 contracts, down from Friday's 262 contracts.
  • Feed wheat futures were steady to higher, with an estimated 172 contracts changing hands, down from Friday's 464 contracts.

Statistics:

  • Estimated 16,422 contracts involved in the spread trade for canola futures.
  • Total volume of 18,347 contracts for WCE grain and oilseed futures.
  • C$5.90 to C$6.60 traded for Jan/Mar spread.
  • C$14.30 traded for Jan/May spread.
  • C$35.20 to C$37.00 traded for Jan/Nov spread.
  • C$6.30 to C$12.10 traded for Mar/May spread.
  • C$30.90 to C$31.00 traded for Mar/Nov spread.
  • C$7.50 to C$8.50 traded for May/July spread.
  • C$13.00 to C$15.80 traded for July/Nov spread.

Sources:

  • Resource News International
  • Winnipeg Commodity Exchange
  • Chicago Board of Trade

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