Winnipeg Commodity Exchange Grain and Oilseed Futures Hold Steady to Higher

Grain and oilseed futures at the Winnipeg Commodity Exchange (WCE) experienced a volatile trading session on Monday, as participants sought to correct prices following the Remembrance Day long weekend. The most actively traded contracts showed modest gains, with commercial buying driving demand in the canola market. A weaker Canadian dollar and a stronger tone in the Chicago corn market also contributed to the upward momentum in feed wheat and western barley futures.

Key Takeaways:

• The Winnipeg Commodity Exchange (WCE) grain and oilseed futures were steady to mainly higher at midsession on Monday, with participants playing catch-up following the Remembrance Day long weekend.
• Canola futures were steady to mixed, with nearby contracts showing some modest gains, as commercial buying accounted for most of the demand in the market.
• A weaker tone in the Canadian dollar was supportive for canola values, while technical and hedge-related selling limited the upside in the market, keeping it within a tight range.
• Roughly 2,000 canola contracts had traded by midday, with routine exporter pricing of previous business being the feature in the commercial buying.
• Feed wheat and western barley futures were posting some modest gains and midsession in light, commercial trade, with a stronger tone in the Chicago corn market providing some spillover support.
• Roughly 34 feed wheat and 33 barley contracts had traded by midday.

Statistics:

• 2,000 canola contracts traded by midday.
• 34 feed wheat contracts traded by midday.
• 33 barley contracts traded by midday.
• The Canadian dollar's weakening tone supported canola values.
• Technical and hedge-related selling limited the upside in canola, keeping the market within a tight range.

Sources:

• Resource News International via COMTEX, "Grain and oilseed futures at Wupeg hold steady to mainly higher," November 14, 2005.
• Traders and market sources, as quoted in Resource News International.