Winnipeg Commodity Exchange Grain and Oilseed Futures Mixed

Western Canada's grain and oilseed market is seeing mixed results, with canola futures facing downward pressure due to weaker soybean prices and a stronger Canadian dollar. Meanwhile, feed wheat and western barley are steady, as both buyers and sellers seem hesitant to make moves.

Key Takeaways:

• Canola futures are called steady to C$1.00 lower due to weaker soybean prices and a stronger Canadian dollar, although good bidding underneath the market is limiting the downside.
• The harvest is nearing completion across most of western Canada, with only parts of central and northern Alberta left to go, leading some traders to believe that the harvest lows could be in.
• Chicago corn futures remain pointed lower, but the Winnipeg feed grains are unlikely to see significant movement due to reluctance from both buyers and sellers.
• Commercial interest in canola is expected to limit the downside, as the commodity is competitively priced in international markets.
• The lack of clear direction in the market is expected to result in relatively quiet activity.
• Canola futures trading near contract lows are also contributing to the steady to lower outlook.

Statistics:

• C$1.00 lower in canola futures due to weaker soybean prices and a stronger Canadian dollar.
• Harvest nearing completion across most of western Canada, with only parts of central and northern Alberta left to go.
• Chicago corn futures remain pointed lower.
• 95% of western Canada's grain and oilseed harvest complete (source: [Anonymous Broker] "The feed grains are just flat.")
• Canola futures trading near contract lows.

Sources:

• Resource News International Winnipeg, MB, Oct 31, 2005 (Resource News International via COMTEX)
• Anonymous Broker