Winnipeg Commodity Exchange Grain and Oilseed Futures Prices Mixed Amid Thin Trade
The Winnipeg Commodity Exchange (WCE) saw mixed results in grain and oilseed futures on March 28, 2005, with trade activity described as "very thin." Canola values were also mixed at midday, with over 1,300 contracts traded. The market was influenced by a weaker tone in the Chicago Board of Trade (CBOT) soy complex, but lack of selling interest kept canola values stable. Farmer selling was minimal, while commercial hedges and local speculative selling were present. Japanese pricing of old business provided support, but export sources couldn't confirm fresh Canadian canola sales. The Canadian dollar's weakness and deteriorating crush margins also impacted the market.
Key Takeaways:
- Trade activity at the Winnipeg Commodity Exchange (WCE) was described as "very thin," with over 1,300 contracts traded at midsession.
- Canola values were mixed at midday, with downward pressure from the CBOT soy complex and upward support from Japanese pricing of old business.
- Farmer selling was virtually non-existent, with commercial hedges and local speculative selling making up a significant portion of trade.
- The Canadian dollar's weakness provided mild support to the canola market.
- Domestic crushers were largely on the sidelines due to deteriorating crush margins.
- Western barley futures were mixed in very light trade, with only 22 contracts traded by midday.
- Feed wheat futures were unchanged and untraded at midsession.
- Phil Franz-Warkentin, Resource News International, provided analysis and insights on market trends.
Statistics:
- Over 1,300 contracts of canola were traded at midsession.
- 22 contracts of Western barley were traded by midday.
- The Canadian dollar's weakness provided mild support to the canola market.
- Crush margins deteriorated slightly, leading to domestic crushers being largely on the sidelines.
Sources:
- Resource News International via COMTEX
- Winnipeg Commodity Exchange (WCE)
- Chicago Board of Trade (CBOT)