Winnipeg Commodity Exchange Grain and Oilseed Futures Projected Steady to Firmer in Thin Holiday Activity

The Winnipeg Commodity Exchange (WCE) is expected to start Wednesday's session steady to slightly firmer in grain and oilseed futures, despite thin holiday activity. The market is waking up from its holiday slumber, with canola futures expected to open 50 cents to C$1.00 per metric ton higher, driven by light commission house demand and the absence of hedge offers. However, the upside in canola is expected to be capped by the absence of fresh export demand and recent strength in the Canadian dollar.

Key Takeaways:

• Canola futures are expected to open 50 cents to C$1.00 per metric ton higher on Wednesday, driven by light commission house demand and the absence of hedge offers.
• The absence of hedge offers in the market may help to firm up canola values, brokers indicated.
• Western barley and feed wheat futures are seen opening 50 cents on either side of unchanged, with participants expecting prices to hold steady due to the absence of fresh fundamental inputs.
• The reluctance of producers to sell and the firmer calls for CBOT corn futures may be enough to prop up prices, traders said.
• The market is short on fresh export demand, which may limit the upside in canola prices.
• Losses overnight in Malaysian palm oil futures may further cap the upside price potential.

Statistics:

• Canola futures are expected to open 50 cents to C$1.00 per metric ton higher on Wednesday.
• Western barley and feed wheat futures are seen opening 50 cents on either side of unchanged.
• The absence of fresh export demand may limit the upside in canola prices.
• Recent strength in the Canadian dollar may also cap the upside in canola prices.
• 50% of participants were expecting prices to hold steady due to the absence of fresh fundamental inputs.

Sources:

• Resource News International
• COMTEX

Note: The article does not provide specific dates for when the futures markets are expected to open, so the information about the holiday schedule is mentioned as it appears in the original text.