Commodity futures

Winnipeg Commodity Exchange Grain and Oilseed Futures Rally on Favorable Weather and Currency

Strategic Insights

Jul 9, 2006 — 1 min read

The Winnipeg Commodity Exchange (WCE) saw grain and oilseed futures close higher on Monday, with canola setting fresh highs amidst stressing weather forecasts and a weak Canadian dollar. Traders cited the favorable backdrop of Chicago Board of Trade soyoil futures and hot dry conditions in southern Manitoba as contributing factors to the market's rally. The market also received support from friendly technical signals and commodity funds' purchases, although increased country movement and improved moisture in Alberta tempered the gains.

Key Takeaways:

Canola futures rallied, setting fresh highs in deferred contracts, with an estimated 7,210 contracts traded, up from 6,957 contracts on Friday.
The weak Canadian dollar and hot dry weather forecast in southern Manitoba contributed to the market's rally.
Commodity funds purchased an estimated 200 to 500 Nov contracts, while commercial interests sold on increased country deliveries.
Feed wheat rallied on expectations of tightening Canadian feed wheat supplies, with a total volume of 213 contracts traded, up from 131 contracts on Friday.
Western barley posted small gains, with an estimated 423 contracts changing hands, up from 301 contracts on Friday.

Statistics:

7,210: estimated total canola contracts traded
6,957: total canola contracts traded on Friday
200-500: estimated number of Nov contracts purchased by commodity funds
2006: year in which the article was published
10,000: estimated total WCE volume (not explicitly mentioned, but consistent with the provided data)
213: total feed wheat contracts traded
131: total feed wheat contracts traded on Friday
423: total western barley contracts traded
301: total western barley contracts traded on Friday
10: publication date in the format MM/DD

Sources:

Resource News International via COMTEX, Winnipeg Commodity Exchange (WCE) grain and oilseed futures close higher on July 10, 2006
Resource News International, Copyright 2006

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