Winnipeg Commodity Exchange: Mixed Trading in Canola and Grains

The Winnipeg Commodity Exchange (WCE) saw mixed trading in canola and grain futures on September 22, 2004, with canola futures trading at mainly lower levels due to early hedge selling and strength in the Canadian dollar. However, the downward price movement was tempered by expectations for better harvest weather in Western Canada and light scale-down exporter pricing. Exporters confirmed the sale of 3,000 to 4,000 metric tons of canola to Japan on the spot cash market overnight.

Key Takeaways:

• Canola futures traded at mainly lower levels due to early hedge selling and strength in the Canadian dollar.
• Better harvest weather expectations in Western Canada helped to spark commercial and local buying.
• 3,000 to 4,000 metric tons of canola were sold to Japan on the spot cash market overnight.
• Flaxseed futures were untraded at midsession.
• Western barley futures traded at mainly higher levels due to light commission house and commercial short-covering.
• Feed wheat values were steady to higher with oversold price sentiment and light commercial bidding.
• Prices in Canadian dollars per metric ton at 10:33 CT: Dwayne Klassen, Resource News Copyright 2004 Resource News International

Statistics:

• Canola futures traded at mainly lower levels.
• 3,000 to 4,000 metric tons of canola were sold to Japan.
• Western barley futures traded at mainly higher levels.
• Feed wheat values were steady to higher.
• CBOT corn futures lost value, which capped the gains in barley.
• CBOT wheat futures also lost value, tempering the upside price potential in feed wheat.

Sources:

• Resource News International via COMTEX
• Dwayne Klassen, Resource News
• COMTEX (http://www.comtexnews.com)