Commodity futures

Winnipeg Commodity Exchange Sees Decline in Grain and Oilseed Futures

Strategic Insights

Aug 16, 2004 — 1 min read

The Winnipeg Commodity Exchange saw a decline in grain and oilseed futures on August 16, 2004, with fresh contract lows set in feed grains in moderate trade. Canola posted significant losses due to hedge selling, which was triggered by the beginning of harvest activity. The soft tone in Chicago Board of Trade soy complex futures, the Canadian dollar, and technical selling also contributed to the weakness in the market.

Key Takeaways:

Grain and oilseed futures at the Winnipeg Commodity Exchange declined on August 16, 2004, with fresh contract lows set in feed grains.
Canola posted significant losses due to hedge selling triggered by the beginning of harvest activity.
The soft tone in Chicago Board of Trade soy complex futures, the Canadian dollar, and technical selling also contributed to the weakness in the market.
Environment Canada reduced the likelihood of frost in its forecasts for that week, but private forecasters continued to call for low temperatures and increased frost potential for Thursday night.
Strong commercial demand supported the market, with some buying tied to concerns about cool conditions.
Feed grains posted losses, setting fresh contract lows in fairly light trade.
Activity in feed wheat was dominated by commercials who were influenced by ideas that frost would lead to a major downgrading of the wheat crop from milling to feed quality.
Western barley futures edged down to new contract lows due to sluggish demand, a favourable crop outlook, and an advancing barley harvest.

Statistics:

Grain and oilseed futures declined, with feed grains setting fresh contract lows.
Canola posted losses of [amount not specified].
The Canadian dollar contributed to the weakness in the market.
Environment Canada's forecast showed a reduced likelihood of frost.
Private forecasters predicted low temperatures and increased frost potential for Thursday night.

Sources:

Resource News International via COMTEX

+ August 16, 2004

Don Bousquet, Resource News International

+ News Provided by COMTEX (http://www.comtexnews.com)

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