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Winnipeg Commodity Exchange Sees Mixed Trading in Canola, Feed Grain Futures

Strategic Insights

Aug 24, 2004 — 1 min read

Trading in Winnipeg Commodity Exchange was mixed on August 25, 2004, with canola and feed grain futures showing varying degrees of increase. Canola futures were higher in active trade, with Fimat Canada and RBC Investments participating on both sides of the market. However, commercial hedges stemming from farmer sales in Alberta limited the advances, and export sources were unable to confirm any overnight Canadian canola sales. Western barley futures showed strength, supported by speculative short covering and gains in CBOT corn futures, while feed wheat futures lagged behind due to expectations of a large feed wheat crop.

Key Takeaways:

Canola futures were higher at midday in active trade, with gains in the CBOT soy complex helping to pull the Winnipeg market higher.
Fimat Canada and RBC Investments were on both sides of the market, with commodity fund buying on one hand and commercial hedges on the other.
Crop development concerns helped underpin canola values, while commercial hedges stemming from farmer sales in Alberta kept the advances in check.
Western barley futures were up at midday, supported by speculative short covering and following gains in CBOT corn futures.
Some of the buying was tied to concerns with the Alberta crop, with bushel weights in the province looking light as the harvest gets underway.
Feed wheat futures were also showing some strength, but lagged behind barley and corn futures due to expectations of a large feed wheat crop.

Statistics:

Canola futures increased by 1.5 cents to 183.5 cents per pound at midday.
Western barley futures gained 2.5 cents to 215 cents per bushel.
Feed wheat futures rose 1.2 cents to 236 cents per bushel.
CBOT soybean futures were up 3.5 cents to 451 cent per bushel.
CBOT corn futures rose 1.7 cents to 219 cents per bushel.

Sources:

Resource News International via COMTEX
Phil Franz-Warkentin, Resource News International
COMTEX (http://www.comtexnews.com)

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