Commodity futures

Winnipeg Commodity Exchange Sees Steady to Higher Grain and Oilseed Futures

Strategic Insights

May 2, 2004 — 1 min read

Grain and oilseed futures at the Winnipeg Commodity Exchange (WCE) are anticipated to open steady to higher on Monday, supported by stronger calls in CBOT soy and corn futures, as well as a weaker Canadian dollar. Canola futures are expected to continue their firmer tone seen at Friday's close, with July and November canola closing above key resistance levels of C$420 and C$400, respectively. Technical moving average indicators are turning higher, indicating potential for further gains in the old crop contract.

Key Takeaways:

Canola futures are expected to be steady to C$1.00 higher, driven by the firmer tone seen at Friday's close and higher calls in the CBOT soy complex.
July and November canola contracts closed above key resistance levels of C$420 and C$400, respectively, indicating potential for further gains.
Technical moving average indicators are turning higher, suggesting a potential breakout in the old crop contract.
A weaker Canadian dollar and anticipated gains in CBOT corn and wheat futures are expected to provide support to the Winnipeg market at the open.
Dryness concerns in the Canadian Prairies are expected to underpin feed wheat and western barley futures, which are called steady to C$0.50 higher.
The domestic crushers were active sellers of the July canola contract on Friday, and this selling could continue on Monday.
Fund buying is not expected to trigger on Monday, potentially leading to a decline in the market if no fresh fundamental news supports values.

Statistics:

Canola futures are expected to be steady to C$1.00 higher.
July and November canola contracts closed above key resistance levels of C$420 and C$400, respectively.
Technical moving average indicators are turning higher, indicating a potential breakout in the old crop contract.
Dates: Monday (open)
Key resistance levels for canola contracts are C$420 and C$400.
Fund buying is not expected to trigger on Monday.
A weaker Canadian dollar is expected to underpin canola values.

Sources:

Resource News International via COMTEX (http://www.comtexnews.com)
Winnipeg Commodity Exchange (WCE)

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