Winnipeg Commodity Exchange: Steady to Mostly Higher Grain and Oilseed Futures

Strategic Insights -

Grain and oilseed futures at the Winnipeg Commodity Exchange (WCE) were characterized by steady to mostly higher trading at midsession, with gains in CBOT soy and corn futures providing early direction according to sources. Canola values, in particular, were higher at midday, influenced by the strength in the CBOT soy complex. Commercial demand, including domestic crusher buying and light exporter pricing, was seen as supportive, while a general lack of farmer hedges also contributed to the market's stability.

Key Takeaways:

  • Grain and oilseed futures at the Winnipeg Commodity Exchange (WCE) were steady to mostly higher at midsession, with CBOT soy and corn futures providing early direction.
  • Canola values were higher at midday, taking their cue from the strength in the CBOT soy complex.
  • Commercial demand, including domestic crusher buying and light exporter pricing, was seen as supportive of the market.
  • A general lack of farmer hedges was also noted as contributing to the market's stability.
  • Export sources confirmed overnight sales of 1,000 to 2,000 metric tons of Canadian canola to Japan on the spot cash market.
  • The Jan/Mar canola spread at C$3.00 to C$3.30 under was a minor feature, while the May/Nov spread also traded at C$2.00 to C$2.50 over.
  • Western barley futures were steady to slightly higher at midsession, supported by a firm tone in CBOT corn futures.
  • Feed wheat futures were mostly higher, supported by commission house buying, despite light, hedge-related commercial selling.

Statistics:

  • Overnight sales of 1,000 to 2,000 metric tons of Canadian canola to Japan on the spot cash market.
  • Jan/Mar canola spread traded at a minor C$3.00 to C$3.30 under.
  • May/Nov canola spread traded at C$2.00 to C$2.50 over.
  • Western barley futures were steady to slightly higher at midsession.
  • Feed wheat futures were mostly higher, with commission house buying supporting gains.

Sources:

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