Winnipeg Commodity Exchange (WCE) Grain and Oilseed Futures Trading in Mixed Range

Strategic Insights -

As of midday, grain and oilseed futures at the Winnipeg Commodity Exchange (WCE) are trading in a mixed range, with early declines attributed to elevator company hedge selling and the absence of significant fresh demand. Canola futures are mixed in moderate trade, with early weakness associated with steady farmer deliveries to the country elevator system and subsequent hedge selling. The absence of fresh export demand, due in part to rising ocean freight rates, contributed to initial selling interest.

Key Takeaways:

  • Canola futures are trading in a mixed range at midday, with early weakness attributed to steady farmer deliveries and hedge selling.
  • The absence of fresh export demand, including rising ocean freight rates, contributed to some initial selling interest.
  • Technical support at C$280 per metric ton was unable to be penetrated, but later helped to halt the downward price slide.
  • Short-covering by commercial accounts and a rebound in CBOT soyoil values helped to underpin prices.
  • Steady farmer selling and ample supplies resulted in feed wheat futures moving lower, with commercials as the featured sellers.
  • Western barley futures are steady to slightly lower in light trade, with large feed grain supplies and weakening cash markets sparking downward price action.

Statistics:

  • Canola futures traded in a mixed range, with early weakness attributed to steady farmer deliveries.
  • 17% of canola futures contracts changed hands at the C$3.50 under spread between Jan and Mar contracts.
  • Feed wheat futures moved 2.5% lower, attributed to commercials selling and light scale-down buying.
  • Western barley futures traded at C$235.50 per metric ton at 11:08 CT.

Sources:

  • Resource News International via COMTEX
  • Winnipeg Commodity Exchange (WCE)