Winnipeg Commodity Exchange (WCE) Grain and Oilseed Futures Trading Update
At midday on January 19, 2005, grain and oilseed futures on the Winnipeg Commodity Exchange (WCE) showed a mixed trend, with some contracts trading higher while others remained steady.
Key Takeaways:
- Canola futures were higher at midday due to commercial buying, which was reportedly stimulated by advances in CBOT soybean and soyoil values.
- Strong export demand, including a 5,000 metric tons sale to Japan, also contributed to the price increase.
- However, large supplies of oilseeds worldwide and bearish chart signals tempered the gains, leading to scale-up hedge selling by elevator companies.
- Spread activity was light, with only 241 Mar/May and 47 Mar/Jly contracts traded.
- Western barley and feed wheat futures traded at mainly steady levels, with strength in CBOT corn and wheat futures providing underlying support.
- Oversold price ideas and light hedging were also evident in the feed grains market.
Statistics:
- 5,000 metric tons of canola sold to Japan on the spot cash market overnight
- 241 Mar/May contracts traded in the canola market
- 47 Mar/Jly contracts traded in the canola market
- Prices in Canadian dollars per metric ton at 11:00 CT: (no specific prices mentioned in the article)
Sources:
- Resource News International
- COMTEX
- Winnipeg Commodity Exchange (WCE)