(RNI) — Winnipeg Commodity Exchange grain and oilseed
futures closed Thursday’s session mixed with canola setting fresh contract highs for the
fifth session in a row prompted by bullish technical signals, brokers said.
Canola saw an active trade with intermonth spreading accounting for the bulk of the
volume as commercials and commodity funds continued to roll their positions forward.
The total estimated canola volume was 19,539 contracts, down from Wednesday’s
23,500 contracts, including an estimated 14,496 contracts involved in the spread trade.
Read Also
Senft to step down as CEO of Seeds Canada
Barry Senft, the founding CEO of the five-year-old Seeds Canada organization is stepping down as of January 2026.
Canola futures rallied as the bullish technical signals prompted strong speculative
buying which accounted for much of the advance today. The weak Canadian dollar was
also supportive as it offset the weakness in Chicago Board of Trade (CBOT) soyoil futures leaving
crush margins unchanged, traders said. Contributing to the firmer tone was the slow pace
to farmer selling.
Capping the rally was selling at the psychological resistance point of $500 in the
November contract and profit-taking and positioning ahead of year-end, analysts said. Weakness
in CBOT soy complex values also weighed on the market. Canola backed down to just
modest gains in the last 20 minutes of the trading session as losses in CBOT soy complex
value intensified.
Locals and commission houses were the best buyers with routine exporter pricing
being augmented by light crusher buying. Commodity fund buying was estimated at 500
March contracts. Commercials and speculators were the main sellers with only light elevator
company offerings noted.
Western barley closed lower in small activity. The lack of end-user demand as U.S.
corn has displaced about one million tonnes of barley in livestock rations, according to
Agriculture and Agri-Food Canada, weighed on the market. Barley ignored gains in CBOT corn, brokers
said. Commercials dominated the activity.
The total barley volume was estimated at 195 contracts, down from Wednesday’s
390 contracts.
Feed wheat was untraded and unchanged as the market continues to fail to attract any
participation.
WCE closing prices, in Canadian dollars per tonne, Dec. 13, 2007
| Settlement | Change | |
| prices | ||
| Canola | ||
| Jan | 498.70 | up 3.10 |
| Mar | 510.00 | up 2.20 |
| Nov | 491.90 | up 0.20 |
| Feed wheat | ||
| Mar | 191.00 | unch |
| May | 195.00 | unch |
| Western barley | ||
| Mar | 202.30 | dn 2.40 |
| May | 211.00 | dn 1.00 |
