(Resource News International) — Winnipeg Commodity Exchange (WCE) grain and oilseed futures closed Wednesday’s session mixed with canola lifted by the gains in Chicago
Board of Trade soy complex futures, brokers said.
Canola trade was moderate with intermonth spreading enhancing the volumes.
Positioning was noted ahead of Thursday’s Statistics Canada crop production report.
The total canola trade was estimated at 11,032 contracts, down from Tuesday’s
20,041 contracts, including an estimated 3,774 contracts that were involved in
Wednesday’s spread trade. Canola options saw a small trade with 70 November 430 calls and
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Canola was pressured down initially by continued follow-through selling from
Tuesday’s decline. However, as that selling faded and the U.S. soy complex futures market
rallied, canola bounced back to small gains, traders said. The light disciplined nature of
farmer selling also gave support.
Limiting the upside in the market was the firm Canadian dollar and the lack of
demand with only routine exporter pricing of old export business noted. Also limiting the
canola advance was selling at the resistance level of $428 per tonne in the November
contract.
Exporters were the main buyers with light crusher buying noted. The selling came
mainly from speculative long liquidation with both commodity funds and commission
was only light farmer pricing with their selling on a scale-up.
Western barley futures posted losses in step with declines in CBOT corn amid a
lack of end user demand, brokers said. Commercial and commission house buying met
mainly speculative selling.
The total barley volume was estimated at 234 contracts, down from 1,049 contracts
on Tuesday.
Feed wheat was unchanged amid a lack of interest with the volume estimated at one contract, down from Tuesday’s 95 contracts.
