(Resource News International) — Winnipeg Commodity Exchange (WCE) grain and oilseed futures closed Thursday’s session mixed with canola higher on the gains in Chicago
Board of Trade soyoil futures and the sluggish selling pace, brokers said.
Canola saw a moderate trade with intermonth spreading augmenting the activity.
There was some evening up ahead of the long Thanksgiving Day weekend in Canada.
The WCE will be closed on Monday for the holiday.
The total canola volume was estimated at 10,143 contracts, down from
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in the spread trade. Commodity and index funds were noted in the spread trade rolling
their November position into January. Canola options were only lightly traded.
Canola rallied in the wake of the upward surge in CBOT soyoil with the slow pace
to selling contributing to the firming. Giving minor support was this morning’s Statistics
Canada canola crop estimate of 8.8 million tonnes, which was down from its last
forecast of 9.2 mln tonnes and at the low end of trade estimates.
Further support for the market came from the lagging Alberta harvest as inclement
weather is forecast in some of the northern regions of the province, traders said. Bullish
also encouraged the strength. The disciplined scale-up nature of farmer selling also forced
the market higher, they added.
Weighing on the market was the lack of fresh non-routine export buying and the
firm tone in the Canadian dollar as it continues to trade at a premium to the U.S. greenback.
Crushers were the best buyers with routine exporter pricing noted of sales to both
Mexico and Japan. Commission house buying was noted today. The selling was mainly
commercial with elevator company scale-up selling noted.
Western barley posted losses in light trade. The market was undermined by the
weakness in CBOT corn and the lack of end user pricing, analysts said. Bearish technical
signals also weighed on the market. However cash market tightness limited the declines.
Total western barley volume was estimated at 544 contracts, up from Wednesday’s
234 contracts.
Feed wheat was only lightly trade with prices a bit lower amid a lack of demand.
The total estimated volume was 20 contracts, up from only one contract traded on
Wednesday.
