(Resource News International) — Winnipeg Commodity Exchange (WCE) grain and oilseed futures finished Friday’s session mainly lower with the strong Canadian dollar and weakness in the CBOT soybean complex behind the downward price slide, market watchers said.
Position-evening ahead of the three-day long holiday weekend was a feature of the trade.
(Canadian financial institutions and markets, including the WCE, will be
closed on Monday in observance of the Thanksgiving Day holiday.)
Canola finished lower with losses fueled by steady commercial
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interest was stimulated by the strong Canadian dollar and the sell-off experienced by CBOT soybean and soyoil values, traders said.
The absence of fresh export business helped to push canola
futures lower with some late line company hedges adding to the
downward price slide.
The losses in canola were tempered somewhat by scale-down
domestic crusher demand and some minor covering of routine export
business with Japan and Mexico, brokers said.
Concerns about harvest delays in northern Alberta also slowed
the price drop seen in canola.
Commodity funds were featured participants in canola at the
open and again at the close.
There were an estimated 20,075 canola contracts traded during
the contracts traded, 11,498 were spread-related.
Western barley values were lower in choppy trade. Weakness in
CBOT corn futures and a drop off in demand encouraged some of the
selling that surfaced in barley futures, traders said. Underlying
support, however, did come from reluctant farmer selling and tight
world barley supplies.
An estimated 1,524 barley contracts changed hands during the
session. On Thursday, 544 contracts were traded. Of the contracts
traded Friday, 360 were spread-related.
Feed wheat futures were lower with the losses in CBOT corn and
nearby wheat futures behind the price drop. Activity was a light two-sided commercial affair, brokers said.
There were 45 feed wheat contract traded Friday. On
Thursday, 20 feed wheat contracts changed hands.
