(Resource News International) — Winnipeg Commodity Exchange grain and oilseed futures closed Wednesday’s session mixed with canola boosted by gains in Chicago Board of Trade soy complex futures, while WCE grains continued their decline, brokers said.
Canola saw a heavy trade with intermonth spreading enhancing the level of activity
as commercials continued to liquidate their November futures and roll them into deferred
contracts, analysts said.
The total canola volume was estimated at 12,914 contracts, down from Tuesday’s
17,670 contracts, including an estimated 8,408 contracts involved in the spread trade.
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Canola rallied in the wake of gains in CBOT soy complex futures with friendlier
technical signals and improved crush margins contributing to the gains, traders said.
Capping the advance was scale up elevator company hedging and the firm Canadian
dollar which has slowed fresh export demand.
Crushers were the best buyers with routine exporter pricing also noted. Locals and
commission houses appeared on both sides of the market, favouring the long side, traders said. The selling was mainly elevator company hedging with some farmer pricing of
next year’s crop noted in November 2008 canola futures.
Western barley futures were lower amid the sluggish pace to demand. End-user buying met mainly elevator company selling with all activity focused in the December contract, brokers said. The total estimated barley volume was 407 contracts, down from Tuesday’s 510 contracts.
Feed wheat futures dropped sharply in thin activity as the lack of demand and
continued liquidation selling accounted for the losses. The total volume was estimated at
128 contracts, up from 35 contracts on Tuesday.
