(Resource News International) — Winnipeg Commodity Exchange grain
and oilseed futures finished Friday’s session mainly lower with
losses fueled by pre-weekend hedging and the absence of fresh
demand, market watchers said.
WCE feed wheat and western barley values declined amid poor
demand and the sharp declines posted by CBOT wheat futures.
Position evening ahead of the weekend was a feature of the
trade.
Canola finished lower with steady commercial and speculative
selling behind the downward price slide. Some of the selling that
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sentiment that canola was overpriced in comparison to other world
vegetable oils, traders said. Pre-weekend hedge selling by line
companies further weighed on values as did the strong Canadian
dollar which continued to curb fresh demand from exporters.
Weakness in CBOT soybean and soyoil values also spilled over to
weigh on canola.
The losses in canola were trimmed by scale-down domestic
crusher demand. Routine exporter pricing of old sales to Mexico and
Japan, also helped to limit the price weakness.
There were an estimated 15,886 canola contracts traded during
Friday’s session, up from 14,400 during the previous session. Of the
contracts traded 11,738 were spread related.
Western barley values were mainly lower with the losses fueled
by the absence of fresh end-user demand, traders said. Commercial
and speculative profit-taking further weighed on prices.
An estimated 289 barley contracts changed hands during the
session. On Thursday, 1,137 contracts were traded. Of the contracts
traded Friday, 66 were spread-related.
Feed wheat futures were mainly lower with the absence of fresh
demand and an increased feed wheat supply in Western Canada
prompting some of the downward price action, brokers said. Trade was
mainly a two-way affair between commercials.
There were 204 feed wheat contract traded Friday. On Thursday,
190 feed wheat contracts changed hands.
