(Resource News International) Winnipeg Commodity Exchange (WCE) grain and
oilseed futures closed Tuesday’s session mixed with canola mostly a bit lower in a
choppy lackluster trade, brokers said.
Canola saw moderate volume with very light intermonth spreading. Traders expect
to see heavy spread trade later this week as both commodity and index funds roll their
Nov contracts into Jan. Analysts estimate the total fund long position at 30,000 Nov
contracts with commodity funds having the larger position at an estimated 17,000
contracts.
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The total estimated volume on Tuesday was 7,799 contracts, down from Monday’s
9,139 contracts with intermonth spreading accounted for an estimated 1,110 contracts of
the total volume.
Canola bounced to both sides amid a lack of fresh news with prices pressured to
fractional losses by seasonal harvest pressure as favorable harvesting weather is expected
in Alberta this week, where the harvest lags the most, traders said. The lack of fresh
exports, weakness in Chicago Board of Trade soyoil futures and the continued firm tone
in the Canadian dollar contributed to the bearish sentiment. However, underpinning the
market was friendly technical signals.
Canola moved to its lows when Chicago soybeans turned lower as losses in soyoil
intensified.
Crushers were light buyers with routine exporter interest noted. The selling came
mainly from elevator company hedge offerings and commission house profit taking.
Western barley ended mainly lower in light trade. Bullish technical signals and
slow farmer selling were balanced off by weakness in CBOT corn futures in the small
activity, brokers said.
The total estimated barley volume was 765 contracts, down from 2,295 contracts
on Monday. End user demand met mainly commercial selling.
Feed wheat was a bit higher amid a lack of farmer selling with the only activity
being a Dec/Mar spread. The total feed wheat volume was estimated at 30 contracts,
down from Monday’s 124 contracts.
