(RNI) — Canola futures at the Winnipeg
Commodity Exchange finished Wednesday’s session on a firmer
footing with a number of new highs established.
Gains in canola were
fueled by chart-related buying and strong demand from the domestic
sector, market watchers said.
WCE feed wheat and western barley futures were mixed with some
of the weakness in barley linked to the absence of fresh end-user
needs.
Canola futures were higher with new highs again set in a number
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buying from commodity and index funds took canola values higher,
traders said.
Weakness in the Canadian dollar helped to push canola futures
upward, with the dollar’s drop sparking fresh domestic crusher
demand and possibly some fresh export business, brokers said. Gains
in Chicago Board of Trade (CBOT) soyoil values helped to underpin canola.
The advances in canola were trimmed by the weak price tone seen
in CBOT soybeans and by steady elevator company hedge selling. Line
companies in Western Canada were said to be offering $10 a bushel
for canola and were apparently getting a good response from
producers, traders said.
There were an estimated 17,670 canola contracts traded during
Wednesday’s session, up from 11,729 during the previous session. Of
Western barley futures were steady to mostly lower with some of
the price weakness spurred on by poor end-user demand, brokers said.
Commercials were seen on both sides of the market.
An estimated 422 barley contracts changed hands during the
session. On Tuesday, 272 contracts were traded.
Feed wheat futures were higher in virtually non-existent
activity. It only took a small amount of commercial bidding to push
values up in the extremely thin volumes, traders said.
There were 10 feed wheat contract traded Wednesday. On Tuesday,
no feed wheat contracts changed hands.
WCE closing prices, Canadian dollars per tonne, Nov. 21, 2007.
| Settlement | ||
| prices | Change | |
| Canola | ||
| Jan | 463.10 | up 4.50 |
| Mar | 473.50 | up 5.20 |
| Nov 08 | 473.00 | up 2.30 |
| Feed wheat | ||
| Dec | 180.00 | up 5.00 |
| Mar | 184.00 | up 5.00 |
| Western barley | ||
| Dec | 177.00 | dn 3.10 |
| Mar | 191.00 | dn 1.20 |
WCE spread trade prices, in Canadian dollars. “Volume”
represents the number of spreads.
| Month | Price | Volume |
| Canola | ||
| Jan/Mar | 9.70-10.50 | 1,762 |
| Jan/May | 18.60-19.50 | 1,950 |
| Jan/Jly | 24.90-25.20 | 60 |
| Jan/Nov | 9.00-12.00 | 123 |
| Mar/May | 8.50-9.60 | 98 |
| Mar/Jly | 15.20-15.50 | 44 |
| May/Jly | 6.30-7.30 | 133 |
| Jly/Nov | 16.50-14.00 over | 88 |
| Nov08/Jan09 | 5.70-5.90 | 30 |
