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Global Markets: OPEC+ considers production increase

WINNIPEG, March 3 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – Crude oil prices are rallying again on reports that the OPEC+ alliance could continue their production cuts into April rather than boosting production. However, due to increased demand, OPEC+ could increase production to reap revenue

ICE canola mixed early Wednesday

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, March 3 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Wednesday morning, seeing some consolidation after Tuesday’s rally. Strong demand for tight old crop supplies remained the key supportive influence in canola, as the market continues to work to ration that buying interest. A move to fresh contract

Farm cash receipts up in 2020

Crop receipts and direct payments up, livestock slightly lower

MarketsFarm — New data from Statistics Canada on Tuesday showed Canadian farm cash receipts went up in 2020, despite the COVID-19 pandemic, on the strength of rising crop prices and exports. The total value of farm cash receipts in the country totalled $71.7 billion in 2020, an 8.1 per cent increase from the previous year.

U.S. grains: Soy, corn up on unfavourable South American weather

USDA lowers ratings for Kansas, Texas wheat crops

Chicago | Reuters — U.S. grain and soybean futures rose on Tuesday in a turnaround from losses the previous session, as concerns increased about unfavorable weather in crop-growing regions of South America. Traders are watching the effects of heat and dryness in Argentina and rains in Brazil amid worries about potential yield losses. The countries

U.S. livestock: Lean hogs down off recent gains

April live cattle end up off five-week low

Chicago | Reuters — Chicago Mercantile Exchange lean hog futures dropped 2.7 per cent on Tuesday as the market retreated from recent surges. Profit-taking has weighed on prices since most-active April hog futures reached a life-of-contract high on Thursday. Still, traders said robust Chinese demand for pork imports is underpinning the futures market. Traders are

Canadian Financial Close: Loonie, Canada’s GDP climb

WINNIPEG, March 2 (MarketsFarm) – The Canadian dollar strengthened against the U.S. dollar on Tuesday after a Statistics Canada report showed that its gross domestic product (GDP) increased 0.5 per cent in January. In 2020, the economy contracted by 5.4 per cent. The loonie finished at US$0.7920 or US$1=C$1.2626, compared to Monday’s close of US$0.7898

North American Grain and Oilseed Review: Strong gains for canola

A turnaround Tuesday for U.S. markets

By Glen Hallick, MarketsFarm WINNIPEG, March 2 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished higher on Tuesday, gleaning strength from gains in the Chicago soy complex. Additional support came from increases in European rapeseed, while declines in Malaysian palm oil weighed on values. Dwindling canola supplies remained supportive. The Prairie weather will soon

ICE Canola Midday: Stronger U.S. markets pushing up canola

Higher loonie tempering gains

By Glen Hallick, MarketsFarm WINNIPEG, March 2 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were pushing higher at midday Tuesday, following a “snap-back in the United States markets,” according to a Winnipeg-based trader. In a turn-around Tuesday at the Chicago Board of Trade (CBOT), the soy complex was stronger with additional support for canola