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Canadian Financial Close: Loonie up, BoC to end stimulus

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WINNIPEG – The Canadian dollar was lifted on Wednesday after the Bank of Canada (BoC) announced it was ending its pandemic bond-buying stimulus program. The loonie was at US$0.8092 or US$1=C$1.2358 on Wednesday, up slightly from Tuesday’s price of US$0.8080 or US$1=C$1.2376. The BoC also announced it plans to raise key interest rates by April
Futures markets

North American Grain/Oilseed Review: Canola hits fresh highs on back of spec buying

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By Phil Franz-Warkentin, MarketsFarm WINNIPEG, Oct. 27 (MarketsFarm) – The ICE Futures canola market was stronger on Wednesday, hitting fresh contract highs for the second-straight session as speculators continued to add to their long positions. While tight supplies remained supportive, canola is already priced high enough to ration demand and a trader said there was
Futures markets

ICE canola hitting fresh highs in front months

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By Phil Franz-Warkentin, MarketsFarm WINNIPEG, Oct. 27 (MarketsFarm) – The ICE Futures canola market was mixed at midday Wednesday, hitting fresh contract highs in the most active front months. A Winnipeg-based trader described canola as being in “a game all by itself,” with speculative money the primary reason behind the rally in the nearby contracts.
Global markets

Global Markets: Tax on U.S. billionaires proposed

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By MarketsFarm WINNIPEG, Oct. 27 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – A new tax on billionaires is being proposed by Democrat Senators in the United States in an effort to create alternative revenue sources and pay for President Joe Biden’s sweeping policy agenda. The
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Markets

Bunge raises 2021 profit outlook on higher food, renewable fuel demand

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Bunge Ltd reported stronger-than-expected third-quarter results and raised its full-year profit outlook on Wednesday for a third time this year amid improved demand for food and renewable fuel as pandemic restrictions have eased. Although volumes in the U.S. agricultural commodities trader’s core agribusiness and its refined and specialty oils units were down, robust oilseed processing
Futures markets

ICE Canada Morning Comment: Canola pulling back with veg oils

Declines in soy, palm oil & rapeseed

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By Glen Hallick, MarketsFarm WINNIPEG, Oct. 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures turned lower on Wednesday morning amid declines in the Chicago soy complex. There were also losses in European rapeseed and Malaysian palm oil. Crude oil prices dropped back, which weakened biofuel values. Tight supplies continued to underpin canola values, as were
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Beef cattle, Hogs, Livestock, Markets

U.S. livestock: Cattle futures extend rally; hog contracts weaken

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Chicago | Reuters – Chicago Mercantile Exchange cattle futures rose to their highest in more than seven weeks on Tuesday, with traders noting follow-through buying after the market rallied on Monday. Concerns about supplies and strength in the cash market underpinned cattle futures. CME December live cattle futures settled up 1.925 cents at 131.45 per

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