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Canadian Dollar and Business Outlook: Canadian economy weakens

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WINNIPEG – The Canadian dollar slightly slipped on Tuesday after the release of underwhelming economic data from Statistics Canada. As of 8:36 a.m. CDT, the loonie was at US$0.7929 or US$1=C$1.2612, compared to US$0.7935 or US$1=C$1.2603 when markets closed on Monday. Statistics Canada reported on Tuesday the economy contracted by 1.1 per cent in the
CME December 2021 live cattle (candlesticks) with 20-, 50- and 100-day moving averages (pink, brown and black lines). (Barchart)
Livestock, Markets

U.S. livestock: CME live cattle follow boxed beef lower

Feeder cattle mostly firmer, hogs lower

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Chicago | Reuters — Chicago Mercantile Exchange live cattle futures sagged on Monday as beef prices fell and brokers worried that U.S. demand for steaks and hamburgers will decline after the upcoming Labour Day holiday weekend. Beef prices have softened after reaching their highest price since May 2020 last week as retailers stocked up for
CBOT December 2021 corn (candlesticks) with 20-, 50- and 100-day moving averages (yellow, green and black lines). (Barchart)
Crops, Markets, Weather

U.S. grains: Prices down on rains, Ida shuts grain facilities

Iowa, Minnesota crops benefit from rain; Cargill says Ida damaged Louisiana terminal

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Chicago | Reuters — Favourable rains in the U.S. Farm Belt combined with approaching harvests to push down Chicago Board of Trade grain and soybean futures on Monday, analysts said. Traders, meanwhile, assessed disruptions to U.S. crop exports from Hurricane Ida at a time when global supplies are tight and demand from China is strong.
Currency markets

Canadian Financial Close: Loonie, oil moving up

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WINNIPEG– The Canadian dollar made its way closer to the 80 cent United States mark on Monday. The loonie was at US$0.7935 or US$1=C$1.2603 on Monday, compared to Friday’s close at US$0.7915 or US$1=C$1.2635. The U.S. Dollar Index was unchanged at 92.69 points. Benchmark crude oil prices were up on Monday after Hurricane Ida slowed
Futures markets

North American Grain and Oilseed Review: StatCan report fails to spark major gains

Losses across the board at CBOT

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By Glen Hallick, MarketsFarm WINNIPEG, Aug. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were down mostly on Monday, although losses had backed well away from earlier lows. The more significant losses came in the front months while the more deferred positions were mixed. Weakness in the Chicago soy complex proved to be stronger over
Farmer and Grainews columnist Toban Dyck inspects wheat on July 6, 2021 near Winkler, Man., where hot and dry weather has led to thin, uneven stands. (Photo: Reuters/Rod Nickel)
Crops, Markets, Weather

StatsCan confirms Canada’s crop production down in 2021

Corn expected to be lone exception

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MarketsFarm — Production of most of Canada’s major grain, oilseed and pulse crops was down substantially in 2021-22, as drought conditions across the Prairies cut into yields, according to preliminary estimates released Monday by Statistics Canada. Of the major crops, only corn was expected to see a slight increase in production on the year as
Futures markets

ICE Canola Midday: Soy complex over-powering StatCan report

Federal agency chops canola production by 24 per cent

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By Glen Hallick, MarketsFarm WINNIPEG, Aug. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Monday, as weakness in the Chicago soy complex weighed on value. A trader said there wasn’t much a reaction in the markets regarding the long-awaited production report from Statistics Canada. The federal agency dropped its call on
Currency markets

Canadian Dollar and Business Outlook: Loonie rises, oil drops

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WINNIPEG– The Canadian dollar made slight gains on Monday. As of 9:04 a.m. CDT, the loonie was at US$0.7936 or US$1=C$1.2601, compared to US$0.7915 or US$1=C$1.2635 when markets closed on Friday. Crude oil was mostly lower on Monday. Brent crude oil dipped US$0.19 per barrel to US$72.51. West Texas Intermediate (WTI) declined US$0.48 to US$68.26/barrel.
Futures markets

ICE canola turns lower despite small crop

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By Phil Franz-Warkentin, MarketsFarm WINNIPEG–The ICE Futures canola market was lower Monday morning, retreating from earlier gains as spillover from the Chicago Board of Trade soy complex countered the supportive influence of Statistics Canada’s production estimates. Using satellite imagery and model-based data, the government agency pegged the 2021/22 Canadian canola crop at 14.7 million tonnes,

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