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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,
CME October 2021 lean hogs (candlesticks) with 20-, 50- and 100-day moving averages (pink, brown and black lines) and lean hog cash index (blue line, left column). (Barchart)
Livestock, Markets

U.S. livestock: CME lean hogs rise, narrowing discount to cash market

Technical selling drags on live cattle

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Chicago | Reuters — Chicago Mercantile Exchange lean hog futures firmed on Friday, led by the nearby October contract, in a technical and bargain-buying rally that narrowed the market’s sizeable discount to the exchange’s lean hog index, traders said. Actively traded October futures scaled to a 3-1/2 week peak and closed near its session high,
Currency markets

Canadian Financial Close: Loonie bumps by tenth of a cent

Powell's comments spark drop in U.S. dollar

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Compiled by Glen Hallick, MarketsFarm WINNIPEG, Aug. 27 (MarketsFarm) – The Canadian dollar nudged a little higher on Friday, buoyed by a drop in the United States dollar and a spike in crude oil prices. The loonie closed at US$0.7915 or US$1=C$1.2635, compared to Thursday’s close of US$0.7905 or US$1=C$1.2605. On the U.S. Dollar Index,
(Dave Bedard photo)
Crops, Markets, Weather

Smaller crops anticipated in looming StatsCan report

Survey-based data due out Monday

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MarketsFarm — Heat and drought across Western Canada during the summer of 2021 seriously cut into the country’s crop production, raising traders’ expectations for reduced yields across the board when Statistics Canada on Monday releases its first production estimates of the year. Canola production is estimated at 11.5 million to 16 million tonnes, which would
CBOT November 2021 soybeans (candlesticks) with Bollinger bands (20,2). (Barchart)
Crops, Markets, Weather

U.S. grains: Soybeans ease as Midwest’s rains seen boosting crop

CBOT December corn up, wheat down

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Chicago | Reuters — U.S. soybean futures fell for a second straight session on Friday as rains were seen boosting harvest prospects in some dry areas of the Midwest farm belt. Wheat futures fell on profit-taking and spillover pressure from lower soybeans, although concerns about global supplies limited declines. Corn was lower much of the
Room for optimism seen in southwest
Livestock Markets, Markets

Room for optimism seen in southwest

Rainfall has taken some of the urgent edge off sales in the region

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Drought has been the major story for Manitoba cattle producers this summer, but the effects have varied depending on the region. While the Interlake and parts of eastern Manitoba have been hit the hardest by the hot and dry conditions, southwestern Manitoba has received much more precipitation, creating a less desperate situation for cattle sales.

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