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Futures markets

ICE Canada Morning Comment: Canola sustaining gains

Increases despite lower edible oils

By GFM Network News August 17, 2021

By Glen Hallick, MarketsFarm WINNIPEG, Aug. 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Tuesday morning in a show of independent strength from other edible oils. Chicago soyoil was lower, as were European rapeseed and Malaysian palm oil. Meanwhile Chicago soybeans and soymeal were higher. Yesterday, a trader surmised that speculative funds

(Photo courtesy Canada Beef Inc.)

Livestock, Markets

Klassen: Strong demand underpins yearling market

Western Canada will be seeking U.S. corn

By GFM Network News, Jerry Klassen August 17, 2021

Compared to last week, western Canadian yearling prices were unchanged to as much as $4 higher in some cases; calf markets traded $2-$3 on either side of unchanged as prices were quite variable across the Prairies. Major feedlot operators were extremely aggressive for yearlings. Larger groups of one-cut cattle were very well bid. April live

CBOT September 2021 wheat (candlesticks) with 20-, 50- and 100-day moving averages (yellow, orange and green lines). (Barchart)

Crops, Markets, Weather

U.S. grains: Wheat ends mixed, near 8-1/2-year high

Pro Farmer corn, soy tour begins in U.S.

By GFM Network News, Tom Polansek August 17, 2021

Chicago | Reuters — Chicago Board of Trade wheat futures took a breather on Monday after setting 8-1/2-year highs last week on concerns about tightening supplies in exporting countries hit by harsh weather. Russian agriculture consultancy Sovecon trimmed its forecast for Russia’s crop by 0.3 per cent from last week in the latest estimated reduction

CME October 2021 lean hogs (candlesticks) with 20-, 50- and 100-day moving averages (pink, brown and black lines). (Barchart)

Livestock, Markets

U.S. livestock: CME lean hogs climb on strong cash

Live cattle also higher

By GFM Network News, Julie Ingwersen August 17, 2021

Chicago | Reuters — Lean hog futures on the Chicago Mercantile Exchange rose nearly three per cent on Monday on technical buying and relatively strong cash hog markets, analysts said. CME’s benchmark October hog contract settled up 2.475 cents, or 2.9 per cent, at 89 cents/lb., pushing just above chart resistance at the contract’s 100-day

Currency markets

Canadian Financial Close: Loonie, oil slip

By GFM Network News August 16, 2021

WINNIPEG – The Canadian dollar slipped back on Monday amidst indications the Chinese economy is slowing down. The loonie was at US$0.7956 or US$1=C$1.2569 on Monday, compared to Friday’s close at US$0.7991 or US$1=C$1.2514. The United States Dollar Index increased 0.10 of a point at 92.62. Benchmark crude oil prices were declining on Monday. Brent

Futures markets

North American Grain and Oilseed Review: Canola starts new week with a jump

U.S. soybeans up, corn down, wheat mixed

By GFM Network News August 16, 2021

By Glen Hallick, MarketsFarm WINNIPEG, Aug. 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger on Monday, but took a step back from their earlier highs. A trader said canola was likely run up by speculative fund traders in an attempt to see how high they could push it. However, he suggested canola doesn’t

Futures markets

ICE Canola Midday: Spec funds likely behind increases

Commercial traders well aware of canola situation

By GFM Network News August 16, 2021

By Glen Hallick, MarketsFarm WINNIPEG, Aug. 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Monday, likely being pushed upward by speculative fund trading, according to a trader. Although, prices were off from earlier highs. “I doubt it’s commercial buying at this stage. The commercial money is pretty well set now. They

Currency markets

Canadian Dollar and Business Outlook: Loonie drops after election call

By GFM Network News August 16, 2021

WINNIPEG – The Canadian dollar fell on Monday amidst lower oil prices, just one day after a federal election was called. As of 9:04 a.m. CDT, the loonie was at US$0.7956 or US$1=C$1.2569, compared to US$0.7991 or US$1=C$1.2514 when markets closed on Friday. A federal election for Sept. 20 was called on Sunday. Crude oil

Global Markets: Canadian federal election on Sept. 20

By GFM Network News August 16, 2021

WINNIPEG – The following is a glance at the news moving markets in Canada and globally. – Canadian Governor General Mary Simon granted Prime Minister Justin Trudeau’s request to dissolve Parliament on Sunday, and the federal election is now underway. With the dropping of writs, all 338 federal ridings will go to the polls on

Futures markets

ICE Canada Morning Comment: Canola continues with gains from overnight

Another day of hot temperatures on the Prairies

By GFM Network News August 16, 2021

By Glen Hallick, MarketsFarm WINNIPEG, Aug. 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday morning on gains made during the overnight session. However, increases have pulled back from earlier highs. Prairie temperatures have been forecast to continue well above 30 degrees Celsius today, especially parts of Saskatchewan and Manitoba. Daytime highs