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Futures markets

ICE canola correcting lower

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By Phil Franz-Warkentin, MarketsFarm WINNIPEG, Feb. 25 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, as speculative profit-taking weighed on values. While the underlying fundamentals of tightening old crop supplies remain supportive, canola was looking overbought and due for a correction from a chart standpoint, according to participants. Losses in the
Currency markets

Canadian dollar and business outlook

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By MarketsFarm WINNIPEG, Feb. 25 (MarketsFarm) – The Canadian dollar was stronger Thursday morning, moving above 80 U.S. cents for the first time in three years. At 9:05 CST Thursday morning the Canadian dollar was at US$0.8011 or US$1=C$1.2483 which compares with Wednesday’s North American close of US$0.7969 or US$1=C$1.2548. Broad weakness in the United
Global markets

Global Markets: Pfizer/BioNTech vaccine 94 per cent effective

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WINNIPEG, Feb. 25 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – The first large independent real-world study of the Pfizer/BioNTech two-dose COVID-19 vaccine has revealed on Wednesday that the shot is almost completely effective against the virus. The study, which was conducted in Israel on 1.2
Futures markets

ICE Canada Morning Comment: Canola retreating from record highs

Profit-taking, higher loonie weigh on values

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By Glen Hallick, MarketsFarm WINNIPEG, Feb. 25 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Thursday morning, as profit-taking pulled them back from record highs. The sparsely-traded March contract, which fell its daily limit of C$30 per tonne yesterday, was already down C$29.70 at C$771.00 per tonne. In gaining about four-tenths of
File photo of the Prince Rupert Grain Terminal. (Dan_prat/iStock/Getty Images)
Crops, Markets, Other, Weather

Grain shortage, cold snap cause delays at West Coast ports

'...the vessels continue to arrive'

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MarketsFarm — Grain movement in Western Canada remains faced with significant difficulties, according to Mark Hemmes, president of Quorum Corp., which monitors rail traffic and vessel movements in Canada. February’s cold snap resulted in grain movement across the region falling below its three-year average. The most pressing issue has been a shortage of grain to
ICE March 2021 canola with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: Profit-taking to pressure canola

Market appearing overdone

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MarketsFarm — ICE Futures canola contracts climbed to record highs during the week ended Wednesday as concerns over tightening old-crop supplies provided support. However, the market was looking overdone to the upside and profit-taking came forward to put some pressure on values. “The traders that are still long are playing the game of forcing the
CBOT May 2021 corn with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

U.S. grains: Brazilian storms push U.S. corn, soy futures higher

Cold-weather concerns support wheat

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Chicago | Reuters — U.S. corn and soybean futures rose on Wednesday as storms in major production areas of Brazil disrupted fieldwork, threatening to slow export shipments from one of the world’s major suppliers, traders said. “Very heavy rains remain in the forecast for Brazil’s northern soybean belt, where farmers are trying to harvest this
CME April 2021 lean hogs with Bollinger (20,2) bands. (Barchart)
Livestock, Markets

U.S. livestock: Hog futures limit-up to highest since May 2019

Cattle futures bounce on bargain buying

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Chicago | Reuters — U.S. lean hog futures rose their daily limit on Wednesday, hitting their highest in nearly two years on tight frozen stocks and expectations for strong Chinese demand, traders said. The U.S. Agriculture Department’s cold storage report issued on Tuesday afternoon fueled buying on Wednesday. “Belly and trim stocks are at four-year
Currency markets

Canadian Financial Close: Loonie at best level in three years

Oil underpinning dollar's rise

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By MarketsFarm WINNIPEG, Feb. 24 (MarketsFarm) – The Canadian dollar hit a three-year high on Wednesday, as the oil currency tried to catch up with rising crude prices. The loonie finished at US$0.7969 or US$1=C$1.2548, compared to Tuesday’s close of US$0.7935 or US$1=C$1.2603. Reuters reported that Western Canadian Select (WCS) has increased by 30 per

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