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

Crops, Markets, Weather

CBOT weekly outlook: Wet weather pressures markets ahead of USDA report

By Adam Peleshaty, GFM Network News June 9, 2021

MarketsFarm — After hot and dry weather sent corn and soybean prices climbing higher in early June, much-needed rains brought bids down at the Chicago Board of Trade on Wednesday. Weather accounted for “90 per cent” of the pricing influence, according to Sean Lusk, vice-president of the commercial hedging division for Walsh Trading in Chicago.

CBOT July 2021 soybeans (candlesticks) with 20- and 50-day moving averages (yellow and green lines) and CME July 2021 crude palm oil (purple line). (Barchart)

Crops, Markets, Weather

U.S. grains: Soybean futures fall, corn firm ahead of USDA report

CBOT, MGEX July wheats down; K.C. wheat up

By GFM Network News, Mark Weinraub June 9, 2021

Chicago | Reuters — U.S. soybean futures dropped 1.2 per cent on Wednesday, pressured by a round of profit-taking and weakness in the cash market, traders said. Wheat futures also were mostly lower after rain in the northern U.S. Plains eased some concerns about parched soils limiting the size of the crop. Corn futures were

CME July 2021 lean hogs (candlesticks) with 10- and 50-day moving averages (pink and black lines) and June 2021 lean hogs (dark red line). (Barchart)

Livestock, Markets

U.S. livestock: Front-month hogs hit seven-year high in thin trade

August live cattle up, feeders lower

By GFM Network News, Mark Weinraub June 9, 2021

Chicago | Reuters — Chicago Mercantile Exchange (CME) lean hog futures ended mixed on Wednesday, with the thinly traded June contract rising to a seven-year high as strong domestic demand continues to underpin prices even as export prospects wane, traders said. The most-active hog futures contract eased on profit-taking but remained near the peak it

Currency markets

Canadian Financial Close: C$ steady

By GFM Network News June 9, 2021

By MarketsFarm WINNIPEG, June 9 (MarketsFarm) – The Canadian dollar held steady on Wednesday, seeing little reaction as the Bank of Canada left its key overnight interest rate unchanged at 0.25 per cent. In the accompanying statement, the Bank said it expected increasing vaccination rates in the country would help the economy “rebound strongly.” The

Futures markets

North American Grain and Oilseed Review: Canola slips back

Chicago soy complex weakens

By GFM Network News June 9, 2021

By Glen Hallick, MarketsFarm WINNIPEG, June 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Wednesday, as rain fell on parts of the eastern Prairies. Coupled with that were declines in the Chicago soy complex plus the spec funds liquidating their long positions. Losses in European rapeseed and Malaysian palm oil added to

Futures markets

ICE Canola Midday: More to downturn than rain

Weaker soyoil, long liquidation contributing factors

By GFM Network News June 9, 2021

By Glen Hallick, MarketsFarm WINNIPEG, June 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were falling sharply at midday Wednesday, with some contracts coming close to the C$30 per tonne daily limit. A Winnipeg-based trader said there are three factors to the slide in prices. “Definitely the rain, as it has alleviated the drought-like conditions.

Global Markets: New partnership seeks to buy Trans Mountain Pipeline

Chinook Pathways to block rival's acquisition

By GFM Network News June 9, 2021

Compiled by Glen Hallick, MarketsFarm WINNIPEG, June 9 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – Pembina Pipeline Corp. and the Western Indigenous Pipeline Group announced on Wednesday that they have formed Chinook Pathways in hopes of purchasing the Trans Mountain Pipeline from the Canadian government.

Futures markets

ICE canola falls with Prairie rains

By GFM Network News June 9, 2021

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, June 9 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, seeing some profit-taking after recent highs as parts of the Prairies saw some much needed rain. Losses in Chicago Board of Trade soybeans and soyoil added to the softer tone in canola, with Malaysian palm oil and

Currency markets

Canadian Dollar and Business Outlook: Loonie rises before BoC decision

By GFM Network News June 9, 2021

WINNIPEG – The Canadian dollar increased on Wednesday just before the Bank of Canada (BoC) announces later today if it will raise key interest rates. As of 8:45 a.m. CDT, the loonie was at US$0.8288 or US$1=C$1.2066 on Wednesday, compared to US$0.8267 or US$1=C$1.2097 when markets closed on Tuesday. Many analysts believe BoC will keep

CBOT July 2021 soybeans (candlesticks) with 20-day moving average (dark green line) and ICE July 2021 canola (yellow line). (Barchart)

Crops, Markets, Weather

U.S. grains: Midwest forecast supports gains in soy, corn

CBOT wheat up, MGEX wheat down

By GFM Network News, Mark Weinraub June 9, 2021

Chicago | Reuters — U.S. corn and soybean futures rose on Tuesday after a government report showed that the condition of crops was worse than expected as a heat wave hit the U.S. Midwest. “Yesterday’s Crop Progress report provided plenty of fodder for the bulls,” Matt Zeller, director of market information at StoneX, said in