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Canadian Financial Close: Loonie, gold lose ground

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WINNIPEG – The Canadian dollar fell further below 83 United States cents on Thursday for its biggest one-day drop in six weeks due to promising economic data from the U.S. The loonie was at US$0.8262 or US$1=C$1.2103 on Thursday, down from Wednesday’s close at US$0.8297 or US$1=C$1.2052. Meanwhile, the United States Dollar Index jumped 0.57
Canola’s pullback snaps in a big way
Grain Markets, Markets

Canola’s pullback snaps in a big way

Expect further significant swings in coming weeks

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When the downturn in ICE Futures canola finally gave way, it did so with a measure of gusto. The old-crop July contract touched its daily trading limit of $30 per tonne on May 27, before it eased back to increase by $24.40 on the day. New-crop positions also experienced jumps of more than $20. This
Futures markets

ICE canola correcting lower at midday

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By Phil Franz-Warkentin, MarketsFarm WINNIPEG, June 3 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, retreating from earlier gains as a downturn in Chicago Board of Trade soyoil weighed on prices. Speculative profit-taking accounted for much of the selling pressure, according to a trader, with the reversal in soyoil a bearish
Currency markets

Canadian Dollar and Business Outlook: Loonie down, gold falls

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WINNIPEG – The Canadian dollar was encountering resistance to the 83-cent United States mark on Thursday morning. As of 8:41 a.m. CDT, the loonie was at US$0.8264 or US$1=C$1.2101 compared to US$0.8297 or US$1=C$1.2052 when markets closed on Wednesday. Crude oil kept rising on Thursday. Brent crude increased US$0.29 per barrel to US$71.64. West Texas
Futures markets

ICE Canada Morning Comment: New crop canola continues higher

Hot, dry weather stressing crops

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By Glen Hallick, MarketsFarm WINNIPEG, June 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on the upswing Thursday morning for new crop contracts. Meanwhile old crop July was lower. Canola was gleaning support from more gains in the Chicago soy complex, along with increases in European rapeseed and Malaysian palm oil. The hot, dry
Screengrab from a 2018 video showing cold storage at the JBS beef slaughter and packing plant at Brooks, Alta. (JBS video via YouTube)
Livestock, Markets

JBS plants reopen as White House blames Russia over hack

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Washington/Chicago | Reuters — JBS SA employees started returning to U.S. meat plants on Wednesday, a day after the company’s beef operations stopped following a ransomware attack, disrupting meat production in North America and Australia. A notorious Russia-linked hacking group is behind the cyberattack against JBS, a source familiar with the matter said. Brazil’s JBS
Green lentils. (Savany/iStock/Getty Images)
Crops, Markets

Pulse weekly outlook: India’s tariff elimination has little effect on Canada

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MarketsFarm — A temporary elimination of some import duties on three pulses currently has little effect on Canada, according to Mac Ross, director of market access and trade policy for Pulse Canada. Earlier in mid-May, the Indian government ordered the suspension of tariffs on pigeon peas, mung beans and urad/black gram lentils until Oct. 31.

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