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ICE Canada Morning Comment: Canola continues to push higher

Prairies facing hot, dry weather

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By Glen Hallick, MarketsFarm WINNIPEG, June 2 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, building on yesterday’s spike in prices. Hot, dry weather is forecast to continue for the rest of the week across the Prairies. Canola was getting support from sharp gains in Chicago soyoil, as well as increases
File photo of a container vessel being unloaded at a U.K. port. (Sterling750/iStock/Getty Images)
Markets

Trans-Pacific trade partners agree for U.K. to start joining process

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Tokyo | Reuters — Member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Wednesday officially agreed to allow the United Kingdom to start the process of joining the pact, Japan’s economy minister said. Japanese Economy Minister Yasutoshi Nishimura told reporters he welcomed the start of Britain’s joining process after hosting an
CME August 2021 live cattle (candlesticks) with July 2021 lean hogs (pink open/high/low/close). (Barchart)
Livestock, Markets

U.S. livestock: Cattle futures fall on cyberattack at JBS

July hogs touch contract high

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Chicago | Reuters — Chicago Mercantile Exchange (CME) cattle futures tumbled on Tuesday after JBS stopped slaughtering at U.S. plants because of a cyberattack. Brazil’s JBS told the U.S. government that a ransomware attack on the company originated from a criminal organization likely based in Russia, according to the White House. It is not known
CBOT July 2021 corn (candlesticks) with MGEX July 2021 spring wheat (orange open/high/low/close). (Barchart)
Crops, Markets, Weather

U.S. grains: Hot, dry weather view sparks rallies

Corn, soybeans, wheats up

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Chicago | Reuters — U.S. corn, soybean and wheat futures rallied on Tuesday, supported by concerns that crops will face stress from adverse weather during the next few weeks. “The grains exploded out of the gates last night and remain double-digits higher… as forecasts turn hot and dry through mid-month,” Arlan Suderman, chief commodities economist
(Photo courtesy Canada Beef Inc.)
Livestock, Markets

Klassen: Feeder market remains firm

Canada's feeder exports down off year-ago levels

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Compared to last week, western Canadian feeder cattle prices were steady to $2 higher on average. Strength was noted in the mid-weight categories as lighter calves and yearlings (900 pounds-plus) were relatively unchanged. Major feedlots were dominant buyers, with little demand surfacing for grassers. Feeding margins are in positive territory and recent rains have enhance
Futures markets

ICE canola rises with Prairie temperatures at midday

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By Phil Franz-Warkentin, MarketsFarm WINNIPEG, June 1 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, as hot and dry weather forecasts provided support. Environment Canada has issued a heat wave warning for much of the Canadian Prairies, with daytime temperatures above 30 Celsius expected over the next week. With little rain
Global markets

Global Markets: European inflation beats expectations

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By MarketsFarm WINNIPEG, June 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – Inflation in the Euro zone climbed to 2.0 per cent in May, from 1.6 per cent the previous month, according to data from Eurostat. The rate of inflation came in above market expectations,

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