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ICE Canada Morning Comment: Rain brings storm of big price hits

Weaker edible oils add to losses

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By Glen Hallick, MarketsFarm WINNIPEG, May 19 (MarketsFarm) – There were sharp declines in Intercontinental Exchange (ICE) canola futures on Wednesday morning, as two weather systems are forecast to bring much needed rain to the Canadian Prairies. One system moving across central and northern Alberta dropped 15 to 45 millimeters and in one case, five
File photo of a steak sandwich with chimichurri sauce at a street food market in Buenos Aires. (Aleksandr_Vorobev/iStock/Getty Images)
Beef cattle, Livestock, Markets

Tensions build over Argentina’s beef export ban

Rural associations pledge pause in livestock trading

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Buenos Aires | Reuters — Argentine farm groups will halt trading of livestock in protest against a 30-day government ban on beef exports aimed at bringing down domestic prices, the country’s main producer groups said in a joint statement Tuesday. The South American country’s centre-left Peronist government unveiled the ’emergency measure’ to tamp down high
CME June 2021 lean hogs (candlesticks) with 20-day moving average (pink line) and June 2021 live cattle (red high/low/close). (Barchart)
Livestock, Markets

U.S. livestock: Hog futures rally on technical bounce

June live cattle up, August feeders down

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Chicago | Reuters — Lean hog futures rallied on Tuesday, rising 1.8 per cent on a technical bounce after three straight days of declines pushed prices to their lowest since April 30, traders said. Concerns about a tightening of supplies during grilling season added support. “We are still watching weekly hog slaughter rates,” said Rich
Currency markets

Canadian Financial Close: Loonie a pinch under 83 U.S. cents

Greenback slides under 90 points on dollar index

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Compiled by Glen Hallick, MarketsFarm WINNIPEG, May 18 (MarketsFarm) – After pushing well above 83 United States cents, the Canadian dollar settled back just under the mark on Tuesday. The increase of just over two-tenths of cent to hit a six-year high was largely due to the decline of the U.S. dollar. The loonie finished
Futures markets

ICE canola stronger at midday Tuesday

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By Phil Franz-Warkentin, MarketsFarm WINNIPEG, May 18 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, with the old crop July contract up its daily C$45 per tonne limit for the second session in a row. After dropping sharply for most of the previous week due to long liquidation, the July contract
Global markets

Global Markets: Biden supports ceasefire

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WINNIPEG – The following is a glance at the news moving markets in Canada and globally. – United States President Joe Biden called Israeli Prime Minister Benjamin Netanyahu on Monday and expressed support for a ceasefire as the conflict between Israel and Hamas extended to its ninth day. However, unlike his colleagues in the Democratic
Currency markets

Canadian dollar and business outlook

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By MarketsFarm WINNIPEG, May 18 (MarketsFarm) – The Canadian dollar was stronger Tuesday morning, amid broad weakness for the United States dollar internationally. At 8:50 a.m. CDT Tuesday morning, the Canadian dollar was at US$0.8304 or US$1=C$1.2042 which compares with Friday’s North American close of US$0.8277 or US$1=C$1.2081. Recent strength in crude oil was also

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