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Corn seedlings on June 1, 2020. (Farmtario photo by John Greig)

U.S. grains: Corn, soy futures hit multi-year highs on supply fears

Dryness in Brazil fuels supply fears

By GFM Network News, Tom Polansek May 8, 2021

Chicago | Reuters — Concerns that global crop supplies will remain lean pushed Chicago Board of Trade corn futures to their highest price since March 2013 on Friday, while soybean futures reached their highest since October 2012. The markets surged before the weekend as traders braced for the potential of further rallies driven by tightening

(Lovelyshot/iStock/Getty Images)

Livestock, Markets

U.S. livestock: CME cattle futures up on beef prices, demand

June hogs down off recent rallies

By GFM Network News, Tom Polansek May 8, 2021

Chicago | Reuters — Chicago Mercantile Exchange cattle futures rose on Friday on strong beef prices and demand for red meat that also catapulted margins for beef processors. Meat demand is high as federal stimulus checks have increased incomes and prompted consumers to spend more at supermarkets and restaurants, analysts said. COVID-19 vaccinations are also

Currency markets

Canadian Financial Close: Loonie, TSX, gold all end week on highs

By GFM Network News May 7, 2021

WINNIPEG – As the TSX climbed new peaks on Friday, the Canadian dollar closed above a level not seen in more than three years. The loonie was at US$0.8226 or US$1=C$1.2156 on Friday, up from Thursday’s close at US$0.8197 or US$1=C$1.2200, due to rising commodity prices and a weakened U.S. dollar. Yet, Canada lost more

Futures markets

North American Grain/Oilseed Review: Canola tops C$1,000 per tonne

By GFM Network News May 7, 2021

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, May 7 (MarketsFarm) – The ICE Futures canola market was mixed on Friday, with gains in the old crop July contract and losses in the new crop months. Expanded daily trading limits saw the July contract climb above the psychological C$1,000 per tonne level for the first time ever. Statistics

Futures markets

ICE canola mixed at midday, with fresh highs in July

By GFM Network News May 7, 2021

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, May 7 (MarketsFarm) – The ICE Futures canola market was mixed at midday Friday, hitting a fresh high in the old crop July contract while the new crop months moved lower. Statistics Canada confirmed the tightening old crop supply situation in their latest stocks report out this morning. Total canola

Currency markets

Canadian Dollar and Business Outlook: Loonie hits 82 cents U.S.

By GFM Network News May 7, 2021

WINNIPEG – The Canadian dollar surpassed the 82 cents U.S. mark on Friday morning despite underwhelming economic data on both sides of the border. As of 8:37 a.m. CDT, the loonie was at US$0.8175 or US$1=C$1.2232 compared to US$0.8197 or US$1=C$1.2200 when markets closed on Thursday. Statistics Canada reported earlier today that Canada lost 207,000

Futures markets

ICE Canada Morning Comment: Report confirms tight canola stocks

Total stocks at lowest levels since 2013

By GFM Network News May 7, 2021

By Glen Hallick, MarketsFarm WINNIPEG, May 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Friday morning, with gains in the old crop July contract and losses in the new crop positions. Statistics Canada released its quarterly grain stocks report this morning, and as of March 31 total canola stocks in the country

Global Markets: North American jobs data disappoints

By GFM Network News May 7, 2021

WINNIPEG, May 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – United States jobs data for April came in well below expectations, with only 266,000 jobs added to the country’s economy, according to a report from the U.S. Labor Department. Pre-report expectations had been for jobs

Loading grain on a vessel at a Burrard Inlet terminal. (Maxvis/iStock/Getty Images)

Ocean freight rates at decade highs

By GFM Network News, Phil Franz-Warkentin May 7, 2021

MarketsFarm — Ocean freight rates have climbed steadily higher over the past year, recovering from the lows hit at the start of the pandemic in early 2020 to see their highest levels in over a decade. The Baltic Dry Index (BDI), a major indicator of shipping rates, hit a high of 3,266 points on Wednesday.

(Photo courtesy Canada Beef Inc.)

Feed weekly outlook: Drought, demand deplete southern Alberta stocks

By Adam Peleshaty, GFM Network News May 7, 2021

MarketsFarm — Prices for feed grains are continuing to go up — and with depleted stocks and dry conditions forecast for the Prairies, they are likely to rise a bit more. “There’s a shortage of corn. Corn’s at over $400 (per tonne) in southern Alberta. You’ve got barley that’s pushing over $340-$350 and that’s a