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ICE July 2021 canola (candlesticks) with Bollinger (20,2) bands and November 2021 canola (black line). (Barchart)

ICE weekly outlook: Canola’s uptrend intact for now

By GFM Network News, Phil Franz-Warkentin May 6, 2021

MarketsFarm — The ICE Futures canola market continued its months-long upward trajectory during the week ended Wednesday, hitting fresh contract highs in many months as tight old-crop supplies and weather uncertainty for the new crop kept speculators on the buy side. While selling was starting to come forward to temper gains in the new-crop months,

The USDA building in Washington, D.C. (Art Wager/iStock/Getty Images)

CBOT weekly outlook: Look for May USDA report to be bullish

New WASDE will include first projections for 2021-22

By GFM Network News, Glen Hallick - MarketsFarm May 6, 2021

MarketsFarm — With the next supply and demand estimates from the U.S. Department of Agriculture (USDA) a week away, broker Ryan Ettner provided his outlook on the report. “[Soybean] exports have been good enough to meet the USDA’s expectations,” but maybe not enough to adjust any of their numbers, said Ettner, a broker for Allendale

CBOT July 2021 corn (candlesticks) with 20-day moving average (orange line) and December 2021 corn (dark green line). (Barchart)

U.S. grains: Corn exceeds eight-year high on global supply worries

Soybean, wheat futures also finish higher

By GFM Network News, Tom Polansek May 6, 2021

Chicago | Reuters — Chicago Board of Trade corn futures touched their highest price in more than eight years on Wednesday as concerns over global supplies and strong demand continued to fuel strong gains. A blistering rally in the market has raised costs for global producers of corn-based ethanol and of meat made from livestock

CME June 2021 lean hogs (candlesticks) with 20-day moving average (pink line) and June 2021 live cattle (dark red line). (Barchart)

Livestock, Markets

U.S. livestock: Hogs rally again on pork prices, supply woes

June live cattle rise to even with June hogs

By GFM Network News, Tom Polansek May 6, 2021

Chicago | Reuters — Chicago Mercantile Exchange lean hog futures extended a sharp rally on Wednesday, touching contract highs for the fourth consecutive day on limited supplies and strong pork prices. U.S. pork demand is strong as sales have benefited after households received additional COVID-19 pandemic relief money from the federal government, analysts said. The

Currency markets

Canadian Financial Close: Loonie reaches highest point since 2017

By GFM Network News May 5, 2021

WINNIPEG, May 5 (MarketsFarm) – The Canadian dollar closed at its highest level since September 2017 on Wednesday. The loonie was at US$0.8149 or US$1=C$1.2272 on Wednesday, up from Tuesday’s close at US$0.8120 or US$1=C$1.2315. It benefitted from improved investor sentiment and the Bank of Canada’s willingness to raise key interest rates sooner than its

Futures markets

North American Grain/Oilseed Review: Canola continues higher

By GFM Network News May 5, 2021

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, May 5 (MarketsFarm) – The ICE Futures canola market was stronger on Wednesday, with the largest gains in the old crop July contract. Tight supplies remained a key driver of the market, with speculative positioning adding to the gains. A lack of significant selling interest on the other side was

Futures markets

ICE canola mixed at midday Wednesday

By GFM Network News May 5, 2021

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, May 5 (MarketsFarm) – The ICE Futures canola market was mixed at midday Wednesday, with gains in the old crop July contract and a softer tone in the new crop positions. Farmer hedges accounted for much of the selling pressure in the deferred contracts as recent gains saw some price

Global Markets: Trump Facebook ban upheld

By GFM Network News May 5, 2021

WINNIPEG, May 5 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – Facebook’s oversight board has upheld a ban on Donald Trump, keeping the former United States President off of the social media platform for the time being. Trump was suspended after the Jan. 6 riot at

Currency markets

Canadian Dollar and Business Outlook: Loonie, oil rise

By GFM Network News May 5, 2021

WINNIPEG – The Canadian dollar moved slightly upward on Wednesday morning. As of 8:38 a.m. CDT, the loonie was at US$0.8143 or US$1=C$1.2280 compared to US$0.8120 or US$1=C$1.2315 when markets closed on Tuesday. Benchmark oil prices maintained their climb as U.S. stockpiles fall and demand starts to increase in Europe. Brent crude moved up by

Futures markets

ICE Canada Morning Comment: July canola vaults higher

Daily limit now at C$45 per tonne

By GFM Network News May 5, 2021

By Glen Hallick, MarketsFarm WINNIPEG, May 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Tuesday morning, with a big gain in the old crop July contract, while there was volatility in the new crop positions. Of note, ICE raised the daily limit for canola contracts to C$45 per tonne effective today. There