MGE converts to electronic platform

After more than 125 years, open-outcry trade in wheat futures at the Minneapolis Grain Exchange will cease Dec. 19 when the exchange goes fully electronic, the exchange said Oct. 24. The exchange’s board of directors unanimously approved the move, pending approval by ownership in a ballot next month. Hard Red Spring wheat futures, launched in

Ethanol no longer seen as big driver of food price

Heavy demand for corn from ethanol makers was seen as a key driver of corn futures to record highs in June, but since then the sharp decline of corn along with other commodities shows that belief was mistaken. Corn is down about 50 per cent from its record high in June, even as the amount


Grains outlook muted by bearish economy

DON BOUSQUET It’s Your Business For three-times-daily market reports from Don Bousquet and RNI, visit “ICE Futures Canada updates” at www.manitobacooperator.ca Grain and oilseed futures at ICE Futures Canada in Winnipeg closed the week ended Oct. 17 lower, as steep declines in Chicago futures markets and the continued instability in financial markets pressured prices down.

ICE delists feed wheat

Having reviewed its alternatives, ICE Futures Canada has delisted its feed wheat contract effective Oct. 16, the last delivery day of the October 2008 contract. The Winnipeg commodity exchange pulled its December 2008 and subsequent feed wheat futures contract months from trading in May, pending a review by a feed wheat subcommittee of its board


Funds see food staple prices weathering storm

Agricultural commodity prices are likely to fall in the short term as investment funds exit the market but should recover eventually in line with their fundamentals, fund managers told a conference Oct. 7. Asked what impact the financial crisis would have on staple food commodities such as sugar, wheat and coffee, Chris Armitage, managing director

Latin America faces pain as commodities party ends

The end of a long global commodities boom threatens to hit Latin America harder than any other region, putting a sharp brake on its economies and pressuring government spending plans. From bulging foreign reserves and the emergence of corporate giants to the destruction of vast areas of the Amazon rainforest, booming commodity prices have reshaped


Oilseed outlooks ratchet down

DON BOUSQUET It’s Your Business For three-times-daily market reports from Don Bousquet and RNI, visit “ICE Futures Canada updates” at www.manitobacooperator.ca Grain and oilseed futures at ICE Futures Canada in Winnipeg closed the week ended Oct. 9 mixed, as markets continued to react to global financial instability. Canola edged higher, ignoring weakness in the Chicago

Commodity prices at mercy of world economy

“You can cut rates to the bone, but if nobody’s willing to lend you money, it doesn’t really matter.” – U. S. Market Aanalyst Phil Flynn Further declines in oil and metals prices after co-ordinated global interest rate cuts suggest that commodities will not return to their giddy heights until the world economy is on


Changes sought to CBOT wheat contract

Big global grain buyers have told U. S. regulators that the Chicago Board of Trade needs to improve on a plan to narrow a gap between wheat futures and cash prices that has hurt their ability to hedge big price swings. Major grain companies that questioned the CBOT plan included Cargill Inc. and Bunge Ltd.

How low can U. S. grains go?

“We are seeing a lot of wealth destruction and demand destruction. I don’t think that is going to heal itself overnight.” – U. S. Grains Analyst Jim Bower The sell-off in grains as part of a broader flight of investment money from commodities could continue through year’s end due to the expanding credit crisis, with