Equity markets made some solid gains today as inflation talk is starting to heat up which helped to start things off with an upward push.
This helped to spur grains upward, as there seems to be a bullish momentum building in the grains right now with technical indicators pointing the way.
The U.S. dollar fell more than .75 cents today. The Canadian dollar finished up a full cent closing at US$.9388
The Dow Jones Sept quote closed up 118 points at 9248.
Read Also
China seeks improved ties with Canada amid rising trade tensions
China called on Friday for steps to improve bilateral ties with Canada, saying there were no deep-seated conflicts of interest, following a spike in trade tensions with many of Beijing’s Western trade partners this year.
Crude oil showed good strength again today closing up $2.13 at US$71.58/ barrel.
Corn closed up 18 to 20 cents per bushel. Beans ended up 33 to 49 cents per bushel.
Wheat closed up 18 to 22 cents per bushel on the various U.S. exchanges.
Minneapolis Sept wheat futures closed up 19.2 cents per bushel today.
Canola:Market closed for August long weekend holiday.
Barley: Market closed for August long weekend holiday.
No doubt Canadian markets will respond favourably after these solid gains today on U.S. markets. The rising dollar will continue to dampen the momentum though.
This could be a nice build-up rally heading into the August 12 USDA crop report.
“We had a nasty storm in Alberta from Edmonton down to Calgary Saturday and Sunday and there is a lot of crop in the Red Deer to Calgary area that got hit with severe hail. Most of the crops I have seen are write-offs. We even have damage on houses in town. We got an inch plus of moisture, but it didn’t come in the best form that’s for sure.”
