GFM Network News

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

U.S. grains: Corn futures pierce eight-year peak

Soy rallies on supply worries

Chicago | Reuters — Chicago Board of Trade corn futures extended a rally above eight-year highs on Thursday as dry weather threatened harvest yields in major exporter Brazil and kept traders’ focus on ebbing global supplies. Soybeans approached an 8-1/2-year peak reached last week, buoyed by rallying vegetable oil prices, and wheat was also higher. […] Read more

CME June 2021 live cattle (candlesticks) with June 2021 lean hogs (dark red line). (Barchart)

U.S. livestock: Cattle, hog futures rise with wholesale meat prices

Easing restrictions prompt more dining out

Chicago | Reuters — Chicago Mercantile Exchange lean hog and live cattle futures climbed on Thursday as U.S. wholesale prices increased. Pork and beef are in high demand in supermarkets and restaurants as the distribution of federal stimulus checks has prompted consumers to spend more on food, analysts said. COVID-19 vaccinations and easing restrictions on […] Read more

Canadian Financial Close: Loonie, gold rise

WINNIPEG – The Canadian dollar continued its ascent on Thursday. The loonie was at US$0.8197 or US$1=C$1.2200 on Thursday, up from Wednesday’s close at US$0.8149 or US$1=C$1.2272. Meanwhile, the United States Dollar Index dropped by 0.40 at 90.91 points. This despite the U.S. Labor Department reporting 498,000 jobless claims for the week ending May 1, […] Read more

Tight supplies keep ICE canola pointed higher at midday

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, May 6 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, hitting fresh contract highs once again as the uptrend showed no signs of slowing. “The crushers need canola and there’s not a lot left out there,” said a Winnipeg-based trader on the limit-up move in the […] Read more

Global Markets: China/Australia relations sour

WINNIPEG – The following is a glance at the news moving markets in Canada and globally. – China has announced that it will suspend all economic discussions with Australia “indefinitely” amid heightened diplomatic tensions between the two countries. “Recently, some Australian Commonwealth Government officials launched a series of measures to disrupt the normal exchanges and […] Read more

ICE Canada Morning Comment: Old crop/new crop gap increases

Ample spillover from other edible oils

By Glen Hallick, MarketsFarm WINNIPEG, May 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, with gains in old crop July far outpacing those for the new crop months. Canola was getting support from strong gains in the Chicago soy complex as well as Malaysian palm oil, along with moderate increases […] Read more