GFM Network News

CBOT weekly outlook: Pandemic drives Chicago prices lower

MarketsFarm — The COVID-19 pandemic has continued to pressure U.S. markets, including the Chicago Board of Trade (CBOT), according to Scott Capinegro, president of Barrington Commodities at Barrington, Ill. “It’s like that movie Groundhog Day. You wake up and it’s the same thing every day,” Capinegro said. There’s a domino effect in the grain industry […] Read more

U.S. livestock: Cattle, hogs limit down on coronavirus fears

Market has to 'reevaluate' supply/demand picture

Chicago | Reuters — U.S. livestock futures on the Chicago Mercantile Exchange (CME) plunged by their daily trading limits on Wednesday as stricter coronavirus emergency measures hammered stock markets and deepened worries about a global recession. Live cattle futures dropped for the fourth time in five sessions, erasing all of the prior session’s gains, while […] Read more

U.S. grains: Wheat posts steepest drop since August

Soy drop biggest in 2-1/2 weeks; corn extends losses on big supply, weak ethanol demand

Chicago | Reuters — U.S. wheat prices fell more than three per cent on Wednesday as coronavirus fears dragged down equities markets and lifted the dollar, sending Chicago wheat futures to their steepest decline in 7-1/2 months. Soybeans fell more than two per cent, the most in 2-1/2 weeks, and most corn contracts posted fresh […] Read more

Canadian Financial Close: Growing fears of global recession

Trump tackling crude oil price war

By MarketsFarm WINNIPEG, April 1 (MarketsFarm) – The Canadian dollar was slightly lower on Wednesday, as losses on the Toronto Stock Exchange countered small gains for crude oil. The dollar finished the day at US$0.7034 or US$1=C$1.4217, compared to Tuesday when it closed at US$0.7049 or US$1=C$1.4187. The TSX Composite Index dropped 502.38 points to […] Read more

North American Grain/Oilseed Review

By Marlo Glass, MarketFarm WINNIPEG, April 1 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Wednesday. Considerable weakness in Chicago soyoil was characterized as an “overwhelmingly negative factor” for canola prices. At market close, soyoil was down by over a penny. In comparison, canola prices held fairly steady. A weaker tone to […] Read more

ICE Canola Midday: Prices slump midweek

By Marlo Glass, MarketsFarm WINNIPEG, Apr. 1 – ICE Futures canola contracts were lower at midday Wednesday, due to “considerable pressure” from comparable vegetable oils. Soyoil on the Chicago Board of Trade was down by over a penny at midday, which one Winnipeg-based trader called “an overwhelming negative factor.” By comparison, canola prices were holding […] Read more

Global Markets: Canadian firms team up to manufacture medical equipment

By MarketsFarm WINNIPEG, Apr. 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.   Prime Minister Justin Trudeau has announced the federal government will spend C$2 billion on manufacturing protective personal equipment for healthcare workers fighting the COVID-19 pandemic. “Protective personal equipment is essential to protect healthcare […] Read more

ICE canola turns lower early Wednesday

By Phil Franz-Warkentin, MarketsFarm WINNIPEG, April 1 (MarketsFarm) – The ICE Futures canola market was posting losses in the most active months Wednesday morning, retreating from overnight gains as declines in Chicago Board of Trade soyoil weighed on values. Soyoil was down by more than half-a-cent per pound, while Malaysian palm oil and European rapeseed […] Read more

Canadian Dollar and Business Outlook: Loonie inches up Wednesday morning

Major global recession looming

By MarketsFarm WINNIPEG, April 1 (MarketsFarm) – The Canadian dollar was slightly higher Wednesday morning, as Canadian crude oil prices opened with a small gain. As of 8:52 CDT, the Canadian dollar was at US$0.7063 or C$1.4159, compared to Tuesday’s close of US$0.7049 or C$1.4187. Western Canadian Select (WCS) was up 44 cents at US$5.52 […] Read more

U.S. senators scrutinize meat packers’ profits during pandemic

Chicago | Reuters — U.S. senators are calling for investigations of record profit margins for beef processors such as Tyson Foods and Cargill, after ranchers complained surging meat prices due to coronavirus hoarding did not translate into higher cattle prices. Futures prices for cattle have tumbled during the outbreak, worrying farmers as the U.S. economy […] Read more