GFM Network News

ICE Canada Morning Comment: Canola retreating from record highs

Profit-taking, higher loonie weigh on values

By Glen Hallick, MarketsFarm WINNIPEG, Feb. 25 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Thursday morning, as profit-taking pulled them back from record highs. The sparsely-traded March contract, which fell its daily limit of C$30 per tonne yesterday, was already down C$29.70 at C$771.00 per tonne. In gaining about four-tenths of […] Read more

Grain shortage, cold snap cause delays at West Coast ports

'...the vessels continue to arrive'

MarketsFarm — Grain movement in Western Canada remains faced with significant difficulties, according to Mark Hemmes, president of Quorum Corp., which monitors rail traffic and vessel movements in Canada. February’s cold snap resulted in grain movement across the region falling below its three-year average. The most pressing issue has been a shortage of grain to […] Read more

ICE weekly outlook: Profit-taking to pressure canola

Market appearing overdone

MarketsFarm — ICE Futures canola contracts climbed to record highs during the week ended Wednesday as concerns over tightening old-crop supplies provided support. However, the market was looking overdone to the upside and profit-taking came forward to put some pressure on values. “The traders that are still long are playing the game of forcing the […] Read more

U.S. grains: Brazilian storms push U.S. corn, soy futures higher

Cold-weather concerns support wheat

Chicago | Reuters — U.S. corn and soybean futures rose on Wednesday as storms in major production areas of Brazil disrupted fieldwork, threatening to slow export shipments from one of the world’s major suppliers, traders said. “Very heavy rains remain in the forecast for Brazil’s northern soybean belt, where farmers are trying to harvest this […] Read more

U.S. livestock: Hog futures limit-up to highest since May 2019

Cattle futures bounce on bargain buying

Chicago | Reuters — U.S. lean hog futures rose their daily limit on Wednesday, hitting their highest in nearly two years on tight frozen stocks and expectations for strong Chinese demand, traders said. The U.S. Agriculture Department’s cold storage report issued on Tuesday afternoon fueled buying on Wednesday. “Belly and trim stocks are at four-year […] Read more

Canadian Financial Close: Loonie at best level in three years

Oil underpinning dollar's rise

By MarketsFarm WINNIPEG, Feb. 24 (MarketsFarm) – The Canadian dollar hit a three-year high on Wednesday, as the oil currency tried to catch up with rising crude prices. The loonie finished at US$0.7969 or US$1=C$1.2548, compared to Tuesday’s close of US$0.7935 or US$1=C$1.2603. Reuters reported that Western Canadian Select (WCS) has increased by 30 per […] Read more