MarketsFarm — ICE Futures canola contracts moved higher during the week ended Wednesday, but ran into some resistance to the upside as values held rangebound overall. “Technicals, short-covering, fund buying and a lack of selling,” were all providing support during the week along with spillover from advances in Chicago soyoil, according to Jamie Wilton of […] Read more
ICE weekly outlook: Rising canola market runs into resistance
Resistance seen around $835, support around $820
Mosaic misses profit estimate amid lower demand for fertilizers
Reuters — Mosaic Co. on Wednesday became the latest fertilizer maker to miss fourth-quarter profit estimates amid lower demand for potash and other crop fertilizers, pushing shares down 2.2 per cent in extended trading. Although prices of fertilizers such as phosphates and potash decreased toward the end of last year, it did not boost demand […] Read more
U.S. livestock: Cattle, hog futures climb
Chicago Mercantile Exchange (CME) cattle and hog futures came out of their U.S. Presidents Day break trading higher, with front-month live cattle posting eight-year highs. CME February 2023 live cattle touched 164.975 cents/lb. in Tuesday’s trade before closing at 164.75 cents, up 1.175 cents from Friday’s close and the highest close for the front-month contract […] Read more
U.S. grains: Soy, corn hit one-week highs on Argentina weather worries
Firmer U.S. dollar drags on CBOT wheat
Chicago | Reuters — U.S. soybean and corn futures hit their highest in a week and soyoil touched a one-month peak on Tuesday as worries about crop prospects in drought-hit Argentina supported prices, analysts said. “It’s all about drought in Argentina… and adding more risk premium,” said Don Roose, president of Iowa-based U.S. Commodities. “The […] Read more
Grain deliveries surge January over January
Data marks recovery from 2021 drought
MarketsFarm — Producer deliveries of major grains were up sharply last month when compared to January 2022, according to Statistics Canada (StatCan). At more than 5.36 million tonnes, those deliveries jumped 85 per cent when comparing January to January. The spike in deliveries reinforced the significant recovery on the Prairies from the drought in 2021. […] Read more
Pulse weekly outlook: AAFC report makes minor changes
Revisions mainly in dry peas, chickpeas
MarketsFarm — Following the latest supply and demand estimates from Agriculture and Agri-Food Canada (AAFC), MarketsFarm Pro analyst Mike Jubinville said their numbers “all seem reasonable enough.” There were only a handful of small tweaks to pulses in the AAFC report released Friday. For the most part, the revisions came with dry beans and chickpeas. […] Read more
Multi-million-dollar fund greenlights soil health projects
Eight projects to push soil health practices will get funding for the next five years
Eight soil health projects across Canada will be getting a multi-million-dollar boost in private funding over the next five years. The Weston Family Foundation — the philanthropic arm of the Weston business empire — has slated $10 million for those eight projects through the organization’s soil health initiative, it was announced Feb. 13. The initiative […] Read more
Klassen: Feeder market stabilizes after recent climb
Calf prices in Manitoba show premium over Alberta
Compared to last week, western Canadian yearling markets traded $2-$3 on either side of unchanged. Replacements weighing 650-800 lbs. appeared to traded steady to $4 higher while calves under 650 lbs. were steady to $4 lower. The cost per pound gain is reaching unprecedented levels and fleshier cattle were discounted quite severely in some cases. […] Read more
CN’s mechanics, clerical staff taking strike votes
Railway not expecting impact on operations
Canadian National Railway says it’s not expecting any impact on its operations if its unionized mechanics and clerical staff are involved in a work stoppage, depending on the outcome of strike votes starting this week. Unifor represents about 3,000 CN workers in mechanical, intermodal and clerical positions across the country through five collective agreements, all […] Read more
Prairie cash wheat: Little change in wheat bids
U.S. wheat futures up on week
MarketsFarm — Despite bullish factors affecting wheat futures on the Chicago Board of Trade (CBOT), western Canadian wheat bids did not see much change during the week ended Thursday. Futures prices for all three major U.S. varieties increased week-by-week, mostly fuelled by large gains on Feb. 10, as traders shifted focus to Russia’s invasion of […] Read more
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