Daily News from Glacier Farm Media Network

The Bank of Canada in Ottawa. (Video screengrab from BankofCanada.ca)

Bank of Canada interest rate cut to give some borrowers relief

Effects on financial markets likely to be muted says FCC economist

By Geralyn Wichers June 5, 2024

The Bank of Canada trimmed its key policy rate on Wednesday to 4.75 per cent from a 23-year high of five per cent. Inflation is now running at 2.7 per cent, above the central bank's two per cent target, but down from a high of 8.1 per cent in June 2022, Reuters reported.

Hogs, Livestock, News

Issues loom over hog farmers as they gather in Des Moines

Prop 12, bird flu, farm bill top of mind at this year's World Pork Expo

By Ed White June 5, 2024

North America's hog industry is grappling with multiple issues these days, but is presently feeling better than some of the other livestock industries. That doesn't mean that everything's great, but not yet having to deal with avian flu infections is keeping hog farmers in a cautiously optimistic mood about their challenges.

Crops

Manitoba farmers make good progress despite rain

June 5, 2024

Spring planting in Manitoba entered the home stretch at 83 per cent complete as of June 5. Manitoba Agriculture reported a 19-point gain from the previous week as farmers contended with wet conditions across much of the province.

Machinery, News, Reuters

Deere announces job cuts to tackle slowing farm equipment demand

By Reuters June 5, 2024

Deere & Co said on Wednesday it would cut an unspecified number of production and salaried jobs to save costs as it grapples with a downturn in farm equipment demand.

Weather

Prairie forecast: Drier with a slow warming trend

By Daniel Bezte June 5, 2024

Now—for those of you who still need rain, the developing pattern doesn't look like an overall dry pattern. It's just not all clouds with the threat of showers every couple of days. For those of you on the eastern Prairies who are tired of rain then a little sunshine and heat is what the doctor ordered.

News, Reuters

ADM says its head of global supply leaving company

By Reuters June 4, 2024

Camille Batiste, Archer-Daniels-Midland's senior vice president of global supply chain and procurement and a member of its executive council, is leaving the company next month, according to an internal email seen by Reuters on Tuesday and later confirmed by ADM.

Detail from the front of the CBOT building in Chicago. (Vito Palmisano/iStock/Getty Images)

Markets, Reuters

U.S. grains: Corn, soy down as traders weigh weather and planting progress

By Reuters June 4, 2024

Chicago Board of Trade corn and soy dipped in choppy trade on Tuesday as traders weighed U.S. planting progress and strong corn ratings with adverse weather in importer Mexico and downgrades to soybean harvest forecasts in major exporter Brazil.

Markets, Reuters

U.S. livestock: Lean hogs hit January low on concerns over Mexican demand

By Reuters, Tom Polansek June 4, 2024

Lean hog futures dropped to their lowest price since January at the Chicago Mercantile Exchange on Tuesday as weakness in the Mexican peso fueled worries over demand in the biggest export market for U.S. pork, traders said.

Charles Gracey. Photo: supplied by the Gracey family

Livestock, News

Beef industry bids farewell to Charlie Gracey

Gracey was instrumental in developing analytical programs and procedures the beef sector still uses

By Glacier FarmMedia staff June 4, 2024

The beef industry has lost one of its most influential industry builders and analysts, as Charlie Gracey succumbed to a heart attack in late May.

Chickpeas. (CalypsoArt/iStock/Getty Images)

Markets

Pulse Weekly: Increased Australian production could pose greater export challenges for Canada

June 4, 2024

The Australian Bureau of Agricultural and Resources Economics and Sciences released its monthly supply and demand report on June 3. The report showed a 57.2 per cent increase for Australia’s chickpea production at 1.15 million tonnes in 2024/25. The country’s lentil output is to change very slightly with a dip of a mere 2,000 tonnes from a year ago at 1.61 million.

GFM Network News

U.S. livestock: Feeder cattle rise to new highs on tight supply, strong cash prices

U.S. grains: Soybeans slip on profit-taking, China trade worries

Ample supplies and improved livestock sector to boost Canadian feed sector: FCC

Daily news