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ICE Canola Midday: Too far ahead of soy, canola rally peters out

Canola up C$22 on soy complex

By Glen Hallick, MarketsFarm WINNIPEG, Oct. 22 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were largely flat on Thursday after showing a fair bit of independent strength recently, according to a Winnipeg-based trader. “It’s rebalancing. The [Chicago] soy market is strong and canola is going nowhere. It was overdone in that rally,” the trader […] Read more

ICE canola corrects off of multi-year highs

By MarketsFarm WINNIPEG, Oct. 22 (MarketsFarm) – The ICE Futures canola market was mostly lower Thursday morning, seeing a chart-based correction after climbing to new multi-year highs. The most active January contract hit a fresh high of C$552 per tonne, but has since retreated below unchanged. Ideas that the market was starting to look overbought […] Read more

Global Markets: Malaysian minister claims forced labour ‘an old issue’

U.S. bans palm oil made by FGV Holdings

By MarketsFarm WINNIPEG, Oct. 22 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – Amid ongoing allegations of forced labour being used in the Malaysian palm oil industry coming from worker groups, as well as the United States, Malaysian Minister of Plantations Industries and Commodities Mohd Khairuddin […] Read more

Canadian dollar and business outlook

By MarketsFarm WINNIPEG, Oct. 22 (MarketsFarm) – The Canadian dollar was slightly weaker on Thursday morning      At 8:35 CDT Thursday morning the Canadian dollar was at US$0.7603 or US$1=C$1.3153, which compares with Wednesday’s North American close of US$0.7621 or US$1=C$1.3122. While the odds of a stimulus package before the United States Presidential Election are […] Read more

U.S. livestock: Cattle futures mixed

CME lean hog futures ease

Chicago | Reuters — CME live cattle futures eased on Wednesday, retreating back toward seven-week lows hit on Monday after a bargain buying bounce fizzled as plentiful supplies remained the focus of investors. Feeder cattle futures were slightly higher following the front-month contract’s decline to its lowest since July 1 on Tuesday. “The cattle are […] Read more

U.S. grains: Corn, soy rise on export hopes

Wheat futures dip on profit taking

Chicago | Reuters — Chicago Board of Trade corn and soybean futures rose on Wednesday, as concerns about dry conditions in key global production areas of South America boosted export prospects for both U.S. commodities. Strength in the cash market also supported gains in corn and soybean futures, traders said. CBOT soft red winter wheat […] Read more

Canadian Financial Close: Loonie slightly higher on Wednesday

By MarketsFarm WINNIPEG, Oct. 21 (MarketsFarm) – The Canadian dollar was slightly higher at Wednesday’s close. The dollar finished the day at US$0.7621 or US$1=C$1.3122, compared to Tuesday when it closed at US$0.7612 or US$1=C$1.3138. United States stocks were lower due to prolonged talks regarding another stimulus package during the COVID-19 pandemic. Democratic House Speaker […] Read more

North American Grain and Oilseed Review: More gains for canola

CBOT: Beans, corn up, wheat mixed

By Glen Hallick, MarketsFarm WINNIPEG, Oct. 21 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts continued upward on Wednesday with some months witnessing new highs. As the expiry for the November contract approaches, traders are still rolling out and into the January contract. Improved demand has also been providing support to canola. Exports are up […] Read more

CBOT weekly outlook: Export demand supports wheat, soy

Lower U.S. dollar also supportive

MarketsFarm — Strong global demand, paired with concerns of dry growing conditions in key regions, has spurred U.S. wheat prices higher. “Some countries are getting nervous with the persistent dryness in several regions, which could reduce the supply of quality global wheat,” said Terry Reilly of Futures International in Chicago. Dry growing conditions in Ukraine, […] Read more