GFM Network News

BHP covers added costs for potash project

Long-awaited decision by BHP board now expected mid-2021

“Challenges” in completing the shafts for its Saskatchewan potash project have led the world’s biggest mining company to top up the project budget by 10 per cent. BHP, in an operational review document released Tuesday for its quarter ending Sept. 30, said its board has approved another $272 million to complete the watertight concrete and […] Read more

ICE Canola Midday: Contracts reaching new highs

'This market keeps chugging higher' says trader

By Glen Hallick, MarketsFarm WINNIPEG, Oct. 21 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Wednesday in what has continued to be a bull market, with many months hitting new highs. “This market keeps chugging higher. Buying interest continues, we’re not sure if it’s short covering,” said a Winnipeg-based trader, noting there […] Read more

Global Markets: Slight bump in retail sales during August

C$192 million net increase in sales

By MarketsFarm WINNIPEG, Oct. 21 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. – Statistics Canada reported on Wednesday that retail sales in August increased 0.5 per cent from July, marking the fourth straight month that sales rose. The C$192 million net increase was due to improved […] Read more

Canadian dollar and business outlook

By MarketsFarm WINNIPEG, Oct. 21 (MarketsFarm) – The Canadian dollar was slightly stronger on Wednesday morning.      At 8:35 CDT Wednesday morning the Canadian dollar was at US$0.7623 or US$1=C$1.3118, which compares with Tuesday’s North American close of US$0.7612 or US$1=C$1.3138. A recent report from Statistics Canada showed Canada’s inflation rate was 0.5 per cent […] Read more

ICE canola hits three-year highs

WINNIPEG – The ICE Futures canola market was at new contract highs Wednesday morning, as bullish technical signals kept speculators on the buy side and prices hit their strongest levels in three years. Gains in Chicago Board of Trade soybeans provided spillover support for canola. Malaysian palm oil was also up in overnight trade, although […] Read more

Klassen: Weather, COVID, feed grains pressure feeder market

Compared to last week, western Canadian yearling prices were $2-$4 lower on average; calves traded $2 to as much as $6 below week-ago levels. Southern Alberta received its first snowfall of the season last week, which hindered demand for fresh replacements. Feedlots always incorporate a risk discount when the first snowfall of the year materializes, […] Read more

Pulse weekly outlook: Manitoba’s edible beans come off in good shape

MarketsFarm — Manitoba’s edible bean harvest wrapped up in much easier fashion in 2020 compared to the snow delays of the previous year, with relatively good quality and yields, according to early indications. “When you don’t get a major snowstorm on Thanksgiving weekend, it makes a difference,” said Manitoba Agriculture pulse specialist Dennis Lange, noting […] Read more

U.S. grains: Soybeans, corn rise on exports

CBOT December wheat extends rally

Chicago | Reuters — U.S. corn and soybean futures rose on Tuesday on strong export demand while wheat firmed on concerns that dry weather could limit global production, traders said. Soybean futures rose one per cent, with traders shrugging off some much-needed rain in Brazil due to the strong pace of overseas buying. “The grains […] Read more

U.S. livestock: Hogs fall on profit-taking, cattle firm on bargain buying

Concerns for beef demand still drag on cattle futures

Chicago | Reuters — CME livestock futures were mixed on Tuesday, with hog contracts falling on a round of profit taking while cattle contracts firmed on bargain buying. The benchmark December lean hog contract faced pressure after hitting its highest since Sept. 13, 2019, while February live cattle, which had fallen for four days in […] Read more