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Global Markets: Assad overthrown, flees to Russia

By GFM Network News December 9, 2024

The following is a glance at the news moving markets in Canada and globally. – Syrian president Bashar al-Assad fled the country and was granted political asylum in Russia after Syrian rebels overthrew Assad’s government over the weekend. The rebels, led by former al-Qaeda affiliate Hayat al-Tahrir al-Sham, reached Damascus, freed prisoners and toppled Assad, […] Read more

ICE Canada Morning Comment: Canola pushing upward

Positioning ahead of tomorrow's USDA report

By GFM Network News December 9, 2024

By Glen Hallick Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were slightly higher on Monday morning. The United States Department of Agriculture is scheduled to release its monthly supply and demand estimates tomorrow, with canola taking direction from pre-report positioning in the Chicago soy complex. Along with tomorrow’s S&D estimates, will be the […] Read more

(Photo courtesy Canada Beef Inc.)

Markets, Reuters

U.S. livestock: Live cattle mixed as technical selling offsets lift from firm cash

By Karl Plume, Reuters December 6, 2024

Chicago Mercantile Exchange live cattle futures traded on both sides of unchanged on Friday and finished the day mixed, underpinned by firm cash cattle prices but anchored by technical selling and seasonal pressure, analysts said.

Currency Markets

Canadian Financial Close: Loonie closes well below 71 U.S. cents

Greenback rises, crude oil falls back

By GFM Network News December 6, 2024

By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar was weaker on Friday, falling to lows unseen since April 2020. The loonie closed Friday at US$0.7074 or US$1=1.4136, compared to Thursday’s finish of US$0.7124 or US$1=1.4038. On the U.S. Dollar Index, the greenback added 0.259 of a point at 105.960. Benchmark crude […] Read more

North American grain/oilseed review: Canola climbs higher

By GFM Network News December 6, 2024

By Phil Franz-Warkentin Glacier FarmMedia MarketsFarm — The ICE Futures canola market was sharply higher on Friday, finding continued support from Thursday’s Statistics Canada production estimate. Chart-based buying added to the gains, as prices moved above nearby resistance. The government agency lowered its call on 2024/25 canola production by over a million tonnes, and the […] Read more

ICE canola uptrend continues on smaller crop

By GFM Network News December 6, 2024

By Phil Franz-Warkentin Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger at midday Friday, as tightening supply projections remained supportive for the second day. Statistics Canada pegged 2024/25 canola production at 17.8 million tonnes on Thursday, which was down by over a million tonnes from an earlier estimate and well short […] Read more

Global Markets: Canadian unemployment rises

By GFM Network News December 6, 2024

Glacier FarmMedia | MarketsFarm — The following is a glance at the news moving markets in Canada and globally. Canada added 51,000 jobs in November, although the unemployment rate still increased by 0.3 percentage points at 6.8 per cent, as more people looked for work, reported Statistics Canada. Meanwhile, the United States Labor Department […] Read more

ICE canola still rising

By GFM Network News December 6, 2024

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market maintained its momentum from Thursday despite mixed sentiment in comparable oils. Chicago soyoil and Malaysian palm oil were both higher, while European rapeseed was down. Crude oil was also in negative territory. Statistics Canada released its principal field crop report on Thursday, cutting canola production by […] Read more

Currency Markets

Canadian Dollar and Business Outlook: Loonie turns weaker

Canuck buck falls below 71 U.S. cents

By GFM Network News December 6, 2024

By Glen Hallick Glacier FarmMedia MarketsFarm – The Canadian dollar slid below 71 United States cents on Friday morning, following the latest unemployment report from Statistics Canada. As of 8:37 am CST, the loonie was at US$0.7087 or US$1=C$1.4112 compared to Thursday’s close of US$0.7124 or US$1=C$1.4038. On the United States Dollar Index, the greenback […] Read more

(Photo courtesy Canada Beef Inc.)

Markets, Reuters

U.S. livestock: Cattle futures drop on profit taking, weaker beef values

By Karl Plume, Reuters December 5, 2024

Chicago Mercantile Exchange live and feeder cattle futures fell for a second consecutive day on Thursday, pressured by technical selling and profit taking following recent highs, and as wholesale beef prices fell, analysts said.