Markets & Production Tips - Grainews

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

Markets, Reuters

U.S. grains: Soybean, grain futures drop on expectation of positive crop report

By P.J. Huffstutter, Reuters July 8, 2024

Chicago Board of Trade soybeans and corn futures on Monday dropped to around the lowest prices in four years, as traders expected a positive picture of U.S. crop progress from the U.S. Department of Agriculture (USDA) in a report due later in the day.

(Photo courtesy Canada Beef Inc.)

Markets, Reuters

U.S. livestock: Cattle futures lower, hogs mostly down on demand questions

By P.J. Huffstutter, Reuters July 8, 2024

Chicago Mercantile Exchange cattle futures turned lower on Monday, shedding a post-holiday rally on demand concerns and news that beef-loving Argentines are cutting back on buying steaks as the country's economy slumps.

File photo of stormy conditions over Alberta fields. (Larry Stickney/iStock/Getty Images)

Fund short position in canola at four-month high to start July

By Phil Franz-Warkentin July 8, 2024

Fund traders continued to add to their large net short positions in canola as the calendar flipped to the final month of the 2023/24 marketing year for the crop, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).

Currency Markets

Canadian Financial Close: Loonie unchanged, crude oil declines

By GFM Network News July 8, 2024

Glacier FarmMedia MarketsFarm – The Canadian dollar stayed put on Monday, hovering around month-long highs. The loonie closed at US$0.7335 or US$1=C$1.3634. The United States Dollar Index was up 0.15 of a point at 105.03. Crude oil prices were lower on Monday as the market assesses the effect of Hurricane Beryl, which led ports and refineries […] Read more

North American Grain and Oilseed Review: Canola reverses course after last week’s gains

Chicago sees broad weakness

By GFM Network News July 8, 2024

By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed lower on Monday, consolidating after a strong rally last week. An analyst pointed out the coming hot temperatures across the Prairies this week will put stress on flowering canola and that might see an upward climb in the oilseed’s prices. Pressure […] Read more

ICE Canola Midday: ‘We’re consolidating again’

Lower comparable oils weighing on values

By GFM Network News July 8, 2024

Intercontinental Exchange canola futures were moving lower at midsession Monday, after running into resistance during the overnight session. “We had a really nice rally in canola and now we’re consolidating again,” an analyst commented. However, with Prairie temperatures forecast to exceed 30 degrees Celsius this week, the analyst noted that should be somewhat supportive. “Flowering […] Read more

Global Markets: French voters choose left, centrist parties

Majority hopes for far-right sputter

By GFM Network News July 8, 2024

The following is a glance at the news moving markets in Canada and globally. While no party or alliance won an outright majority in France’s second round of parliamentary elections on Sunday, the expected big win by the far-right National Rally didn’t materialize. With about two-thirds of French voters casting their ballots, the New […] Read more

ICE canola weaker Monday morning

By GFM Network News July 8, 2024

By Phil Franz-Warkentin Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker Monday morning, retreating from overnight gains as losses in outside markets and chart-based positioning weighed on prices. The November contract briefly traded above its 200-day moving average around C$661 per tonne in overnight activity before running into resistance. Losses in […] Read more

Currency Markets

Canadian Dollar and Business Outlook: Loonie steady while crude oil drops

By GFM Network News July 8, 2024

Glacier FarmMedia MarketsFarm – The Canadian dollar was steady coming out of the weekend. The loonie was at US$0.7337 or US$1=C$1.3630 as of 8:35 a.m. CDT, compared to US$0.7335 or US$1=C$1.3633 on Friday. The United States Dollar Index was down 0.06 of a point at 104.82. Crude oil prices were lower on Monday after reaching […] Read more

Currency Markets

Canadian Financial Close: C$ weakens Friday

By GFM Network News July 5, 2024

By Phil Franz-Warkentin Glacier FarmMedia MarketsFarm – The Canadian dollar was softer on Friday, as currency markets reacted to the latest employment data. The Canadian dollar settled at US$0.7335 or US$1=C$1.3633 on Friday, which compares with Thursday’s close of US$0.7346 or US$1=C$1.3613. Canada’s unemployment rate moved up 0.2 percentage points in June, hitting 6.2 […] Read more