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ICE weekly outlook: Canola still married to soybeans

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tagged canola futures ICE canola
CNS Canada -- ICE Futures Canada canola futures were mostly higher during the week ended Wednesday, with some support coming from gains in the Chicago soy complex. Speculative-based short covering, after the January contract moved above the 30-day moving average at about $411 per tonne on Wednesday, was also bullish, according to analysts. The January contract was also approaching resistance of $420 per tonne, which could limit further gains in the market. The direction of…
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Harvest pressure looms for corn, soybean futures

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CNS Canada -- Soybean and corn futures at the Chicago Board of Trade (CBOT) moved higher during the week ended Wednesday, as rainfall over parts of the U.S. Midwest caused harvest delays. "The lows were put in at the beginning of October, and we've seen a nice rally off of that," said market analyst Bryan Strommen of Progressive Ag at Fargo, N.D. He said the slow harvest pace was a primary driver for the move higher in the futures. The U.S. corn harvest was only 33 per cent…
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U.S. wheat futures rising, but watching corn and beans

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CNS Canada -- U.S. wheat futures have shown some strength over the past month, but advancing harvest pressure from soybeans and corn may come forward to limit any additional independent strength in wheat over the next few weeks. After setting contract lows on Oct. 1, all three U.S. wheat markets have trended higher through the first three weeks of October. Statistics Canada data confirming Canada's much smaller wheat crop, and a U.S. Department of Agriculture report pointing to…
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Olymel plans major expansion at Que. chicken plant

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Meat packing giant Olymel has announced plans for $10 million in expansions and upgrades at one of its poultry further-processing plants in Quebec's Monteregie region. The company said Wednesday the planned expansions at its Ste-Rosalie facility will include 15,000 additional square feet of work space and storage, including a third cooking line, a spice warehouse, two loading docks and redevelopment of the plant's individually quick frozen (IQF) section. Olymel, the pork and poultry arm…
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PotashCorp fined for mine worker’s death

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Reuters -- A Saskatchewan court has fined PotashCorp $280,000 following a mine worker's death in 2012 when a machine used to move ore to conveyor belts backed over him. A Provincial Court judge in Saskatoon fined PotashCorp on Tuesday after the world's biggest fertilizer company pleaded guilty to one charge of failing to comply with occupational health and safety legislation. The Saskatoon-based company pleaded guilty to the charge and three other charges were withdrawn. The…
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Ex-Cargill beef plant worker fined in Alta. court

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Reuters -- A former worker at Cargill's High River, Alta. beef plant has been fined for tampering with wastewater samples required by the province, Alberta officials said Wednesday. Cargill Ltd., the Canadian division of the privately held U.S. company, was required by Alberta to study the plant's wastewater, and limit the amount of phosphorus discharged into a nearby lake. Phosphorus can deplete oxygen needed to support aquatic life. The worker tampered with three treated…
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U.S. grains: Corn, soybeans slip as investors book profits

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tagged corn futures
Reuters -- Corn and soybeans fell on Wednesday as investors booked profits from recent gains, and with huge U.S. crops slowly coming off fields. Chicago wheat rose on technical buying. The rally was due to end, some said, after corn touched a seven-week high and soybeans notched a five-week top earlier in Wednesday's session. Roy Huckabay with the Linn Group, a Chicago brokerage, said earlier strength in the interior Midwest cash market for soybeans, meal and corn looked…
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U.S. livestock: CME live cattle rebound with beef prices

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tagged cattle futures
Chicago | Reuters -- Chicago Mercantile Exchange live cattle futures on Wednesday erased Tuesday's losses, aided by short-covering and the upswing in wholesale beef prices, traders said. October closed up 1.5 cents, to 168.05 cents per pound, and December was 1.05 cents higher at 168.1 cents/lb. (all figures US$). Wednesday morning's choice wholesale beef price rose 92 cents to $250.76 per hundredweight (cwt) from Tuesday. Select climbed 72 cents to $235.65/cwt, the U.S.…
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Western Prairies cool off Tuesday

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Daytime highs slipped into a more autumn-like range in much of Alberta on Tuesday, with most stations in the province's central and southern regions reporting highs in the 13 to 15 C range. Except for the province's far northwest and southeast, highs in Saskatchewan broke above 20 C in many areas and reached 27 C in the Assiniboia area south of Moose Jaw. Highs in western Manitoba ran mainly in the 17 to 21 C range, but were as cool as 11 C in the province's southeast. Overnight lows…
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CP CEO says unlikely to pursue hostile bid for CSX

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Toronto | Reuters -- Canadian Pacific Railway (CP) is still open to a merger with one of the two bigger eastern U.S. carriers even after talks with CSX Corp. failed, though a hostile bid is unlikely, CEO Hunter Harrison said Thursday. CP, Canada's No. 2 railway with extensive operations in the U.S., said on Monday it ended merger talks with CSX. [Related story] Harrison said…
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