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Economy

U.S. grain futures fall, weighed down by weather, global economy – Financial Post

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CHICAGO — U.S. corn, wheat and soybean futures plummeted on Thursday, as investor fears of an economic downturn and improved sentiment over U.S. crops shifted attention from war disruption to Black Sea exports.

Wheat futures sank to their lowest level since March 1.

J.P. Morgan analysts in a note said “stymied investor risk appetite amid discussions of a humanitarian export corridor for Ukrainian food exports, downside global growth risks and hand-to-mouth consumer buying” had contained prices despite tight global supplies.

Corn shed 3.8% as the latest forecasts showed some much-needed rain hitting key areas of the U.S. Midwest just as the crop reaches its yield-determining pollination phase.

“We are quite dry at the moment and we could sure use rain across all of the Midwest,” Brian Basting, commodity research analyst at Advance Trading. “The forecast is enough to at least spook the market at these high levels.”

At 11:04 a.m. CDT (1604 GMT), CBOT July corn was down 28-1/2 cents at $7.39 a bushel, hitting its lowest level since June 6.

Soybeans were down for the eighth time in nine sessions, with additional pressure coming from weakness in the crude oil market that stemmed from demand concerns.

CBOT July soybeans were 61-1/2 cents lower at $15.91-1/4. The most-active contract touched its lowest level since May 12.

CBOT July soft red winter wheat was off 39-3/4 cents at $9.36-3/4 a bushel.

Ongoing talks over a shipping corridor for Ukrainian grain and a U.S. pledge to help avert repercussions of sanctions on Russian food and fertilizer exports also tempered concerns about the war blockade on Ukraine’s ports. (Reporting by Mark Weinraub in Chicago Additional reporting by Gus Trompiz in Paris and Enrico Dela Cruz in Manila; Editing by Barbara Lewis and Matthew Lewis)

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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September 13, 2024

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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September 13, 2024

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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September 12, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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