By Commodity News Service Canada
WINNIPEG, Aug. 29 (CNS Canada) – The Canadian dollar continued to make gains versus the U.S. greenback, which has been weakened by Tropical Storm Harvey’s battering of Houston. The loonie was up 0.13 of a cent this morning (0.16%) trading at US$0.8007 at 8:30 CDT, or C$1.2489 per US$1. It closed yesterday at C$1.2482 or US$0.8012.
Statistics Canada reported today that the Farm Product Price Index declined 1.2 per cent in June compared with June of 2016, mostly due to lower prices for grain and special crops. Gains in livestock and animal products helped offset some losses. The grains index fell 4.7 per cent from June last year, coinciding with a period of higher global grain stocks, which began in July 2016.
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Tropical Storm Harvey, which has battered the eastern coast of Texas, has caused 10 oil refinery closures amounting to about 15 per cent of the U.S. oil refining capacity. WTI crude was trading down 16 cents U.S. at US$46.41 as worries increased that refinery closures would pull down demand.
The S&P/TSX was down 100.5 points to 14,951.56 at 8:30 a.m. CDT.
