By Commodity News Service Canada
WINNIPEG, Aug. 29 – The Canadian dollar retreated from four-week highs compared to the U.S. currency, despite weakness in the U.S. greenback. The loonie closed at US$0.7990 or C$1.2515 per US$1. It closed Monday at US$0.8012 or C$1.2482 per US$1.
The S&P/TSX composite closed the day up 30.67 points (0.20%) at 15,082.70. The index hit a mid-session low of 14,934 before making gains later in the day. The materials sector lead gains, rising 0.98%.
Tropical Storm Harvey continues to force closures at oil producers in the Gulf of Mexico region. An estimated 2.3 million barrels of refining capacity per day has been out of commission since Monday, which has suddenly left crude oil with no place to go for processing. The fear now is that oil supplies will build up within Texas, further driving down crude prices. Meanwhile, gasoline prices have soared.
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Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.80 at $ 25.07
Agrium Incorporated———-up $ 1.35 at $121.71
Buhler Industries————– $ 0.00 at $ 4.19
Maple Leaf Foods————-dn $ 0.13 at $ 34.21
Potash Corp. of Sask———up $ 0.17 at $ 21.62
(All figures are in Canadian dollars.)
