Total volume of futures traded at the Winnipeg Commodity Exchange during February reached 187,474 contracts, up 26 percent from the same period last year. Cumulative volume for the 1996-97 crop year reached 1,239,616 contracts, 24 percent more than last year’s total.
The number of canola contracts traded during February was up 34 percent from last February, at 133,056.
Trading in feed wheat futures continues to run well above last year’s pace, with total February volume pegged at 16,744. that represents a 38 percent increase over last February.
Western barley trade last month was 22 percent higher than last year, with 30,298 transitions noted.
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federal government proposed several months ago to increase the compensation rate from 80 to 90 per cent and double the maximum payment from $3 million to $6 million
Unemployment rate flat
TORONTO (Reuter) – Economists were shocked when Statistics Canada reported last week that Canada’s unemployment rate didn’t budge in February, remaining unchanged at 9.7 percent. Employment actually fell by 18,700 to 13.7 million.
Avery Shenfeld, senior economist at CIBC Wood Gundy Inc., said it’s a blow to suggestions that the Canadian economy is ready for a real take-off.
“This only increases the length of the road ahead of us before we can get interest rates working their magic, he said.
Randall Powley, senior economist with ScotiaMcLeod, said the report didn’t make sense and thought it might be a reflection of the new redesigned employment survey brought in over the last five months.
“There are certain parts of it that make sense,” he said. “But the rest of it just isn’t in line with the strength we are seeing in the rest of the economy.”
PCS’s Arcadian deal approved
MEMPHIS, Tenn. (Reuter) – Arcadian Corp. said last week its shareholders have approved the acquisition of the company by Potash Corp. of Saskatchewan Inc.
Potash Corp. will merge Arcadian with its wholly owned unit PCS Nitrogen Inc.
Of the 31.4 million Arcadian shares voted, 99 percent voted in favor of the merger, one percent against it and less than one percent abstained.
Buy ratings maintained
CHICAGO, Ill. (Reuter) – Investment analyst Dain Bosworth has reiterated buy ratings on agricultural firms DeKalb Genetics Corp , Monsanto Co. and Mycogen Corp. and its hold rating on Pioneer Hi-Bred International Inc. based on estimates for United States corn and soybean plantings.
Analyst Bonnie Wittenburg said she expects U.S. corn acreage may be 80 million to 81 million acres, instead of 81 million to 82 million acres expected earlier. Soybeans, which are carrying relatively high prices now versus corn, may draw some acreage away from corn.
In a research report, Wittenburg said sales of Bt corn, which is genetically altered to fight off insects, are showing mixed results.
