Country 105

Country 105


Agriculture Report

Wheat Trend Continues

By Manny Paiva

Grain Farmers of Ontario analyst Marty Hibbs says the bullish trend continues for wheat.


Length: 1:19

Grain Farmers of Ontario analyst Marty Hibbs says the bullish trend continues for wheat.

He's got the key resistance now at 6.60 on the March contract.

If there is a close above that, Hibbs thinks it would signal long-term trend indicators turning positive and there could be a major breakout on the wheat market to the upside.

If that happens, Hibbs puts the next major upper resistance at between 7 and 7.25 on the March contract.

>>>

A market analyst is surprised at the flat price outlook for canola.

Neil Townsend is the director of Canada Wheat Board market research.

He says the price of canola is hovering around 420 to 440 dollars a tonne, and the futures market shows little sign of improvement over the coming year.

Townsend says the South American soybean market will influence canola prices -- but he feels canola is undervalued.

>>>

Some in the grain industry are throwing their support behind Federal legislation they say will better protect farmers.

Bill C-48 introduced in the House of Commons last week would ensure compensation for farmers, in the event they're not paid for grain deliveries.

Gary Stanford is the President of the Grain Growers of Canada.

He says the bill will give farmers an added safety net.

Stanford also says the legislation would also give producers the right to verify the quality of their crop through the Canadian Grain Commission.

>>>

The Canadian Transportation Agency says the revenues of C-N Railway exceeded its maximum entitlement by nearly five million dollars for the 2013-2014 crop year.

CP Rail meanwhile was below by 1.6 million.

The Canada Transportation Act says a railway company that exceeds its revenue entitlement for the year has to pay out the excess amount and a penalty.

So the agency is ordering C-N to pay to the Western Grains Research Foundation more than 5.2 million dollars within 30 days.


 

 


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