CNS Canada –– Canadian Pacific Railway’s decision to cut 1,000 jobs has caught the attention of two Prairie farm leaders. Norm Hall, president of Agricultural Producers Association of Saskatchewan, worries the move is short-sighted and may catch up with the railway in months and years to come, when commodity prices catch fire again. “You dump […] Read more
CP cuts raise worry over potential slowdown
Lower loonie helps farmers, but only so much
CNS Canada — The slumping price of oil continues to weigh on the Canadian dollar, while at the same time providing a boost to Canadian grain prices. Out-of-country buyers tend to more attracted to Canadian grain and wheat when the loonie is low, as they can get more product for their money. However, one market […] Read more
CN’s 2015 grain handle down, grain revenue up
Canadian National Railway’s (CN) fourth-quarter and full-year ledgers show lower traffic, but increased revenue, from its grain and fertilizer business in 2015, en route to record full-year earnings. Montreal-based CN on Tuesday reported overall net income of $3.538 billion on $12.611 billion in total revenues for 2015, up from $3.167 billion on $12.134 billion for […] Read more
Canada to sign TPP, but undecided on ratification
Ottawa | Reuters –– Canada’s new Liberal government will take the “technical step” of signing a 12-nation trade deal next week but has not yet decided whether to formally ratify the agreement, Trade Minister Chrystia Freeland said Monday. Canada is one of 12 nations that initialed the Trans-Pacific Partnership (TPP) in early October after years […] Read more
Vessel demand concerns extend Baltic index fall
Reuters — The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying industrial commodities, extended its record low run to a 14th straight session on Friday on persistent vessel glut and weak demand. The overall Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal […] Read more
CP books more Prairie grain revenue at year-end
Higher grain revenue on Canada’s Prairies helped lead to record full-year revenues and offset a lower fourth-quarter gross for Canadian Pacific Railway (CP), as the company warned of substantial job cuts ahead. The railway on Thursday reported overall net income of $1.352 billion on record revenue of $6.712 billion for 2015, down from $1.476 billion […] Read more
Hurdles still ahead for food-approved canary seed
CNS Canada — Canary seed has been ruled fit for human consumption by Health Canada — a victory for an industry working toward that goal for years — but it’s just one step of many to get canary seed onto plates. Canary seed, until now used almost exclusively as birdseed, has received novel food approval […] Read more
Ocean freight cost index breaks another floor
CNS Canada — The Baltic Dry Index (BDI) continues its downward slide, dropping below 400 points for the first time ever as ocean freight rates struggle to find their bottom. The BDI was quoted at 394 points on Wednesday, marking a new low since records began in 1985. The index was trading above 1,200 as […] Read more
Switzerland asks voters not to ban farm derivatives trade
Zurich | Reuters –– Switzerland’s government on Tuesday urged voters to reject a campaign to ban trading in agricultural derivatives, saying the well-meaning attempt to alleviate world hunger would not succeed and only jeopardize Swiss jobs and tax revenue. The “No Speculation with Food” initiative is subject of a binding referendum on Feb. 28 under […] Read more
U.S. cracks down on intake of added sugar, saturated fat
Chicago | Reuters — New U.S. dietary guidelines on Thursday urged Americans to cut their added sugar and saturated fat intake to less than 10 per cent of daily calories, but consumer advocates criticized the recommendations for not providing clear guidance on the need to reduce consumption of meat. The government guidelines, which are issued […] Read more
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