By Commodity News Service Canada
WINNIPEG, July 5 (CNS) – The Canadian dollar lost ground today falling to 77.03 cents U.S. (C$1.2982 per US$1) compared to yesterday’s
close of 77.27 cents U.S., or C$1.2941 per US$1.
Oil prices tumbled today on oversupply fears. The OPEC group of petroleum exporting countries increased crude oil exports in June despite commitments to limit production. As well, Russia rejected ideas that it would sign on for further production cuts. United States is also expected to increase its production, further limiting any likelihood of price gains later this year.
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Despite oil sector declines, the S&P/TSX Composite Index gained 22.51 points, .15 per cent, and closed unofficially at 15,153.12. Gains in the financial sector offset oil sector losses.
In New York, the Nasdaq posted the largest gain, hitting 6,150.86. That’s up 40.8 points or .67 per cent. The Dow Jones fell 1.10 points (.01 per cent) to close at 21,478.17, and the S&P 500 gained 3.53 points (.15 per cent) to close at 2,432.54.
The U.S. Federal Reserve indicated it may gradually sell its US$4.5 trillion portfolio. The Fed plans to reduce its holdings, which it has built up since the 2008 recession as a means to provide economic stimulus, by gradually selling US$30 billion in bonds and US$20 billion in mortgage-backed assets.
In September futures, wheat climbed five cents U.S. to US$5.60 per bushel, corn gained 3.5 cents U.S. to reach US$3.92 per bushel.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.24 at $ 23.50
Agrium Incorporated———-dn $ 0.47 at $118.26
Buhler Industries————– $ 0.00 at $ 4.23
Maple Leaf Foods————-dn $ 0.16 at $ 32.61
Potash Corp. of Sask———dn $ 0.16 at $ 21.27
(All figures are in Canadian dollars.)
