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File photo of the produce section at a Canadian grocery store. (FatCamera/E+/Getty Images)
Markets

Canada retools inflation baskets with more focus on food, gas

Snowblowers and barbecues in, DVD players out

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Ottawa | Reuters — Canada’s national statistics agency on Tuesday revealed new weights for the basket of goods and services in its Consumer Price Index, giving more prominence to changes in the prices of food and gasoline. The reweighting, which Statistics Canada carries out every year, has historically had only a marginal impact on the […] Read more
NYMEX August 2023 West Texas Intermediate crude oil, with August 2023 Brent crude oil (black line). (Barchart)
Crops, Machinery, Markets

Extent of Saudi oil production cut unclear

Reported tensions within OPEC limit price gains

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MarketsFarm — At the OPEC+ meeting Sunday in Vienna, Saudi Arabia announced it will cut its oil production by one million barrels per day (BPD) come July. And while that move was bullish for the markets, by how much remains to be seen, said Phil Flynn of the Price Futures Group in Chicago. “It’s probably […] Read more
(Dave Bedard photo)
Machinery, Markets

‘Petro-plectic’ anger rises toward fuel prices

Fuel refiners seen booking 'epic' revenues

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MarketsFarm — Fuel prices are very likely to continue to increase with summer approaching, according to Tom Kloza, the Florida-based global head of energy analysis for Oil Price Information Services. “I wish I could say there’s a light at the end of the tunnel, but I would say right now, it’s just a flicker,” he […] Read more
(ThamKC/iStock/Getty Images)
Crops

U.S. EPA allows temporary summer sales of higher-ethanol fuel

Waiver seen as score for corn growers

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New York | Reuters — The U.S. Environmental Protection Agency issued an emergency waiver for a higher-ethanol gasoline blend on Friday, allowing summertime sales of the fuel in an attempt to help lower gasoline prices at the pump. The move represents a temporary win for the biofuels industry and corn farmers, as it will likely […] Read more
(Dave Bedard photo)
Machinery, Markets

Gasoline, diesel prices set to continue rising

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MarketsFarm — The steady rise in crude oil prices is based on three factors, according to Tom Kloza, global head of energy analysis for Oil Price Information Service at Lakewood, N.J. One of those factors is the amount of crude oil produced by members of the Organization of Petroleum Exporting Countries (OPEC), along with some […] Read more
A City of Iqaluit worker fills a water truck at the Sylvia Grinnell River after authorities ordered the Nunavut capital’s 7,000 residents not to drink the city’s water due to suspected fuel contamination, on Oct. 14, 2021. (Photo: Reuters/Casey Lessard)

Iqaluit confirms ‘exceedingly high levels’ of fuel in water supply

Water not safe for cooking or drinking, city says

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Reuters –– The Canadian city of Iqaluit said lab results confirmed that fuel had entered its water supply, officials announced Friday. Analysis of samples from one of the city’s water tanks found “exceedingly high levels of various fuel components,” Amy Elgersma, Iqaluit’s chief administrative officer, said, adding it was likely diesel or kerosene. Residents in […] Read more
(Scharfsinn86/iStock/Getty Images)
Crops, Machinery

U.S. oil industry seeks unusual alliance with Farm Belt against electric vehicle agenda

'We weren't born yesterday'

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New York | Reuters — The U.S. oil industry is seeking to forge an alliance with the nation’s corn growers and biofuel producers to lobby against the Biden administration’s push for electric vehicles, but is so far meeting a cool reception, according to multiple sources familiar with the discussions. The effort marks an unusual attempt […] Read more
(Fentino/E+/Getty Images)
Crops, Machinery

Bibeau promises help to farmers on rising carbon tax

Funds expected to help farmers cut emissions

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A steadily rising carbon tax has a lot of Western Canada’s grain farmers wondering how they’ll compete in world markets against competitors not subjected to a similar tax. “I think the world market is also looking towards a greener economy and always more sustainable agriculture,” federal Agriculture Minister Marie-Claude Bibeau said when the question was […] Read more

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