NEW ST. LOUIS BRIDGE OPENS TO TRAFFIC
Released on October 24, 2014
The Government of Saskatchewan officially opened the new St. Louis Bridge today. The bridge, located on Highway 2 over the South Saskatchewan River, replaces the century-old St. Louis Bridge.
“The new bridge will better serve the regional economy and create a safer and more efficient transportation corridor for shippers,” Highways and Infrastructure Minister Nancy Heppner said. “The bridge completes the final link in a 683 km-long primary weight corridor on Highway 2 from Assiniboia in the south to La Ronge in the north.”
“The St. Louis Bridge is over 100 years old, and it has served its purpose for many years,” Batoche MLA Delbert Kirsch said. “This new bridge was part of a dream that people had for a number of years, and now this dream becomes a reality.”
Construction on the new bridge, which is 1.6 km east of the old bridge, began in 2011. The project also involved building a new route to the bridge.
The new highway that connects to Highway 2 has been completed on the north side of the bridge while the south connector project is still under construction. Motorists will need to use Highway 25 west to Highway 2 near St. Louis.
“The new bridge will serve the citizens and economy well,” St. Louis Mayor Les Rancourt said. “The increased safety and dependability of the new bridge will benefit the entire province, while promoting additional tourism through this area. We also anticipate future growth as a result of this new access to the community. The old St. Louis Bridge holds great historical significance to our community, but we recognize that it’s time to move forward and accept the new bridge for all the positives that it has to offer.”
“We’re excited about the opening of the new bridge as it will promote trade and the movement of goods and services,” St. Louis Reeve Henry Gareau said.
“This opens the door for the local economy, particularly the agricultural producers in the area who frequently cross the river,” RM of Prince Albert Reeve Norma Sheldon said.
The old bridge at St. Louis is now closed, and pedestrians are cautioned to stay off for their own safety.
The government has invested a record $4.3 billion in transportation infrastructure since 2008.
For more information, contact:
Steve Shaheen Highways and Infrastructure Saskatoon Phone: 306-933-5641 Email: firstname.lastname@example.org
Six reasons oil prices are set for a rebound
Special to The Globe and Mail
Published Thursday, Oct. 23 2014, 3:40 PM EDT
Last updated Thursday, Oct. 23 2014, 4:43 PM EDT
Colin Cieszynski is senior market analyst at CMC Markets and a Chartered Financial Analyst.
Crude oil prices have been under heavy pressure over the last few months, falling to their lowest levels in years. Recent trading action, however, suggests the slide may be over and a rebound possible.
There are a number of factors combining to suggest that crude oil may be bottoming out.
Response to news Usually markets go up on good news and down on bad news, and when this doesn’t happen, traders tend to take notice. Yesterday’s big 7.1 mmbbl increase in U.S. inventories sent WTI lower but it did not break the $80.00 level, suggesting that selling may be washed out. Today’s strong response to more positive PMI and production news suggests that a change in direction may be starting.
Improved supply conditions One of the factors that had been driving crude down was the fear of a glut of supply in the marketplace, a big change from the last several years where there had been a fear of supply disruptions. It now appears that the price has reached a point where it is starting to hurt producers.
Saudi Arabia and Kuwait recently shut production at a less profitable for “environmental” reasons, while today’s reports that Saudi Arabia trimmed back production last month and that Libya has called for an OPEC production cut were well received by traders. This indicates that should the price fall much further, we could see a greater response from producers reducing supply by shutting in production.
Improved demand factors Another factor that had been dragging crude oil prices down was the fear that slowing economies in China and Europe could cut into crude oil demand. Today’s flash manufacturing PMI reports from China and Germany which were a bit better than expected appears to have eased some of these fears.
U.S. dollar impact fading Crude oil is priced in USD and much of the selloff over the last few months has been in tandem with a big rally in USD on anticipation of the end of QE3 and a more hawkish Fed. The greenback has levelled off lately, taking some of the pressure off of crude oil
Extreme pessimism The charts for WTI and Brent crude below both show RSI indicators that are their most oversold levels in two years. Also, in an interview I recently did on crude oil, I was asked if I thought WTI could go to $60. Both of these indicators suggest extreme pessimism has gripped crude oil markets which could set the stage for a significant rebound should the factors that have driven crude down so much lately start to ease.
Low political risk concerns There are times when political risk can be a significant component of crude oil pricing. This is not one of those times. Violence in the Middle East has not impacted supply, and Libya — where there had been supply fears earlier this year — has ramped up production lately.
The premium for Brent Crude over WTI crude which was up over $20.00 at one point a few years ago, it now down to less than $5.00. Any surprises that raise political risk could have a significant impact.
WTI crude oil has dropped dramatically in the last few weeks but has reached a zone of potential support. So far the $80.00 round number has been holding along with $77.00, the bottom of a huge trading channel that has been in place since 2011.
Initial potential resistance tests on a rebound may appear near $84.10, $86.25 and then the $90.00-$90.60 range between a round number and a Fibonacci level.
Brent Crude has broken down through its 2012 low but has dropped well into the $70.00-$90.00 trading range that prevailed before the Arab Spring sent Brent through the roof. Support appears to be emerging near $85.00 with more possible near $82.50 and $82.00. Initial resistance appears near $86.80 then $89.40.
CROP REPORT FOR THE PERIOD OCTOBER 14 TO 20, 2014
Released on October 23, 2014
Detailed report is here Crop Report For October 14 to 20
Harvest weather continues to be favourable as 95 per cent of the crop is now combined, which is consistent with the five-year (2009-2013) average of 94 per cent, according to Saskatchewan Agriculture’s Weekly Crop Report.
The west-central, northeastern and northwestern regions are all reporting 99 per cent of the crop in the bin. The southwestern region has combined 97 per cent of the crop, the southeastern region 93 per cent and the east-central region 91 per cent.
Ninety-eight per cent of mustard, 97 per cent of barley and canola, 96 per cent of durum and oats, 95 per cent of spring wheat, 93 per cent of canaryseed, 83 per cent of chickpeas and flax and 62 per cent of soybeans have been combined.
Reported yields have been average overall; however, there are reports of above-average yields in some areas. Little crop damage was reported this week.
Much of the province received rain this past week with some southern areas reporting nearly an inch. Across the province, topsoil moisture conditions on cropland are rated as eight per cent surplus, 82 per cent adequate and 10 per cent short. Hay land and pasture topsoil moisture is rated as four per cent surplus, 79 per cent adequate, 16 per cent short and one per cent very short.
Farmers are busy finishing harvest, moving cattle and completing fall work.
Follow the 2014 Crop Report on Twitter at @SKAgriculture.
For more information, contact:
Shannon Friesen Agriculture Moose Jaw Phone: 306-694-3592