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7:30 a.m.
Independent grocers call for milk price freeze
Independent grocers are calling on managers of Canada’s dairy supply to hit pause on any further increases to milk prices amid political pressure to keep food prices down.
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The Canadian Dairy Commission advised industry groups Friday that the price of milk at the farmgate could rise 1.77 per cent in February, based on their calculations.
In a letter to the commission, the Canadian Federation of Independent Grocers invoked an “exceptional circumstance mechanism” which allows for consultations on the price.
The independent grocers argue that any increase in milk prices at the beginning of the supply chain would go against the government’s objective to stabilize food prices.
In the letter, it urged the dairy commission to suspend any planned price increases and to “hold further consultations within the context of the Government of Canada’s current desire to achieve price stability.”
The Canadian Press
Stock markets before the opening bell
Stocks are mixed this morning as the conflict in the Middle East drove investors toward havens.
United States Treasuries surged higher, with the 10-year Treasury yield falling 10 basis points. Futures for S&P 500, Dow and Nasdaq were all in the green and oil prices edged lower.
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What to watch today
Canadian building permit numbers come out today and economists at CIBC say they are likely to be lower than a year ago in the residential sector.
Federal Open Market Committee minutes will be closely watched today for clues on what lies ahead for Federal Reserve interest rates.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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