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| CP Rail Sues to Receive Compensation for Past Timber Harvests |
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| Last week CP Rail filed a lawsuit in the B.C. Supreme Court against the B.C. government as well as hundreds of unnamed private owners, seeking compensation for past timber harvests. According to CP Rail, the organization never relinquished its timber and mineral rights on approximately 800,000 acres of land it had, over the years, transferred to private owners and the province. The lawsuit was brought after negotiations among the parties failed. "We couldn't reach an agreement between the parties, and so it is one of those matters given its complexity that we have turned to the courts to help and resolve our claims and get that baseline understanding of where we're at," says CP's director of public affairs Breanne Feigel. ...Click here to read the rest of this article.
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| Futures & Options: "Extends Gains" |
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| Contract | Close | Change | Volume | Open Int | | | JUL13 | 306.30 | + 1440 | 1398 | 3847 | | | SEP13 | 311.50 | + 1460 | 739 | 2153 | | | NOV13 | 315.30 | + 1440 | 53 | 502 | | | JAN14 | 325.00 | + 1400 | 2 | 32 | | | MAR14 | 328.10 | + 1100 | ---- | 11 | | | MAY14 | 328.20 | + 810 | ---- | 5 | | |
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| Lumber Futures extended the gains following yesterday's sharply higher close. Prices were up modestly in the after-hours market on continued buying and then gradually worked higher in early trade on follow through. The lead July contract ran up the expanded $15.00 limit for the second consecutive day led by mixed buying with featured fund short covering. Prices advanced and gained momentum tripping "buy stops" into previous support at the 38% weekly Fibonacci of $300.40 and through the 13 day moving average of $304.20. ...Click here to read the rest of this article. |
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