Ontario Liberals Throw another $100M at Horse Racing

Mar 31, 2014

The Ontario Liberals are giving more money to appease the province’s horse-racing industry.

Premier Kathleen Wynne will announce Monday that she plans to increase support to the horse-racing sector to $500 million over five years, that’s up from $400 million that she announced in October. The funding is subject to review in 2017.

The additional funding is aimed supporting jobs in the horse racing industry.

With the chance of a spring election looming, the minority Liberal Wynne-led government is trying to fix the mistakes of the past, controversial decisions that were made by Wynne’s predecessor, Dalton McGuinty.

McGuinty announced the end of the Slots at Racetracks program in 2012. The partnership agreement gave the province’s 17 race tracks gambling revenue from 1998 to 2012. The program helped keep the industry in business, especially as interest in the sport has been dwindling over the years.

The industry says horse racing directly and indirectly employs approximately 60,000 people in the province.

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!