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CME live cattle hit new 1-year high, hogs stronger

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By Theopolis Waters CHICAGO, April 28 (Reuters) - Chicago Mercantile Exchange live cattle on Friday notched a one-year high for a third straight day, with strength from fund buying during the month's final trading session, traders said. They said brisk wholesale beef demand and deferred-month futures' discounts to this week's cash prices helped drive contracts to fresh highs. Funds were partly behind Friday's market gains, said Oak Investment Group President Joe Ocrant. But most of the buying was because of the large discount between June futures and cash, which appeared even greater after April expired, he said. April live cattle , which expired at noon CDT closed 2.400 cents per…
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New crop canola up on seeding delay, trade watches wild weekend weather in US

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Old crop canola fell again on Friday while new crop edged higher, closing just 60 cents shy of $500 per tonne. Weaker soy oil weighed on old crop canola. Traders narrowed what had been a wide spread between old and new crop. The lightly traded May contract fell $17.20 as its expiry date approaches. Most-traded July fell $5 a tonne to $514.70. New crop November rose 40 cents to close at $499.40. Over the week the July contract fell $5.30 per tonne. The November contract rose $7.30. The old crop contract adjusted back this week after last week’s rally sparked by worries of tight old crop stocks. New crop marched higher on worries about the cool, wet spring that is…
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Crushing blow? Chinese grow wary of GMO

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By Dominique Patton BEIJING, April 28 (Reuters) - A Chinese consumer backlash against genetically modified (GMO) crops is beginning to dent demand for soy oil, the nation's main cooking oil, and could spell crisis for the multi-billion-dollar crushing industry, which depends on GMO soybeans from the United States and elsewhere. The effects on import demand are not yet an issue, but it could be in the future. The U.S. Departent of Agriculture expects China’s soybean imports from all sources will rise 5.7 percent in 2016-17 to 88 million tonnes. China: Vegetable oil food use, thousand tonnes. Source: USDA [Read more]
Crop year

Snow, cold expected in U.S. Plains wheat belt, heavy rains in Midwest

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CHICAGO, April 28 (Reuters) - A weekend storm is expected to bring as much as a foot (30.5 cm) of snow to parts of the U.S. Plains winter wheat belt and heavy rain to the southern Midwest, stalling corn and soybean planting, meteorologists said on Friday. This week as the forecast for this storm developed it has supported wheat futures, but the gains have been modest as expectations so far are that damage will be light. A return to warmer, drier weather in the following week is expected to allow normal crop growth and seeding of spring crops to resume. The storm was likely to dump two to eight inches of snow across western Kansas and Nebraska, eastern Colorado and the Oklahoma Panhandle,…
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Canadian mustard acres feeling squeeze from canola

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Winnipeg, April 27 (CNS Canada) – After growing the largest mustard crop in more than a decade in 2016, the supply/demand fundamentals should see fewer Canadian mustard acres in 2017. And with more cropland moving into canola, mustard acreage increases may be limited in future years when supplies are tight again. The 2016 Canadian mustard crop was the largest in 12 years at 234,000 tonnes. Agriculture Canada predicts carryout for 2016-17 at 85,000 tonnes, which would be well above the 5,000 tonnes carried forward the previous year. The larger supplies lowered prices, causing farmers to reduce their intended seeded area to 390,000 acres in 2017, down from 525,000 acres the…
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CME cattle rally to 1-year peak as cash prices surge

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CHICAGO, April 27 (Reuters) - Chicago Mercantile Exchange live cattle surged to contract highs on Thursday and closed up the daily limit in most contacts on stronger-than-expected cash markets and robust demand for beef, traders said. The front-month contract hit a 13-month peak as the market closed higher for the fifteenth time in 16 sessions. April futures , which expire on Friday, closed 2.200 cents per pound higher at 135.600 cents while actively-traded June ended 3.000 cents higher at 121.525 cents. June though April 2018 contracts all closed up the daily 3-cent limit, triggering expanded limits of 4.5 cents for Friday's session. The expiring April contract's limit will…
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Maple Leaf Foods posts higher-than-expected profit

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(Reuters) - Meat-packaging company Maple Leaf Foods Inc. reported a better-than-expected quarterly profit, driven by increased retail sales in Canada and higher exports. The company, whose brands include Schneiders and namesake Maple Leaf, said adjusted operating earnings rose 10 percent to C$59 million in the first quarter ended March 31. Maple Leaf, which is Canada's biggest pork processor, is on a hunt for acquisitions in the United States, after years spent upgrading old factories and shedding business lines. In February, the company bought U.S.-based Lightlife Foods Inc, a manufacturer of plant-based protein foods, for $140 million, Maple Leaf's first material deal since…
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Canola futures mixed, wheat up on frost worry

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Oil crop canola futures dipped a little but new crop months edged higher on Thursday. Most-traded July was down $1.90 at $519.70 and new crop November rose $2.30 to close at $499. Worries about cool weather and the slow pace of spring field work continue to support new crop. More snow fell today in the Lloydminster-Biggar regions west of Saskatoon. WATCH OUR VIDEO CROP MARKET ANALYSIS The May 3-10 period is expected to bring more moisture to the Canadian Prairies Farmer selling weighed on old crop canola futures. The ICE Futures basis benchmark in the par region has…
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IGC raises forecasts for global corn and wheat crops

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LONDON, April 27 (Reuters) - The International Grains Council on Thursday raised its forecasts for the 2017-18 world corn and wheat crops but both remained below the prior season and a drawdown in stocks was anticipated. The IGC, in a monthly report, raised its forecast for the 2017-18 global grains crop by 4 million tonnes to 2.054 billion tonnes. While up from last month’s forecast, it is down from 2.111 billion in 2016-17. Consumption was seen at 2.079 billion tonnes, unchanged from the IGC's previous forecast for 2017-18 and slightly up from the prior season's 2.075 billion. Grain stocks at the end of the 2017-18 season were seen falling by 25 million tonnes to 491…
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C$ recovers as Trump says NAFTA renegotiation ‘very possible’

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TORONTO, April 27 (Reuters) - The Canadian dollar hit a 14-month low on Thursday before recovering to edge higher against the U.S. dollar after U.S. President Donald Trump told Canada and Mexico that renegotiating the North American Free Trade Agreement was "very possible." At 9:42 a.m. ET, the Canadian dollar was trading at C$1.3607 to the greenback, or 73.49 U.S. cents, up from the Bank of Canada's official Wednesday close of C$1.3612, or 73.46 U.S. cents. Earlier in the session it touched C$1.3648, its weakest since Feb. 25, 2016. The currency had fallen on Wednesday after a U.S. official said the White House was considering a draft executive order to withdraw from NAFTA, which…
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