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Cattle hit 1-month high ahead of USDA data, hogs extend losses

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CHICAGO, Sept 22 (Reuters) - U.S. live cattle futures jumped to the highest levels in over a month on Friday, lifted by technical buying and expectations for bullish government supply data that was due after the close of trading. The U.S. Department of Agriculture's (USDA) Cattle and Feed report, however, was deemed bearish by analysts, and that could pressure futures come Monday. CLICK HERE FOR THE ON FEED REPORT Chicago Mercantile Exchange October live cattle rose 1.475 cents to 111.575 cents per pound while the most-active December contract was up 1.225 cents to…
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U.S. cattle placements spike in August, portending more beef in 2018

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CHICAGO, Sept 22 (Reuters) - Ranchers placed 1.93 million cattle in U.S. feedlots in August, the U.S. Department of Agriculture said on Friday, in a stronger-than-expected report likely to weigh on futures early next week. Cattle placements rose about 3 percent from August in 2016, USDA said. Analysts polled by Reuters had predicted a decline of nearly 3 percent. The placements were the largest for August since 2012 and the largest overall since May of this year, when 2.119 million cattle moved into feedlots, according to USDA data. "It means there's more beef ahead of us," said Linn Group analyst John Ginzel, who had predicted a placement spike of 104.3 percent when most other…
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Market wrap: Canola rallies $5.70 on the week

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Canola futures rose Friday with support from soybeans, which climbed on strong U.S. exports and concerns about South American weather. The cool, cloudy and sometimes wet weather that is interfering with harvest in a large part of the Prairies this week is now expected to continue into the early part of next week, according to Environment Canada. Warmer sunny weather is expected to arrive Wednesday. November canola rose $2.70 to $494.80 per tonne. It was the sixth rise in seven trading sessions. Compared to the Friday a week ago, November gained $5.70. The canola crush and export pace so far this year is running a little behind last year at this time. CRUSH The canola…
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Canada seen unlikely to walk away from NAFTA

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OTTAWA, Sept 22 (Reuters) - Despite Canada's threats to walk away from NAFTA talks if necessary, its limited success in diversifying exports leaves the nation too reliant on U.S. markets to play hardball, government insiders and trade experts say. Negotiators from Canada, Mexico and the United States will gather in Ottawa on Saturday for the third round of talks on modernizing the North American Free Trade Agreement with many tough items yet to be broached. U.S. President Donald Trump says he will ditch the pact unless major changes in are made. Canada last month suggested it could walk away if the United States pushed to remove a key dispute-settlement mechanism. But insiders say…
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WTO investigates China-US row on grain import quotas

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GENEVA, Sept 22 (Reuters) - A World Trade Organization (WTO) dispute panel was set up on Friday to rule on a U.S. complaint over Chinese import quotas on farm goods including wheat, rice and corn, a trade official said. The panel on tariff rate quotas (TRQs) for agricultural products was automatically established as it was the second request by the United States at the WTO Dispute Settlement Body, after China blocked the first attempt on Aug. 31. The row was initiated under the Obama administration which sought consultations on Dec. 15, but the Trump administration moved ahead with the case saying that the quotas hurt U.S. farm exports. China's delegation told the WTO's meeting on…
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CME Oct hog futures fall to contract low on cash declines

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CHICAGO, Sept 21 (Reuters) - Chicago Mercantile Exchange October lean hog futures fell sharply to a contract low on Thursday, weighed down by a months-long decline in cash prices and abundant supplies, traders said. Deferred hog futures contracts  as well as most live cattle  and feeder cattle contracts  also eased on technical selling and profit-taking. Traders were squaring positions ahead of U.S. Department of Agriculture data due after the close of trading on Friday in which the government will report how many cattle were placed on feed in August and how much meat was in cold storage. CME October hogs dropped 1.325 cents to 57.325 cents per pound, finishing just…
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Canola halts rally, Sask crops 75 harvested

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Canola futures closed slightly lower Thursday on profit taking, breaking a string of modest gains. Weather continued unsettled and cool today with moisture in some areas stopping harvest progress. Warmer, drier weather is expected early next week. Saskatchewan Agriculture said about 75 percent of all crops are combined, well ahead of the five-year average of 58 percent. Canola is 64 percent combined across the province. As is the case most years, northern regions have much less combined than southern areas. The Canadian dollar did not recover much from Wednesday’s drop. It was trading around US81 cents. US CROP MARKETS Prices for soybeans, corn and wheat moved by…
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Australia wheat struggles to compete as dryness cuts output

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SINGAPORE, Sept 21 (Reuters) - Australian wheat prices have risen above offers being made for U.S. cargoes in Asia, a rare market situation that is expected to drive more purchases from North America, two trade sources said. Australian wheat exporters have made little progress in selling new-crop wheat into Asia this year as the smallest crop in eight years is forcing farmers to hold back supplies, lifting prices above the international market. "Earlier Australia faced competition from the cheaper producers, Russia and Ukraine, but now U.S. is offering competitive prices," said a Singapore-based trader who sells wheat into Asia. The new-crop Australian Standard White wheat was…
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Live cattle surge on cash optimism, technical buying

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CHICAGO, Sept 20 (Reuters) - Chicago Mercantile Exchange live cattle futures notched their biggest gains in 11 months on Wednesday, boosted by optimism for higher cash cattle prices and technical buying, traders and analysts said. Higher cattle sales at a weekly online auction helped to trigger the rally. Feeder cattle and lean hog futures also were mostly higher. Front-month October live cattle jumped by their daily price limit of 3.000 cents before settling up 2.975 cents higher at 110.950 cents per pound, highest since Aug. 8. The percentage gains of 2.8 were the largest since Oct. 20, 2016. "The Fed Cattle Exchange hasn't been too big of a focus lately but today it did trade…
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Canola up for sixth day as crop futures generally rally

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Canola futures rose for a sixth day, part of a general up trend in crop markets on Wednesday. The rise in canola continued to be modest with the November contract still well shy of the $500 a tonne mark, but January flirted with $500 mark. Snow in parts of Alberta as well as rain in some regions and overnight frost all provided modest direct support for canola prices but the upside was limited by the expectation of a record large canola crop. On Tuesday Statistics Canada issued new crop forecasts based on satellite monitoring and weather data. It pegged the canola crop at a new record high of 19.7 million tonnes, up 1.5 million from the August report, which was based on farmer…
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