Daily news

Bearish USDA report rattles CME live cattle futures

No Comments

CHICAGO, May 26 (Reuters) - Chicago Mercantile Exchange live cattle futures on Friday finished sharply lower, hit by fund liquidation and the morning's bearish U.S. Department of Agriculture Cattle-On-Feed report, said traders. The report showed the number of cattle placed in feedlots in April hit a 14-year high for the month. Traders said fund liquidation and diminished wholesale beef demand contributed to CME live cattle's heavy losses. CME's livestock markets will be closed on Monday for the U.S. Memorial Day holiday. June ended 1.225 cents per pound lower at 122.700 cents, and August 2.450 cents lower at 118.950 cents. Both contracts finished below their respective 10-day…
[Read more]

U.S. April feedlot cattle placements jump to 14-year high

No Comments

By Theopolis Waters CHICAGO, May 26 (Reuters) - Ranchers placed 11 percent more cattle in feedlots in April than a year earlier, the most for the month in 14 years, the U.S. Department of Agriculture reported on Friday, beating average forecasts. Higher cattle prices paid by packers last month enhanced profits for feedlots, allowing them to buy more less-costly calves for fattening. The demand prompted ranchers to drive cattle into feedlots ahead of schedule. Cattle that entered commercial feeding pens in April will start arriving at packing plants around late summer, which could help keep a lid on beef prices at that time, said analysts. On Friday Chicago Mercantile Exchange…
[Read more]

July canola falls $6.40 on week weighed down by soybeans

No Comments

Canola futures again fell on Friday, pressured by falling soy and soy oil futures. The pressure from soybeans more than offset worries about wet fields in Alberta that might not be seeded, or else seeded to short season crops. Alberta canola planting is 49 percent complete, and overall seeding is well behind the normal pace, according to Alberta Agriculture’s weekly crop report. Alberta and Saskatchewan should be mostly dry for the next seven days. Manitoba is forecast to get small accumulations of rain. For the week, July canola fell $6.40, closing Friday at $516.80 per tonne. November for the week fell $10.10, finishing on Friday at $489.90 per tonne. CANOLA…
[Read more]

Funds, bargain buying rallies CME live cattle futures

No Comments

CHICAGO, May 25 (Reuters) - Chicago Mercantile Exchange live cattle on Thursday reversed some of their recent losses, stirred by fund buying and bargain hunting as the U.S. Memorial Day holiday approaches, said traders. They said futures' discounts to this week's cash prices attracted would-be buyers. June closed 1.800 cents per pound higher at 123.925 cents, and above the 10-day moving average of 123.140 cents. August closed 1.475 cents higher at 121.400 cents, and above the 20-day moving average of 120.859 cents. A significant number of lighter weight cattle are available, which is supportive for cash and wholesale beef prices, said independent livestock futures trader Dan…
[Read more]

Market wrap: canola dips even with seeding delays. world corn stocks to fall

No Comments

Canola futures edged lower on Thursday as provincial crop reports showed good seeding progress before this week’s rain. Also, the stronger Canadian dollar is weighing down canola. Soybeans and soy oil were also lower. July canola dropped $3.30 to $520.40 per tonne. New-crop November canola fell $4.40 to $493.90 Saskatchewan seeding progress last week soared by 30 percentage points, according to Saskatchewan Agriculture. It now stands at 60 percent, shy of the five-year average of 65 percent. Most seeding progress was in the south. Northern areas are far behind. Likely five percent of acres in the province will not be seeded because of excessively wet fields, the report…
[Read more]

Russian grain exports likely steady in 2017-18

No Comments

MOSCOW, May 25 (Reuters) – Russia will have about the same amount of grain to offer the global market in 2017-18 despite a smaller crop thanks to record stocks, SovEcon agriculture consultancy said. Russia will start the new 2017-18 season on July 1 with all-time high grain stocks of 20.3 million tonnes, up 64 percent year-on-year, which were inflated by a record crop of 120.7 million tonnes in 2016, SovEcon estimated. "We are entering the new season with record grain stocks," Andrey Sizov, the head of SovEcon, a leading agricultural consultancy in Moscow, told a conference on Thursday. SovEcon said it had downgraded its forecast for Russia's 2017-18 grain crop to 106.5 million…
[Read more]

Lower North American durum acres keeps attention on yields

No Comments

Winnipeg, May 24 (CNS Canada) – North America’s smaller durum acreage base in 2017 could give prices a boost later in the growing season, depending on how yields shape up for the new crop, according to a U.S. analyst. Disease issues in 2016 and better projected returns for other crops in 2017 are expected to lead to a 17 percent reduction in U.S. and Canadian durum acres, according to reports from Statistics Canada and the U.S. Department of Agriculture. Canadian farmers intend to plant 5.1 million acres of durum in 2017, down from 6.2 million the previous year. In the U.S., acreage is forecast at two million, down from 2.4 million in 2016. “The market will probably be…
[Read more]

Top grains traders face tough choice: Partner, merge or wait for bad weather

1 Comment

By Tom Polansek CHICAGO, May 24 (Reuters) - Commodity trader Glencore Plc's confirmation on Tuesday that it sought a tie up with grains trader Bunge Ltd likely signals the start of a wave of consolidation and partnering in the industry, as middlemen struggle to make profits amid a massive global food glut. Bunge and other top grains traders -- who make money by buying, selling, storing, shipping and trading crops - are struggling to adapt to a world of oversupply. Their supply chains have become snagged as farmers cling to their crops amid sour prices. Their margins have thinned as food and feed companies see no urgency to buy, as supplies soar for their key ingredients. New…
[Read more]

Stronger loonie weighs on canola as trade watches weather

No Comments

Canola futures dipped Wednesday as the loonie rose about a half cent. The market was watching weather in the western part of the Prairies where rain and strong wind was delaying seeding. Chicago wheat futures closed higher on Wednesday on light short covering, one day after the spot contract fell about one percent on better-than-expected U.S. wheat condition ratings, Reuters reported. CLICK HERE TO WATCH WEEKLY CROP MARKET ANALYSIS Corn futures firmed while soybeans ended flat after a choppy session Commodity funds hold a large net short position in CBOT wheat and corn…
[Read more]

CME live cattle retreat following initial cash prices

No Comments

CHICAGO, May 24 (Reuters) - Chicago Mercantile Exchange live cattle contracts slumped on  Wednesday, pulled down by technical selling and lower preliminary cash prices, said traders. June closed 0.950 cent per pound lower at 122.125 cents. August closed 1.400 cents lower at 119.925 cents, and below the 10-day moving average of 120.130 cents. Wednesday morning's Fed Cattle Exchange sale yielded an average top price of $132.54 per cwt, down for last week's $135.16 average high. Market-ready, or cash, cattle in Texas and Kansas later trickled in at $132 per cwt, compared to $133 to $134 in the region a week ago, said feedlot sources. Remaining feedlots in the U.S. Plains held out…
[Read more]
Load more articles
x3x3x3x3x3x3