Daily news

Canola little changed over week as market awaits StatsCan report

No Comments

[caption id="attachment_175713" align="aligncenter" width="728"] Canola futures closed the week on an up note after spending much of the morning slightly lower on loonie strength. The January contract closed up $1.60 or 0.3 percent on the day. For the week, the contract rose just $1.10 or 0.2 percent. Canola held steady this week even as the trade, on average, forecasts Statistics Canada next week will peg the crop at a record 18.8 million tonnes, up from 18.38 million last year. [Read more]

ADM sells stake in Australia’s GrainCorp

No Comments

CHICAGO, Dec 1 (Reuters) - U.S. agricultural commodities trader Archer Daniels Midland Co. has sold its 19.9 percent stake in GrainCorp Ltd to underwriters UBS just three years after a failed bid to wholly acquire the Australian grain handler, ADM said on Thursday. The sale to the Swiss bank was valued at A$387 million (US$286.92 million), or A$8.53 a share, ADM said. ADM's A$2.8 billion bid to buy Australia's largest listed grain handler was blocked by government regulators in 2013 near the peak of a grain market boom. Commodities prices have since tumbled and ADM and rival agribusinesses are focusing increasingly on higher-margin businesses such as natural food ingredients and…
[Read more]

Argentina soy weather favourable with 46 pct of crop sown -exchange

No Comments

BUENOS AIRES, Dec 1 (Reuters) - Argentine growers have planted 46 percent of the 19.6 million hectares (48.4 million acres) expected to be sown with soybeans in the 2016-17 season with the country's central farm belt enjoying good growing conditions, the Buenos Aires Grains Exchange said on Thursday. Soybean planting advanced 12.3 percentage points over the previous seven days, the exchange said in its weekly crop report. Despite the quick advance in recent days, sowing was 8.4 percentage points behind the previous season's pace. "The beans that have already been sown in wide parts of the central agricultural region are in good condition," it said. "Rains that have fallen over the…
[Read more]

Canada adds jobs in Nov, central bank not seen changing rates

No Comments

OTTAWA, Dec 2 (Reuters) - The Canadian economy added 10,700 jobs in November and the jobless rate fell to 6.8 percent, a performance analysts said was strong enough to ensure the Bank of Canada would keep interest rates unchanged next week. The Canadian dollar edged higher on the report. Statistics Canada said on Friday that for the second month in a row, all the gains were in part-time positions, and noted the jobless rate fell because fewer people were seeking work. Analysts in a Reuters poll had predicted a loss of 20,000 jobs after two months of above-par growth and said the unemployment rate would remain at 7.0 percent. "The fact that overall employment managed another…
[Read more]

CME live cattle slide after hitting three-month peak

No Comments

CHICAGO, Dec 1 (Reuters) - Chicago Mercantile Exchange live cattle futures on Thursday peaked at a three-month high before profit-taking dropped contracts to near session lows, said traders. December live cattle closed down 0.175 cent per pound to 110.575 cents, and February ended 0.575 cent lower at 111.375 cents. CME live cattle futures receded in spite of this week's stronger-than-expected prices for market-ready, or cash, cattle and much improved wholesale beef demand. People are not confident that beef demand is going to hold given the availability of cheap poultry and pork, said U.S. Commodities analyst Don Roose. Packers this week paid $114 to $115 per cwt for cash cattle…
[Read more]

Canola edges higher while most US crop dip

No Comments

pump-jack-canolaCanola futures threw off early weakness to close up slightly with support from soy oil as crude oil rose again, topping $50 a barrel in New York. Gains in canola were limited by the rising Canadian dollar, which climbed about a half cent to top US75 cents. Reuters surveyed traders who on average put Canada’s canola crop at 18.8 million tonnes. Statistics Canada comes out with its official crop size estimates on Tuesday. If true, that would mark a record-large Canadian canola crop. Trade forecasts…
[Read more]

Forecast: Canadian wheat, canola crops weather snow, top last harvest

No Comments

WINNIPEG, Manitoba, Dec 1 (Reuters) - Canada's wheat and canola crops withstood wintry weather that stalled the autumn harvest, and production is expected to top last year's output, according to Reuters' industry survey of 13 analysts and traders. Statistics Canada on Tuesday will issue its final crop production estimates for the 2016-17 marketing year. The industry expects, on average, all-wheat production of 30.7 million tonnes, the largest in three years. It slightly topped Statscan's Aug. 23 estimate, and would be 11 percent bigger than last year's production. Analysts and traders expect record canola output of 18.8 million tonnes, exceeding Statscan's earlier estimate of…
[Read more]

Algeria buys durum, much of it from Canada

No Comments

PARIS, Dec 1 (Reuters) - Algeria's state grains agency OAIC bought at least 120,000 tonnes of optional-origin durum wheat in a tender that closed on Wednesday, European traders said on Thursday. OAIC paid around US$310 to $315 a tonne, cost and freight included, and the grains were expected to be mainly sourced from Canada, along with one cargo from the United States, they said. Canada is the world's biggest exporter of durum, the wheat variety used to make grain dishes like pasta and couscous. Some traders said the volume purchased may have reached around 150,000 tonnes, depending on the size of each cargo booked by OAIC. Algeria, one of the world's biggest cereal importers,…
[Read more]

Cattle, hogs rise on cash markets, capping monthly gains

No Comments

CHICAGO, Nov 30 (Reuters) - Chicago Mercantile Exchange cattle and hog futures rose about 1 percent on Wednesday, rallying after two straight sessions of losses on the back of gains in U.S. cash cattle and hog markets, traders and analysts said. Most-active CME February live cattle settled 1.650 cents higher at 111.950 cents per lb. The contract hit upside resistance near its 200-day moving average, and nearly tested its three-month peak of 112.525 notched on Friday and equaled on Monday, before prices reversed lower. Cattle on a continuous chart gained 7.4 percent during November, the commodity's best monthly performance since October 2015. Live cattle futures were trading about…
[Read more]

Crude rally lifts canola – OPEC plans cut

No Comments

Canola and soy oil futures rose with crude oil today on news that OPEC members have tentatively agreed to cut production. But U.S. crop futures mostly fell on the strong U.S. dollar and month end position squaring. January canola rose $5.60 to close at $525.20 per tonne. CLICK HERE TO WATCH THIS WEEK'S MARKETS VIDEO Canola is also supported by the recent strength in exports as well as the record pace of the domestic crush. The big news of the day was OPEC’s agreement to cut production by 1.4 million barrels per day. There had been friction between Saudi Arabia, Iran and Iraq over…
[Read more]
Load more articles
x3x3x3x3x3x3