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As stocks soar, China reducing corn acreage in 2016

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BEIJING, June 30 (Reuters) - China plans to cut corn acreage in 2016 and switch to other crops, the country's agriculture minister said, as Beijing comes under pressure to reduce huge stocks of the grain. China will instead promote the growing of beans, other coarse grains and forage grass where conditions are suitable, Agriculture Minister Han Changfu told a meeting of agriculture officials from major growing areas in the northeast. The minister also said that more corn for silage would be grown for animal feed. Four provinces in China's northeast, including Heilongjiang and Jilin, produce about 40 percent of the country's total corn output and would be the main areas targeted for…
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LIVESTOCK-Higher corn prices drop CME feeder cattle 4.500-cent limit

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CHICAGO, June 30 (Reuters) - Thinly traded Chicago Mercantile Exchange feeder cattle futures closed down their 4.500-cents per lb maximum daily limit on Tuesday, responding to steep corn market gains, traders said. Chicago Board of Trade corn futures <0#C:> jumped nearly 8 percent after the U.S. Department of Agriculture's bullish grain report. Pricey corn could increase input costs for feedlots. August closed 4.350 cent per lb lower at 214.725 cents. September and October ended limit-down at 213.400 and 212.075 cents, respectively. The CME feeder cattle trading limit will be expanded to 6.750 cents on Wednesday following Tuesday's limit-down settlement. FEEDER CATTLE…
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Corn, soy soar on USDA , canola trails higher

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Tighter U.S. soybean stocks trumped larger than expected canola acreage in Tuesday’s markets, sending November canola futures almost three percent higher. November soybeans jumped 5.8 percent and new crop December corn soared 7.3 percent on bullish USDA acreage and stocks report this morning. The report was not bullish for wheat, but still Minneapolis hard red spring contract was up more than three percent, supported by rising corn and worries about excess rain in the U.S. Midwest and dry weather in Canada and Europe. Statistics Canada said farmers planted 19.8 million acres to canola, up two percent from its April forecast and topping the average of trade estimates of 19.5…
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U.S. corn, soy stocks grow less than expected; demand strong

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By Mark Weinraub WASHINGTON, June 30 (Reuters) - U.S. soybeans and corn stocks ballooned from a year ago but were less than market forecasts as strong demand ate into supplies, the U.S. Agriculture Department said on Tuesday. Wheat supplies were bigger than expected. U.S. wheat has struggled on the export market and weak prices for corn have cut demand for feeed wheat from domestic livestock producers. Corn and soybean futures surged after the report was released, rallying to their highest since mid-January. "The numbers imply much stronger-than-expected third-quarter usage for corn and soybeans," said Rich Nelson, chief strategist with Allendale Inc. "USDA will be forced to…
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Canada canola problems cut crusher profits to 2-year low

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By Rod Nickel WINNIPEG, Manitoba, June 30 (Reuters) - Problems with Canada's canola crop are driving up the oilseed's price, cutting processors' margins to their lowest levels in two years and threatening to boost the price of a key ingredient of salad dressings and potato chips. Frost and dry conditions on the Canadian Prairies have damaged the crop, which processors, including Bunge Ltd and Richardson International, crush for vegetable oil. As of Monday, crushers' profit margin was C$47.87 ($38.48) per tonne, according to ICE Futures Canada, based on the nearby futures price, which hit its highest level since September 2013. That margin was up slightly from a week earlier, but was…
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Canadian farmers plant more canola, less wheat than expected

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By Rod Nickel and Simon Doyle WINNIPEG, Manitoba/OTTAWA, June 30 (Reuters) - Canadian farmers planted more canola and less wheat than expected during a harsh spring that included crop-damaging frost and dryness, according to a Statistics Canada report on Tuesday. Statscan estimated canola plantings at 19.8 million acres, up 2 percent from its April forecast and exceeding the average trade estimate of 19.5 million. Last year, farmers seeded 20.3 million. All-wheat plantings were pegged at 24.1 million acres, well below Statscan's previous estimate of 24.8 million and the trade expectation of 24.6 million. Lower-than-expected wheat plantings were mainly due to fewer spring wheat acres…
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USDA takes first step to import fresh beef from Brazil, Argentina

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CHICAGO, June 29 (Reuters) - Fresh beef from Brazil and Argentina will be allowed into the United States under amended regulations that specify conditions to mitigate risk of foot-and-mouth disease (FMD), the U.S. Department of Agriculture's Animal and Plant Health Inspection Service (APHIS) said on Monday. "This is the first step of a process for these regions to gain access to the U.S. market for beef," said APHIS. Brazil and Argentina also need to meet food safety standards before being able to export any beef to the United States. APHIS risk assessments indicate that fresh (chilled or frozen) beef can be safely imported, provided certain conditions are met to ensure beef…
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LIVESTOCK-CME live cattle futures rebound on short-covering

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CHICAGO, June 29 (Reuters) - Chicago Mercantile Exchange live cattle closed higher on Monday, supported by short-covering before the final trading session of the quarter on Tuesday, analysts said. June, which will also expire on Tuesday, finished 1.275 cents per lb higher at 149.675 cents, and August up 1.350 cents to 149.875 cents. "I think short-covering really is the dominant part of the mix," said AgriVisor Services senior market analyst Dale Durchholz. Some investors were encouraged by fewer cattle for sale this week and late-Friday's cash cattle prices that were higher than earlier in the week. A week ago, market-ready, or cash, cattle in the U.S. Plains fetched $147 to…
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Ont. farm group sues gov’t over new neonic rules

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Grain Farmers of Ontario is taking the provincial government to court over its controversial regulations for neonicotinoid seed treatments. Eric Gillespie, who is representing GFO in the legal action, said the organization has filed an application with the Ontario Superior Court asking for an interpretation of the regulations. “The courts interpret government regulations and legislation all the time,” Gillespie said during a conference call with media June 29. “The central issue before the court … will be whether this regulation is, in fact, workable.” This spring, the Ontario government introduced new rules to reduce the use of insecticide seed treatments on corn and…
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Canola dips ahead of acreage reports

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Canola futures mostly dropped on Monday as investors lightened long positions ahead of key crop reports Tuesday in Canada and the United States. Statistics Canada will report on crop acreage tomorrow morning, with the trade expecting a slight increase in its canola estimate. But ultimately the acreage number will have less impact than yield and with dry weather continuing in much of the western Prairies, the yield outlook is declining. The U.S. Department of Agriculture will release acreage and quarterly stocks reports on Tuesday. Rain was limited mostly to southern Manitoba during the weekend on the dry Canadian Prairies. Mid-week showers might offer slight, spotty relief but not…
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