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CME live cattle sag with lower cash, beef prices; hogs lower

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CHICAGO, June 22 (Reuters) - Chicago Mercantile Exchange live cattle futures fell for a second straight day on Thursday, pressured by fallen cash and wholesale beef values, said traders. The June contract, which will expire on June 30, closed 0.875 cent per pound lower at 118.625 cents. Most actively-traded August finished 1.075 cents lower at 114.275 cents. So far this week market-ready, or cash, cattle in the southern U.S. Plains sold from mostly $120 to $123 per cwt, down from $127 to $133 in the region last week, said feedlot sources. Processors paid less for supplies as beef prices at wholesale decline seasonally, said traders and analysts. Packers are buying cattle…
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Oilseeds lower but spring wheat pulls off another increase

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Oilseeds fell again Thursday but spring wheat managed another higher close. Forecasts for good growing weather in the U.S. Midwest weighed down the soybean complex and corn. Canola followed the soy complex lower. July canola settled at $505 per tonne, down $1.30 or 0.26 percent. November closed at $473.40, down $6 or 1.25 percent. November was technically weak as it fell below recent low levels set at the start of June. But spring wheat rose as the U.S. weekly Drought Monitor showed the area in drought in the U.S. Northern Plains getting worse. Forecasts for the Dakotas and eastern Montana shows little rain in the next seven days. [Read more]

PREVIEW-Canadian farmers trim wheat, canola areas in wet spring-trade

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By Rod Nickel WINNIPEG, Manitoba, June 22 (Reuters) - Soggy spring conditions in key crop-growing areas of the Canadian Prairies left farmers unable to plant as much as they intended, but canola seedings still look record-large, according to a Reuters survey of 16 traders and analysts ahead of a government report next week. Statistics Canada will release its planted acreage survey on June 29. Wet weather made fields sloppy in Alberta's Peace River region, and in northeastern Saskatchewan, but the extent of unplanted land was not as great as some predicted, said Alyssa Mistelbacher, market analyst at FarmLink Marketing Solutions. "It's around the margins, not going to be…
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Farmers keen to adopt technology: StatsCan report

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June 21 (CNS Canada) – Canadian farmers in most sectors are strong proponents of data-driven technology, according to a report released June 21 by Statistics Canada. The latest release in StatsCan’s 2016 Census of Agriculture showed farmers were particularly keen to jump into new technology if it improved the efficiency of their operations or their bottom lines. In a telephone interview StatsCan spokesperson Erik Dorff said the agency has been going through old census reports going back to 1871 and it has shown farmers have long been ahead of the curve when it comes investing in new technology. “As we look through what we collect on the census, we always see that farmers have…
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Canadian ag sector equity rises 4.5% in 2016: StatsCan

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June 21 (CNS Canada) - Agriculture sector equity rose slightly in 2016, according to a Statistics Canada balance sheet on the industry. Farm sector equity totaled $500.3 billion for the year ending Dec. 31. That’s a 4.5 percent increase, or $21.6 billion from the same period a year ago, according to the report released June 21. Farm equity, assets used to produce agricultural products minus the liabilities associated with those assets, for the previous four years are as follows:
  • $478.7 billion (2015);
  • $449.1 billion (2014);
  • $407.5 billion (2013);
  • $365.6 billion (2012).
The $500.3 billion for 2016 represents the smallest…
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Cattle futures trader fined $5 million for manipulation

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CHICAGO, June 21 (Reuters) - U.S. futures regulators fined a Memphis trading firm and three associates $5 million on Wednesday for using a manipulative tactic in CME Group Inc's cattle futures, a market grappling with extreme volatility. The Commodity Futures Trading Commission said it penalized McVean Trading & Investments $1.5 million and its chairman, Charles Dow McVean, $2 million under a settlement deal after an investigation. President Michael Wharton was fined $1 million and Samuel Gilmore, a consultant to the firm, was fined $500,000. McVean and Wharton distorted other traders' views of the cattle market in 2012 and 2013 by secretly using cattle feedyards as straw…
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U.S. meat processor Tyson to test new method to stun chickens

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CHICAGO, June 21 (Reuters) - Tyson Foods Inc will test a new way to render chickens unconscious before slaughter, the company said on Wednesday, in the latest sign that heightened concerns about animal welfare are affecting U.S. meat processors. Within the next year, Tyson, the biggest U.S. chicken company, will launch a pilot program at two processing plants to use gas instead of electricity to stun birds before they are killed. Poultry companies render birds unconscious prior to slaughter so they do not feel pain and have increasingly explored gas as a potentially more humane option. Consumers and some restaurants have also called for more humane practices. Tyson's program "is a…
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Nutrien new name of Agrium-PotashCorp merger

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Agrium and PotashCorp announced Wednesday that once the anticipated merger transaction closes, the new company will be named Nutrien. The regulatory review and approval process for the merger transaction continues and the parties expect closure of the transaction to take place in the third quarter of 2017. The new organization will be a global leader in fertilizer production and will have the largest agricultural retail-distribution network in the world.  

Crop prices mostly lower, wheat market takes breather

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Crop prices were mostly lower on Wednesday with spring wheat taking a breather as the trade tries to figure out how much damage has been done to crops in the U.S. Northern Plains. Even though there is a mixed bag of conditions in the Canadian Prairies, and poor conditions in North Dakota's crop, canola dipped a little lower. Soybeans and corn fell, as growing conditions are generally good in the U.S. Midwest. The heat wave in Europe is expected to moderate as the week progresses. Temperatures have been in the mid 30s C and have stressed crops. On the Canadian Prairies the potential for showers and thunderstorms exists over the next three days, but the U.S. Northern Plains should…
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Hog futures hit 1-year high as pork prices extend gains

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CHICAGO, June 21 (Reuters) - U.S. lean hog futures were mostly higher on Wednesday, with the front-month contract rising to the highest levels in a year on support from rising prices for wholesale pork, traders and analysts said. Chicago Mercantile Exchange July lean hogs notched life-of-contract highs for the third straight session as investors continued to exit nearby positions and roll into deferred months. July hogs finished 1.075 cents higher at 86.075 cents per pound, rising to a session and contract high of 86.400 cents shortly after the U.S. Department of Agriculture at late morning showed sharply higher wholesale pork prices. Most-active August hog futures settled up 0.575…
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