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Canola gains $19.50 on the week

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Canola rose for a fifth straight session on Friday, the day that Donald Trump was inaugurated President of the United States. Trump’s main themein his address was America first in all things. “Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families," he said. It was a fairly calm day in agricultural markets as there is little new fundamental supply and demand news. March canola climbed $1.20 to close at $519.60 per tonne. The contract gained $19.50 or 3.9 percent from the close the previous Friday the week, lifted by currency weakness and by lingering support from concerns about excess rain hurting…
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Chinese paper warns U.S. agriculture, Boeing in crosshairs of Trump trade war

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BEIJING, Jan 19 (Reuters) - An influential Chinese state-run newspaper on Thursday again warned that U.S. aircraft manufacturer Boeing Co and U.S. agricultural imports could be targets for retaliation in any trade war ushered in by U.S. President-elect Donald Trump. Trump, who is sworn into office on Friday, has criticised China's trade practices and threatened to impose punitive tariffs on Chinese imports. Billionaire investor Wilbur Ross, Trump's choice for commerce secretary, voiced sharp criticism of China's trade practices on Wednesday, telling senators he would seek new ways of combating them. In an editorial, the Global Times said that as the United States has the…
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UPDATE: Trump picks southerner over Midwest candidate for Agriculture Secretary

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WASHINGTON, Jan 19 (Reuters) - U.S. President-elect Donald Trump officially announced Sonny Perdue as his choice for secretary of agriculture on Thursday, selecting a former Georgia governor over candidates from the Midwest states that dominate U.S. agricultural exports. Perdue, who was on Trump's agricultural advisory committee during his presidential campaign, has yet to be confirmed in the post by the Republican-led Senate. He was elected to two terms as governor of Georgia, a leading producer of cotton and peanuts, serving from 2003 to 2011. Before that, he was a state senator, representing a rural swath of the state about 100 miles (160 km) south of Atlanta. "From growing up…
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Farmers’ reticence poses threat to USDA data objectivity – USDA study

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CHICAGO, Jan 19 (Reuters) - Record-low responses from farmers to surveys threaten the U.S. Department of Agriculture's status as the gold standard in crop data collection and potentially open up trading advantages to big firms, the agency's chief economist said on Thursday. Response rates have been on a precipitous decline in recent years, falling below 60 percent in some cases, from rates of 80-85 percent in the early 1990s, chief economist Robert Johansson said in a study published by the University of Illinois (http://bit.ly/2jRehym). The study, co-authored by Johansson, said reduced response rates could introduce bias or error to the USDA's estimates - for example, if farms…
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Canola rises fourth time this week on falling loonie, Argentina weather improves

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Trade in crop markets Thursday was largely driven by currency shifts and a lack of new market-moving news. The loonie fell, helping canola post its fourth straight gain this week, with the March contract today up $3.10 or 0.6 percent to close at $518.40 per tonne. That rise came as the soybean complex generally fell a little, weighed down by a stronger U.S. dollar and profit taking after recent gains. The weather forecast for Argentina looks better with drier weather expected in the central wet regions and rain for the dry south. The Rosario grain exchange in Argentina today lowered its forecast for soybean production to 52.9 million tonnes, down from 54.4 million…
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Cash prices again push CME live cattle futures higher

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CHICAGO, Jan 19 (Reuters) - Chicago Mercantile Exchange live cattle futures moved higher for a fourth straight session on Thursday, driven by this week's cash price surge, traders said. February live cattle closed 0.750 cent per pound higher at 121.025 cents, and April closed up 0.475 cent to 119.875 cents. Both contracts notched 10-month highs for a third day in a row. On Thursday, slaughter-ready, or cash, cattle in the U.S. Plains traded at $122 to $123 per cwt, up from $118 to $120 a week earlier, said feedlot sources. Wednesday's Fed Cattle Exchange (FCE), on average, brought $120.50 per cwt, up from last week's $119 average. It appears the FCE is helping set the tone…
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Trump to name ex-Georgia Gov. Perdue as agriculture secretary

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WASHINGTON, Jan 18 (Reuters) - U.S. President-elect Donald Trump will name former Georgia Governor Sonny Perdue as his nominee for secretary of agriculture on Thursday, a senior transition official said on Wednesday. Perdue, 70, served on Trump's agricultural advisory committee during his presidential campaign. His nomination, which must be confirmed by the Republican-led Senate, will complete Trump's proposed cabinet just before he is sworn in as president on Friday. By nominating a former governor from a Southern state, Trump eschewed candidates from major Farm Belt states in the Midwest that produce the bulk of crops such as corn, soybeans and wheat which dominate agriculture…
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Trump EPA pick says backs biofuels program, but open to tweaks

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WASHINGTON, Jan 18 (Reuters) - Oklahoma Attorney General Scott Pruitt, President-elect Donald Trump's choice to lead the Environmental Protection Agency, said on Wednesday he would honour the intent of the U.S. biofuels program, but remained open to tweaking it. The Renewable Fuel Standard requires the EPA set annual quotas for the use of ethanol and biodiesel in transportation fuels. More than a decade old, the standard is fiercely defended by the U.S. corn industry that provides most of the ethanol, but it has been a source of frustration for oil refiners. They say the goals are unrealistic without an overhaul in automobiles and infrastructure, and are calling for changes. Pruitt…
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Live cattle futures up for 3rd straight day, hogs lower

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By Theopolis Waters CHICAGO, Jan 18 (Reuters) - Chicago Mercantile Exchange live cattle futures closed higher on Wednesday for a third day in a row, following the morning's wholesale beef price upswing and initial cash price strength, traders said. February live cattle closed 0.700 cent per pound higher at 120.275 cents, and April closed up 0.400 cent to 119.400 cents. Both contracts hit 10-month highs for a second consecutive session. Wednesday morning's Choice wholesale beef price, or cutout, climbed $1.39 per cwt from Tuesday, at $193.01. Select cuts rose 93 cents to $188.16, the U.S. Department of Agriculture said. Cattle at Wednesday morning's Fed Cattle Exchange, on…
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World temperatures hit new high in 2016 for third year in a row

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OSLO, Jan 18 (Reuters) - World temperatures hit a record high for the third year in a row in 2016, creeping closer to a ceiling set by the Paris climate change deal, with extremes including unprecedented heat in India and ice melt in the Arctic, scientists said on Wednesday. The findings, providing new signs of the impact of greenhouse gases, were issued two days before the inauguration of U.S. President-elect Donald Trump, who questions whether climate change has a human cause. Average global surface temperatures in 2016 were 0.83 degree Celsius above a long-term average of 14 C from 1961-90, according to the U.N.-affiliated World Meteorological Organisation (WMO) in…
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