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StatCan Preview-Heat withers wheat; canola looks resilient -trade

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By Rod Nickel WINNIPEG, Manitoba, Aug 18 (Reuters) - Hot, dry summer weather across the southern Canadian Prairies is likely to sharply shrink the wheat harvest, but canola output looks more promising, according to a Reuters survey of 17 traders and analysts. All-wheat output is likely to dive 17 percent to 26.2 million tonnes, according to the average estimate, the smallest crop in six years. Canola production may edge one percent higher from last year to a record 18.6 million tonnes in the world's biggest grower of the oilseed, traders and analysts said on average. Statistics Canada, a government agency, will issue its first production estimates of the year on Thursday Aug. 31,…
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Ranchers in parched U.S. Plains welcome hay lottery

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By Theopolis Waters Aug 18 (Reuters) - Hundreds of livestock ranchers in the drought-stricken U.S. Northern Plains are embracing what organizers say is the first lottery designed to provide some much-needed relief to their operations. The prize? Tons and tons of hay. Ranchers in North Dakota, South Dakota and Montana have been suffering through the region's worst drought in 30 years, which has withered grazing fields, causing a severe spike in the cost of hay to feed their animals. While the ranchers search for affordable hay, some have been selling off cattle they cannot afford to feed. If the drought persists, cattle and beef prices will rise, livestock economists said. "Thousands of…
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ICE Canada canola futures rise on soy strength, weather concerns

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WINNIPEG (Reuters) — ICE Canada canola futures rose on Friday for a second straight day, lifted by strength in U.S. soybeans and concerns about Canadian crop weather. Concerns about dry conditions, and a forecast risk of frost for early September added strength to canola, a trader said. Despite unfavourable weather in parts of the Canadian Prairies, traders and analysts expect record-large canola production this year. Fifty-seven percent of canola in Alberta is in good to excellent condition. November canola gained $6.70 to $506.70 per tonne. November-January canola spread traded 868 times. Chicago Board of Trade November soybeans rose on bargain-buying. NYSE MATIF…
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CME live cattle again sink to 9-month bottom, but off lows

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CHICAGO, Aug 18 (Reuters) - Chicago Mercantile Exchange live cattle futures pared losses on Friday after falling to its lowest level in 9 months, led by this week's steep cash price drop and seasonally downward-trending wholesale beef values, said traders. Bargain buying and traders covering their short positions lifted contracts from session lows, and futures remained bullishly undervalued, or discount, to this week's slaughter-ready, or cash, prices. "The discount is providing some support. But weaker beef prices and the prospect for larger slaughter numbers ahead are going to keep sellers active," said independent CME livestock futures trader Dan Norcini. August ended 0.750 cent…
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ICE Canada canola futures rise, halt skid

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WINNIPEG (Reuters) — ICE Canada canola futures rose on Thursday and halted a five-day skid, following U.S. soybeans and soy oil higher. Strong Chinese demand and the fact that favorable rains missed some U.S. Midwest growing regions, buoyed soybeans, spilling over support to fellow oilseed canola. The light trading volume kept canola technical sellers on the sidelines, allowing the market to rise, a trader said. November canola gained $7.30 to $500 per tonne. November-January canola spread traded 815 times. Chicago Board of Trade November soybeans rose on strong Chinese demand.              NYSE MATIF November…
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Asia Grains-Indonesia buys Canadian wheat, Australia offers new crop

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SINGAPORE, Aug 15 (Reuters) - A flour miller in Indonesia bought 25,000 tonnes of Canadian spring wheat in a recent deal for arrival in November while Australian exporters are offering new-crop wheat, traders said. The Indonesian miller purchased Canadian wheat between US$320 and $325 a tonne, including cost and freight. Spring wheat prices rallied to a four-year high of $8.16-1/4 a bushel in July as a severe drought reduced yields in U.S. northern plains, but the market has eased following higher-than-expected supply estimate from the U.S. Department of Agriculture. It was trading at $6.67 a bushel on Aug. 15. The USDA pegged production of spring wheat other than durum at 402…
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Brazil farmers run out of space as bumper crops pile up

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SORRISO, Brazil, Aug 17 (Reuters) - At a warehouse in the heart of Brazil's agriculture sector, farmer Rafael Bilibio watches truck after truck line up to unload corn onto the ground outside the huge storage bins. His own corn, ready for unloading from a 50-tonne truck that has just pulled in, is destined to join the pile that has reached 65-feet high, as the bins remain stuffed with soybeans collected earlier this year in Mato Grasso state. "For the first time in history, producers here will pile one harvest on top of the other," said 33-year-old Bilibio, who cultivates some 11,600 acres of soy and corn near Vera, in the mid-North of the state. From Iowa to China, years of bumper…
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Many farmers should find reason to cheer harvest weather forecast

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WINNIPEG, Aug. 15 – Farmers on the Canadian Prairies can expect decent weather for this harvest season, according to Drew Lerner, meteorologist and founder of WorldWeather Inc. He said most farmers will experience periodic showers but shouldn't be subjected to the continual drizzles and sheets of rain that caused heartaches last year. "Most of the Prairies will see a good mix of rain and sunshine and more sunshine than rain, actually." Lerner said he sees no significant rainfall for the Prairies for August and a bit more for September, but it shouldn't be enough to cause serious setbacks for farmers. "There will be a certain amount of mixed emotions about that, of course, with…
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Corn soybean futures struggle under heavy supplies

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WINNIPEG, Aug. 16 (CNS) – Corn and soybean traders continue to assess the fallout from last week's world supply and demand report from the United States Department of Agriculture. The monthly report stunned analysts with predictions for U.S. corn yields at 169.5 bushels per acre and soybean yields of 49.4 bu./acre. "That just destroyed the market," said Scott Capinegro at Highland Trading, referring to corn. "You've got the month of August here, there's no heat, you're catching rain in areas every day, which adds to the bearishness." He said with reports of crop conditions improving through most of the U.S. Corn Belt, the chances for any kind of rally are slim. He said even…
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If it ain’t broke, don’t fix it: Pork sector

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WINNIPEG, Aug. 17 – As talks begin toward reworking the North American Free Trade Agreement, John Ross of the Canadian Pork Council, repeats what many in the pork and beef industries in Canada and the United States have been saying all along: First, do no harm. "The worst thing that could happen to us was if we went backwards," he said in an interview. He said it would upset the industry in all three countries if a new NAFTA brought in tariffs, border fees or increased regulations. "The base is where it should be. The product moves where the market takes it." He said pork producers and packers in all three countries have expressed satisfaction with the present deal, so at most he…
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