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Soy oil rally lifts oilseeds including canola, wheat down

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Rising soyoil and a weaker loonie helped lift canola futures by more than one percent on Wednesday. The January canola contract regained most of the ground it had lost since last week’s bearish USDA report. Soybean oil rose more than two percent as the U.S. National Oilseed Processors Association (NOPA) said its members crushed 164.2 million bushels of U.S. soybeans in October, the fifth highest monthly total on record, in line with trade expectations, Reuters reported. CLICK HERE TO WATCH OUR LATEST CROP MARKET ANALYSIS VIDEO Seasonally, soybean futures tend to climb…
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Short-covering pares recent CME live cattle losses

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CHICAGO, Nov 15 (Reuters) - Chicago Mercantile Exchange live cattle futures on Wednesday settled higher after short-covering helped recoup some of the market's recent cash price related losses, traders said. A few investors adjusted positions before the U.S. Department of Agriculture's monthly Cattle-On-Feed report on Friday. December live cattle finished 0.700 cent per pound higher at 120.200 cents, and February ended up 0.600 cent to 125.750 cents. Wednesday morning's Fed Cattle Exchange resulted in $119 to $119.25 per cwt sales versus $124 there last week. Some packers in the U.S. Plains responded by paying $119 per cwt for slaughter-ready, or cash, cattle. That was down as…
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China pig herd shrinks further in October

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BEIJING (Reuters) - China’s pig herd shrank in October by the most in close to two years, said the agriculture ministry on Wednesday, amid a crackdown on farm pollution that has forced hundreds of thousands of farms to close in the past year. The world’s largest pig herd contracted by 6.6 percent in October from a year ago, said the ministry, without giving detailed livestock figures. That was more than last month’s drop of 6.1 percent, and a reduction pace not seen since January 2016. The sow herd fell 5.3 percent last month, also more than last month’s decline, and the largest drop since March 2016. Both sow and hog herds have registered a year-on-year drop each month…
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Ottawa, OmniTrax up the stakes in dispute over line to Churchill

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The federal government has taken legal action against OmniTrax for its failure to resume operations on the rail line to Churchill, Man. U.S.-based OmniTrax responded by filing notice that it will submit a claim under the North American Free Trade Agreement alleging that the federal government put it at an unfair advantage relative to southern Canadian-owned railways when it ended the monopoly of the Canadian Wheat Board, which had been the one major user of the Hudson Bay Railway and the Port of Churchill. The Attorney General of Canada acting for Transport Canada today filed a statement of claim against OmniTrax, which owns the rail line and port, saying that it breached its contract…
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Lower cash prices drop CME hogs to one-month low

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CHICAGO, Nov 14 (Reuters) - Chicago Mercantile Exchange lean hogs on Tuesday slid to their lowest level in a month after downward-trending cash prices triggered sell orders, traders said. Fund selling developed after some contracts drifted below technical support areas. December hogs ended 2.325 cents per pound lower at 59.975 cents, and below the 100-day moving average of 61.647 cents. February closed 2.800 cents lower at 67.500 cents, under the 40-day moving average of 67.990 cents. Abundant supplies sank prices for slaughter-ready, or cash, hogs for a third straight session. Some farmers moved pigs to packers after harvesting corn and soybeans, said analysts and traders.…
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Alberta Hutterite colony ordered to pay WCB dues for workers in concrete plant

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An Alberta Hutterite colony has been ordered to pay dues for labourers who work in its concrete plant after it lost an appeal to the Workers Compensation Board earlier this month. The Nov. 1 decision involves the Spring Ridge Colony east of Edmonton near Wainwright, Alta. About 90 percent of the colony's business involves agriculture, while the other 10 percent involves concrete manufacturing for pre-cast walls. The colony incorporated the concrete side of the business, calling it Twin Valley Precast. In the decision documents, the colony said it incorporated Twin Valley Precast separately for liability, risk management and tax purposes. However, members of the colony considered…
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Oilseeds lower along with falling crude oil

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Canola futures drifted lower along with the soybean complex on Tuesday. Soybean had also fallen on Monday when the ICE Futures Canada contract was closed for Remembrance Day. Corn was also lower, hitting a one-year low. Chicago wheat firmed a little but Minneapolis spring wheat was down. Improving weather in Brazil weighed down the oilseeds. Rains reached dry areas allowing seeding to advance. The USDA late Monday said the U.S. corn harvest was 83 percent complete and the soybean harvest was 93 percent done. Chicago wheat firmed on technical buying and short covering. CANOLA OUTPERFORMING SOYBEANS Last Thursday’s USDA supply and demand report was considered bearish as…
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Brazilian packer sees Asia beef demand growing to half of world market

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NEW YORK, Nov 13 (Reuters) – Brazilian beef processor Minerva SA on Monday said Asia will become the destination for up to half the world's beef in the next three to four years, up from just under 46 percent in 2017, amid rising demand in China. That will provide opportunity to continue to boost shipments from South American producers to the region, the company said at an investor presentation in New York on Monday. The growing appetite comes as supplies of protein like beef soar in South America and other key global producers. "The China market is a huge, huge market," said Minerva's chief commercial officer Iain Anderson Mars. "In the coming years, I think it will be more." He…
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Live cattle mostly lower as beef prices ease

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CHICAGO, Nov 13 (Reuters) - U.S. live cattle futures were mostly lower on Monday, pressured by weaker beef prices and expectations that cash cattle at Plains feedlot markets would trade at lower prices this week, traders said. Chicago Mercantile Exchange December live cattle ended steady at 120.575 cents, while actively traded February futures fell for a sixth straight session, shedding 0.350 cent lower to settle at 126.400 cents. "We saw boxed beef slip today and that's not something people want to see," said Rich Nelson, chief strategist with Allendale Inc. The choice boxed beef cutout was $1.04 per hundredweight (cwt) lower on Monday while select cuts fell by 68 cents per…
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Canola expected to open lower overnight

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Soybeans and wheat had bad days Monday, as almost all North American crop futures were in the red. Soybeans, soybean oil and soybean meal all fell. Soybeans weakness suggested the up-trend since mid-August has weakened or ended. "Beans have been looking toppy and they did finally break below key support at $9.80, $9.82 (per bushel) January," said P.I. Financial broker Ken Ball. Good rains in northern parts of Brazil's growing area lent bearishness to the market. More beneficial rains are forecast, so the negative pressure is likely to persist. Wheat contracts faced little real fundamental news Monday, but they fell anyway, with nothing to dispel the general bearishness…
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