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Corn, soy rally Wednesday but canola drops on cooler Prairie weather

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In a reversal of recent market action canola and spring wheat settled a little lower on Wednesday but corn and soybeans rallied. The markets are bouncing around with each updated weather forecast for the Midwest, both for moisture and for heat. The heat in the Midwest was in the forefront today. There is rain in the seven day forecast for the upper Midwest but the big accumulations appear to be missing in western Iowa and Nebraska. Investment funds were net buyers of corn and soybean futures and net sellers of wheat futures, traders told Reuters. The loonie continued to rally above US79 cents, limiting the upside of the canola market. The recent cooler weather on the…
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Cattle futures buckle under technical pressure

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By Theopolis Waters CHICAGO, July 18 (Reuters) - Chicago Mercantile Exchange live cattle futures closed lower on Tuesday, hit by profit-taking and technical selling, said traders and analysts. They said some funds sold August futures and simultaneously bought the October contract. Positioning in advance of the U.S. Department of Agriculture monthly Cattle-On-Feed report on Friday exerted more market pressure. August ended 1.875 cents per pound lower at 115.075 cents and below the 20-day moving average of 115.769 cents. October closed 1.750 cents lower at 116.875 cents. Investors are anxiously awaiting this week's sale of market-ready, or cash, cattle that a week ago brought…
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Canola, spring wheat close higher on weather Tuesday

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Weather concerns helped to lift spring wheat and canola futures on Tuesday. November canola closed up $4.30 or 0.85 percent at $510.50 per tonne. Kansas and Chicago wheat contracts closed lower, but Minneapolis December wheat jumped up 1.7 percent or 13 1/4 cents, to close at US$7.83 ¼ per bushel. American crop markets were higher earlier in the day on forecasts that were a little hotter and drier for the Midwest, but then mid-day forecast models put a little more moisture in the outlook and corn and soybeans closed off their highs. The seven-day forecast now has heavy accumulations of four inches or more for southern Minnesota and Wisconsin and lesser but still welcome…
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Needed rain hits parts of Manitoba: Crop Report

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July 18 (CNS Canada) – Many fields in Manitoba received needed rain last week, although central and western regions could still use more, according to the latest weekly report from Manitoba Agriculture. Most crops are in the flowering and grain-filling stages as above normal temperatures advanced plant development. Pastures and hay land areas in dry areas could also use more moisture. The southwest region, one of the province’s driest, received spotty rain but most areas saw only about 10 millimetres. Moisture conditions and crop development are variable. The northwest region had high temperatures and wind with plant development showing…
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CME lean hogs rise on cash price discounts, cattle up

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By Theopolis Waters CHICAGO, July 17 (Reuters) - Chicago Mercantile Exchange lean hog futures finished higher on Monday, helped by their discounts to cash prices and technical buying, traders said. Thinly-traded July , which will expired at noon CDT settled down 0.200 cent per pound at 92.400 cents and almost par with CME's hog index for July 13 at 92.78 cents. Most-actively traded August closed 0.875 cent per pound higher at 80.775 cents. October finished 0.875 cent higher at 68.050 cents, and above the 100-day moving average of 67.368 cents. Fundamentally, market bears contend that cash prices are close to peaking seasonally as more hogs come to market in the months…
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Australian drought pushing wheat outlook down

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SYDNEY, July 17 (Reuters) - Australian wheat production is on course to miss official forecasts by more than 20 percent as dry weather crimps yields in the world's fourth-largest exporter, exacerbating fears of tightening global supplies. That would put production near 20 million tonnes, down from the official forecast from June of 24 million. The expectation of Australia's shortfall follows news that one of the worst heat waves in decades is devastating wheat crops in southern Europe. Output in the United States and Canada is also tumbling due to hot, dry weather. Growing concerns about dwindling global supplies have already pushed benchmark global prices to a two-year…
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Quiet day for grain on Monday

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After last week's drama, grain markets had a relatively quiet day Monday. "Things have stabilized and we rebounded a bit (on Friday)," said Ken Ball, a broker with P.I. Financial. "It was surprisingly quiet today." Last week saw a sharp selloff in numerous markets, as some projections of possible rainfall for the U.S. Midwest later this month and U.S. Department of Agriculture estimates spooked some long side position holders. "Speculative money that sometimes gets into these markets isn't exactly money that's always in the grain markets, and they don't quite know what to do with the USDA numbers," said Ball. Most crops other than spring wheat saw futures markets sell off…
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Cattle futures do better than expected thanks to strong cash market, hogs down

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By Theopolis Waters CHICAGO, July 14 (Reuters) - Chicago Mercantile Exchange live cattle contracts closed higher on Friday, aided by short covering and futures' discounts to this week's better-than-expected cash prices, said traders. CME livestock market funds that follow the Standard & Poor's Goldman Sachs Commodity Index sold, or "rolled," August futures and simultaneously bought October on the fifth and final day of the Goldman Roll process. August ended up 0.375 cent per pound at 117.800 cents, and October was 0.750 cent higher at 118.575 cents. This week the bulk of market-ready, or cash, cattle in the U.S. Plains traded from $118 to $120 per cwt, as much as $3 higher…
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Crop rally Friday limits weekly price decline

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Crop futures markets finished off the week on an up note on Friday, recouping some of the losses posted earlier in the week. It was a case of bargain buying and weather insurance as hot, dry weather continues to dominate the central plains of the U.S. and Canada. Some weather forecast models also suggested it might be hotter in the Midwest in the coming than in yesterday’s forecast. Crop prices early in the week rose, but then dropped sharply Wednesday following a USDA report that generally did not drop production and stock forecasts as much as expected. Also, the weather improved a little in the Midwest. And for canola, it struggled against a rising loonie. ONE WEEK…
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Causes of new PED spread remain a mystery in Man.

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Hog producers, barn managers, employees and veterinarians in southeastern Manitoba have now been battling porcine epidemic diarrhea virus for more than two months. There were signs in early July that the epidemic was peaking, at around 50 confirmed cases, but a new case was discovered July 12. However, industry leaders remain hopeful that the epidemic is levelling off. “At least the number of cases has slowed down, which is a good sign,” said Andrew Dickson, general manager of the Manitoba Pork Council. “it means the curve is going the other way, rather than up.” PED virus can affect all pigs and is often fatal to newborns. It’s primarily transmitted through feces.…
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