Markets
(Reuters) — ICE Canada canola futures rose today in light volume following a long holiday weekend, supported by dry conditions in portions of the Canadian Prairies and spillover strength from allied vegetable oil markets, traders said. November canola rose $5.40 to settle at $505.70 per tonne, and January canola ended up $5.40 at $511.10. Total […] Read more
Markets
Canola futures end higher in thin volume
Market uncertainty weighs on CME live cattle futures
CHICAGO, Aug 8 (Reuters) – Chicago Mercantile Exchange live cattle futures were weakened on Tuesday by uncertainty over how much packers will pay for cattle this week and whether the seasonal lull in wholesale beef demand has ended, traders said. Futures remained at a steep discount, or undervalued, compared with this week’s expected prices for […] Read more
CME lean hog futures turn higher on cash discounts
CHICAGO, Aug 4 (Reuters) – Chicago Mercantile Exchange lean hogs settled higher on Friday, with buyers attracted to futures that remained undervalued compared to prices paid by packers for market-ready, or cash, hogs, traders said. CME’s hog index, a barometer for cash prices, for Aug. 2 was 87.11 per cwt. Bargain buying after recent losses […] Read more
Weaker dollar helps push canola higher
Canola ended a waffling week with an up day, as Canadian dollar weakness helped strengthen what had been a weakening commodity. November canola edged above $500 per tonne and January pushed to $505.70, as the loonie weakened to almost 79 cents U.S. Generally it was a day that ended with little movement in most crop […] Read more
Hot, dry American summer unlikely to dent USDA’s corn harvest view
CHICAGO, Aug 3 (Reuters) – The full impact of a hot and dry summer in the U.S. Midwest is unlikely to show up in the government’s next estimate of the U.S. corn crop as it typically makes just small adjustments to its harvest outlook during August. The U.S. Agriculture Department will update its yield projection […] Read more
Has the market priced in drought damage to spring wheat?
The recent slump in hard red spring wheat futures doesn’t necessarily mean the 2017-18 rally is done and dusted, say some analysts. However, it might be weeks or months before a more permanent pricing level is established, following what might be the climax of the summer spike. “We have to wait,” said analyst Darin Newsom […] Read more
Prairie flax crop in tough shape
Growers might want to be patient when marketing the 2017 flax crop, says an analyst. Small crops in Canada and the United States will create a tight supply and demand situation in North America, said Chuck Penner, analyst with LeftField Commodity Research. He forecasts 550,000 tonnes of Canadian production, well below Agriculture Canada’s estimate of […] Read more
Silver lining to smaller crops: less off-combine selling
Farmers probably won’t race down the gravel roads of Western Canada to dump off-the-combine crop into the elevator system. That’s one of the few silver linings to the cloudy situation that so many Prairie farmers face — smaller-than-expected crops and adequate bin space are reducing the need to move crop fast. “People having to sell […] Read more
Speculation taking back seat to commercial realities
This summer’s spring wheat rally has been stunning and exciting, especially if you are a farmer who has some of the crop in the bin or a good crop in the field. It’s more bittersweet if you have a drought-ravaged crop with poor prospects. It’s also been a nostalgic time for veteran crop market watchers […] Read more
Japan hikes tariffs on beef
Japan hiked tariffs on frozen beef imports from Canada, the United States and other counties July 28. The tariff rises to 50 percent from 38.5 percent, until next March, Japan’s Ministry of Finance said. The tariff hike is a “safeguard” mechanism to protect domestic farmers. It is the first time it has been triggered since […] Read more
