Sydney / Reuters – Australia will export up to 1 million head of cattle a year to China, worth around A$1 billion ($856 million), to meet booming demand for red meat under a long-awaited deal set to be signed shortly, Australian officials said on Friday. Shipping live animals from Australia to China has been discussed for many years. Official talks began […] Read more
Australia, China on track to sign lucrative cattle deal
U.S. weather forecaster slightly reduces El Nino outlook
New York / Reuters – The U.S. weather forecaster on Thursday projected a 58 percent chance of El Nino developing during the Northern Hemisphere winter, reducing its outlook for the likelihood of the weather phenomenon in its monthly report.The Climate Prediction Center, an agency of the National Weather Service, said the most recent atmosphere and ocean […] Read more
Russia’s winter grains still at risk despite warm weather – analyst
* Warm November to help Russia’s winter grains – SovEcon * Says some farmers hold crops due to the falling rouble * SovEcon sees Nov. grain exports at 3.0-3.2 mln T Paris/Moscow / Reuters – Warm weather last week did not eliminate risks for Russia’s fragile winter grain plantings, said a Moscow-based agriculture consultancy SovEcon, warning […] Read more
Saputo profit jumps 17 pct on higher cheese, butter prices
Reuters – Canada’s largest dairy producer Saputo Inc reported a 17 per cent jump in quarterly earnings on Thursday, boosted by higher U.S. cheese and butter prices and recent acquisitions. The Montreal-based company, whose brands include Dairyland and 1/2 Moon cakes, said it intends to buy back 5 per cent of its common shares during […] Read more
Grain ‘trade’ at risk of low-balling U.S. soybean yields: Maguire
Chicago / Reuters – At 47.1 bushels an acre, last month’s soybean yield estimate from the U.S. Department of Agriculture was a new all-time high. And the average trader estimate for the USDA’s November projection is higher still, at 47.608 bushels. Even so, the long-term relationship between corn and soybeans suggests current soybean yields remain relatively […] Read more
CWB Expects Higher Returns For Canola, Wheat And Durum
CNS – CWB, formerly known as the Canadian Wheat Board, has raised Pool Return Outlooks (PROs) for durum, wheat and canola in its latest report. They noted it is a special mid-term outlook, due to market changes since the previous report released on October 23. PROs were higher for all three crops due to the weaker […] Read more
India toughs it out in WTO food-stockpiling dispute
New Delhi/Geneva / Reuters — India defied the world on Wednesday in a row over food stockpiling that has crippled attempts to reach a global trade agreement, raising doubts that backroom talks can reach a compromise before a Group of 20 summit this month. At the end of July, Prime Minister Narendra Modi pulled the […] Read more
Merck takes steps to return Zilmax to cattle market
Reuters — Merck & Co. is taking steps to resume sales of its controversial cattle feed additive Zilmax by changing the way the drug is administered, hoping to recapture some market share in the beef industry, where the U.S. herd has the fewest animals in more than 60 years. The U.S. Food and Drug Administration […] Read more
Put buyers bet CBOT wheat’s strength won’t last
Reuters — Chicago wheat prices may have rallied more than 10 per cent since October 1, but judging by a jump in bearish put option positions tied to the March delivery slot, they are likely to turn lower going into the New Year. More than 3,600 put options were bought at the $4.80, $4.90 and […] Read more
Canola rangebound, but nearby bias up
Commodity News Service Canada — ICE Futures Canada canola contracts moved up and down during the week ended November 5, but finished mixed overall with gains in the front months and losses in the more deferred positions. While the market appears rangebound for the time being, the nearby contracts still have some more room to […] Read more