Chicago | Reuters — Chicago Mercantile Exchange live cattle futures on Wednesday erased Tuesday’s losses, aided by short-covering and the upswing in wholesale beef prices, traders said. October closed up 1.5 cents, to 168.05 cents per pound, and December was 1.05 cents higher at 168.1 cents/lb. (all figures US$). Wednesday morning’s choice wholesale beef price […] Read more
U.S. livestock: CME live cattle rebound with beef prices
CP CEO says unlikely to pursue hostile bid for CSX
Toronto | Reuters — Canadian Pacific Railway (CP) is still open to a merger with one of the two bigger eastern U.S. carriers even after talks with CSX Corp. failed, though a hostile bid is unlikely, CEO Hunter Harrison said Thursday. CP, Canada’s No. 2 railway with extensive operations in the U.S., said on Monday […] Read more
Brazil’s JBS Foods to delay IPO
Sao Paulo | Reuters — JBS SA received regulatory approval to delay an initial public offering of its JBS Foods unit in Brazil, according to a securities filing on Tuesday, putting off a plan to raise four billion reais (US$1.61 billion) for a few more weeks or until next year. The Sao Paulo-based food processor […] Read more
Daily price limits for CBOT grains to change Nov. 3
Chicago | Reuters — Daily price limits for most Chicago Board of Trade (CBOT) grain and oilseed futures will narrow starting in November following a semi-annual review, the CME Group, parent of the exchange, said on Tuesday. Under new rules announced in March, the CBOT resets daily limits for grains in May and November of […] Read more
Syngenta suit against Bunge over GM corn revived on appeal
Chicago | Reuters –– A federal appeals court has opened the door for Syngenta Seeds to revive a lawsuit it brought against Bunge North America in 2011 over the agribusiness company’s refusal of a type of genetically modified corn. An opinion in the case came on Monday as Syngenta and its parent company, Swiss-based Syngenta […] Read more
Man. edible bean harvest wraps in time for ‘flat market’
CNS Canada –– Most of the edible bean harvest in Manitoba is complete, according to a stakeholder in the industry, but he says market conditions are “flat” for the crop’s arrival. “Your grower price: we’re at the 26 cent mark for pintos, navy are in the 28 (cent) mark. They were higher in springtime, early […] Read more
Cargill loses bid to stop ex-manager from working for rival
Reuters — A federal judge has denied Cargill’s attempt to block a former executive of its meat-packing unit from working for rival JBS to prevent the potential loss of trade secrets. U.S. Judge Raymond Moore in Denver ruled on Monday that although Jason Kuan “did once have specific knowledge of Cargill’s trade secrets, his knowledge […] Read more
U.S. grains: Corn, wheat top one-month highs
Chicago | Reuters –– U.S. corn and wheat futures climbed on Tuesday to their highest levels in more than a month, as technical and speculative buying pushed up prices in the face of advancing U.S. harvests. Soy futures also traded higher, led by gains in soymeal. The rallies will likely be short-lived as farmers are […] Read more
U.S. livestock: CME live cattle slide from record high on profit-taking
Chicago | Reuters — Chicago Mercantile Exchange live cattle futures closed lower on Tuesday on profit-taking after hitting an all-time high earlier in the session, traders said. October closed down 1.35 cents to 166.55 cents per pound, and December was 0.975 cents lower at 167.05 cents/lb. (all figures US$). Upward CME live cattle momentum stalled […] Read more
Larger grain handle helps boost CN’s Q3
A markedly larger grain and fertilizer handle in the three months ending Sept. 30 has helped pump up the third-quarter bottom line for Canadian National Railway (CN). Montreal-based CN on Tuesday reported third-quarter net income of $853 million on $3.118 billion in total revenue, up from $705 million on $2.698 billion in the year-earlier period. […] Read more