Chicago | Reuters — Chicago Mercantile Exchange lean hogs on Wednesday closed down their three-cent-per-pound maximum daily price limit led by Wall Street’s more than two per cent fall, traders and analysts said. U.S. stocks dropped on Wednesday as economic data buttressed worries over the health of the world economy and signs emerged of slowing […] Read more
U.S. livestock: CME hogs limit-down as stock market slides
U.S. grains: Corn declines on profit-taking after six-week high
Chicago | Reuters — Chicago Board of Trade corn futures fell on Wednesday as traders booked profits following a two-day surge, driven by U.S. harvest delays, that lifted the market to a six-week high, brokers said. Soybeans declined along with corn on profit-taking and improving weather for fieldwork. Wheat followed the lower trend, reversing early […] Read more
A+W pledges another ‘major ingredient change’ ahead
Canada’s second-biggest burger chain plans to follow up its new sourcing policies for beef and eggs with a third “major ingredient change,” due out next week. While releasing their results for the third quarter ending Sept. 7, A+W Revenue Royalties Income Fund and A+W Food Services of Canada said the ingredient change is set to […] Read more
Red spring wheat bids ease as basis widens
CNS Canada — Average cash bids for Canada Prairie Spring Red (CPSR) wheat eased during the week, despite a firmer tone in U.S. futures, as basis levels widened in many areas of Western Canada. Canada Western Red Spring (CWRS) bids increased, however, amid improving basis levels. Average CPSR bids were down by 15 cents to […] Read more
Staff, hog shortages leave Canada’s pork industry squealing
Winnipeg/Chicago | Reuters — Shortages of hogs and packing plant workers in Canada, exacerbated by recent government restrictions, may severely cut hog processing and pork exports, helping to keep North American retail pork prices near record highs. Farmers in Canada, the world’s third-biggest pork shipper, are also bracing for the spread of a deadly virus […] Read more
St. John’s chicken packer back in business
Newfoundland chicken processor Country Ribbon Inc. has resumed operations after a brief suspension of its federal operating license. The Canadian Food Inspection Agency (CFIA) said Friday it had suspended the St. John’s company’s license over what the agency called failure to implement “corrective measures required by regulation” to ensure meat safety. [Related story] The company […] Read more
U.S. grains: Soybeans rise, corn hits one-month high on harvest delays
Chicago | Reuters –– U.S. corn futures set a one-month high Tuesday and soybeans hit a three-week top on commercial demand amid harvest delays and slow farmer selling, coupled with chart-based buying, traders said. Corn peaked near the closing bell and posted the day’s biggest gains on a percentage basis, but soybeans had the highest […] Read more
CME Group to cut staff by five per cent
CME Group, the world’s top derivatives marketplace, has announced plans to cut about 150 jobs, or five per cent of its staff worldwide, mainly from its technology department. The staff cuts come as part of the company’s previously announced restructuring, which included a decision earlier this month to cut its electronic trading hours for CME […] Read more
U.S. livestock: CME feeder cattle plunge limit-down
Chicago | Reuters — Most Chicago Mercantile Exchange feeder cattle contracts closed down the maximum three-cents-per-pound daily price limit as live cattle contracts slid and corn prices climbed, traders said. Expensive feed could increase input costs for feedlot operators. “Today you’ve got the combination of lower cattle and higher corn in a thinly traded feeder […] Read more
Klassen: Feeder cattle jump $4-$8
Western Canada’s calf prices once again jumped $4-$8 per hundredweight (cwt) while yearling prices advanced a solid $2-$4. Strength in the fed cattle market, along with stronger wholesale beef values, rejuvenated buying enthusiasm for all weight categories. Alberta packers were buying fed cattle $2-$3/cwt above week-ago levels with fed steers trading in the range of […] Read more