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NYMEX August 2023 West Texas Intermediate crude oil, with August 2023 Brent crude oil (black line). (Barchart)
Crops, Machinery, Markets

Extent of Saudi oil production cut unclear

Reported tensions within OPEC limit price gains

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MarketsFarm — At the OPEC+ meeting Sunday in Vienna, Saudi Arabia announced it will cut its oil production by one million barrels per day (BPD) come July. And while that move was bullish for the markets, by how much remains to be seen, said Phil Flynn of the Price Futures Group in Chicago. “It’s probably […] Read more
(Photo courtesy Canada Beef Inc.)
Finishers, Livestock, Markets

Klassen: Texas flooding lifts Canadian feeder market

Fed cattle in counter-seasonal trend

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For the week ending Sunday, western Canadian feeder cattle markets traded $6-$8 higher. In some cases, quality yearling packages traded as much as $10 above week-ago levels. Live and feeder cattle futures closed the week US$8-$9 higher as traders monitored flooding conditions in Texas. Alberta packers were buying fed cattle on a live basis in […] Read more
CBOT July corn with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets, Reuters

U.S. grains: Corn, soybean futures sag on demand woes

U.S. wheat futures firm

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Chicago | Reuters — Chicago Board of Trade corn and soybean futures fell on Monday, retreating from gains made during the overnight trading session on signs that already light export demand for U.S. supplies had weakened further, traders said. Wheat futures were firm, with the biggest gains being notched by K.C. hard red winter wheat […] Read more
CBOT July 2023 corn with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets, Reuters

U.S. grains: Corn, soy up on weather worries, macroeconomic optimism

Black Sea tensions, China weather support wheat

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Chicago | Reuters — U.S. corn and soybean futures closed higher on Friday, lifted by bargain-buying following this week’s multi-month lows, dryness in the Midwest crop belt and spillover strength from equities and crude oil, traders said. Wheat followed the firm trend, drawing additional support from weather concerns in China and tensions over a shipping […] Read more
CBOT July 2023 soybeans with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets, Reuters

U.S. grains: Weather worries lift soybeans, new-crop corn

CBOT July wheat also climbs

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Chicago | Reuters — U.S. soybean futures rose on Thursday on worries about dryness building in the Midwest crop belt, while a setback in the dollar and speculative buying at the start of a new month lent additional support, analysts said. Chicago Board of Trade (CBOT) wheat climbed 2.8 per cent, extending Wednesday’s rebound from […] Read more
CBOT July 2023 soft red winter wheat with Bollinger bands (20,2), MGEX July 2023 hard red spring wheat (yellow line) and K.C. July 2023 hard red winter wheat (orange line). (Barchart)
Crops, Markets, Reuters

U.S. grains: Wheat bounces off 2-1/2 year low

Corn, soy futures pare losses

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Chicago | Reuters — Chicago wheat futures closed higher on Wednesday on a round of bargain buying after the benchmark July contract dipped to its lowest level in nearly 2-1/2 years, dragged down by strong competition for export business and macroeconomic worries, brokers said. Similarly, U.S. corn and soybean futures recovered from steep declines, with […] Read more
Detail from the front of the CBOT building in Chicago. (Vito Palmisano/iStock/Getty Images)
Crops, Markets

CBOT weekly outlook: Quick seeding bringing down prices 

U.S. debt ceiling negotiations affected crude oil prices, agricultural commodities mostly immune

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MarketsFarm – Prices for corn, soybeans and wheat on the Chicago Board of Trade (CBOT) were pressured by fast planting paces during the week ended May 31, according to one trader.  The U.S. Department of Agriculture (USDA) reported on May 30 that 92 per cent of the country’s corn crop was planted as of Sunday, […] Read more
CBOT July 2023 soft red winter wheat with 20- and 50-day moving averages, MGEX July 2023 hard red spring wheat (yellow line) and K.C. July 2023 hard red winter wheat (orange line). (Barchart)
Crops, Markets, Reuters

U.S. grains: Wheat, corn, soy fall on uncertain demand, weather

Sagging equities, crude oil also bearish on grains

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Chicago | Reuters — U.S. wheat, corn and soybean futures tumbled on Tuesday, pressured by macroeconomic worries, strong competition for global grain export business and some forecasts for beneficial Midwest rains next month that could bolster production prospects, analysts said. “The wetter outlook removed the one factor providing stability for the grain and oilseed markets, […] Read more

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