New York | Reuters — U.S. President Joe Biden’s administration on Friday denied almost all outstanding petitions from oil refiners asking to be exempted from mandates that require them to mix biofuels into their fuel. The Environmental Protection Agency (EPA), which has the authority to issue the exemptions, denied 26 petitions from 15 small refineries […] Read more
U.S. EPA denies nearly all biofuel blending exemption petitions
Refineries didn't prove hardship, agency said
Net short position nearly gone in canola
Traders still net short in CBOT wheat, corn
MarketsFarm — Speculative traders continue to exit their bearish bets in canola, with the net short position dipping below 4,000 in the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of July 11, the net managed money short position in canola futures came in at 3,899 contracts (34,124 short, […] Read more
U.S. grains: Wheat, corn rise as Ukraine shipping deal set to end
Soybeans mixed on profit-taking, supply questions
Chicago | Reuters — U.S. wheat futures rose on Friday as drought conditions in Canada and the northern Plains continue to weigh on the market, as does uncertainty over the future of Ukraine’s wartime grain export shipping deal that is set to expire on Monday. Corn followed wheat up on yield concerns and technical trading. […] Read more
Feed weekly outlook: Dryness helps push up grain prices
Market seen shifting between 'no need' and 'giant need'
MarketsFarm — As dry conditions continued to take root across much of the Canadian Prairies, feed grain prices have for the most part been climbing, according to Susanne Leclerc of Market Master Ltd. in Edmonton. “The futures are coming up on quite a few commodities, so the prices have been coming up slightly,” Leclerc said […] Read more
U.S. grains: Corn, soy rally as focus returns to weather, dollar
Wheat traders keep one eye on Black Sea deal
Chicago | Reuters — U.S. corn futures bounced on Thursday on bargain buying after hitting a 2-1/2-year low early in the session while soybeans rose three per cent as traders shifted their focus back to uncertain crop weather and worries about supplies, analysts said. A slump in the U.S. dollar lifted wheat as well as […] Read more
U.S. grains: Corn hits 2-1/2-year low, soybeans tumble over USDA data
WASDE also pressures CBOT wheat
Chicago | Reuters — U.S. corn futures fell to their lowest price since early 2021 on Wednesday after the U.S. Department of Agriculture projected a larger-than-expected domestic crop and rising supplies, analysts said. Soybean futures tumbled after USDA’s forecast of 2023-24 soy ending stocks fell above a range of trade estimates, and wheat futures were […] Read more
CBOT weekly outlook: Markets react bearishly to WASDE report
Traders were expecting reduced U.S. corn yield
MarketsFarm — The Chicago Board of Trade (CBOT) saw futures come down after the U.S. Department of Agriculture (USDA) released its monthly world agricultural supply and demand estimates (WASDE) on Wednesday. Corn prices were 18 cents per bushel lower on the day, while soybeans lost 27-33 cents (all figures US$). Chicago soft wheat shed 24-28 […] Read more
U.S. grains: Soy climbs on supply worries ahead of USDA reports
Chicago wheat, corn also rise
Chicago | Reuters — U.S. soybean futures rose for a second straight session on Tuesday as traders braced for a monthly U.S. government crop report due on Wednesday that is expected to project a smaller crop and tighter supplies, analysts said. Wheat futures rose as a drone strike on Ukraine’s Odesa port returned attention to […] Read more
Klassen: Feeder market consolidates at historical highs
Higher borrowing costs offset lower feed prices
For the week ending Saturday, western Canadian yearling steer prices were quoted $2-$4 higher; yearling heifers traded $2 higher to $5 lower. Calves were relatively unchanged although volumes were limited. Larger groups of quality genetics were well bid while second tier cattle were marginally discounted off the highs. Some ranches are liquidating yearlings about one […] Read more
U.S. grains: Soy futures climb ahead of key USDA reports
CBOT December corn up, September wheat down
Chicago | Reuters — U.S. soybean futures rose about two per cent on Monday, bouncing off of a one-week low set Friday as traders positioned ahead of monthly crop reports due at midweek from the U.S. Department of Agriculture that are expected to project tighter U.S. supplies of the oilseed, traders said. Strength in global […] Read more