U.S. soybean futures edged higher on Thursday, shaking off early losses tied to profit-taking, after the U.S. Federal Reserve announced an aggressive new economic stimulus program. Soybeans added to Wednesday’s gains, when the market notched its biggest one-day rally in almost two weeks after the U.S. Department of Agriculture issued a tighter-than-expected supply outlook. At […] Read more
U.S. soybeans recover to close higher after Fed decision
U.S. corn closes at two-month low on USDA data
U.S. corn futures tumbled one per cent to close at a two-month low on Wednesday as the U.S. government’s monthly assessment of crop damage from the worst drought in half a century fell short of trade expectations, as did its estimate of buffer stocks. Soybean futures soared 2.6 per cent for the biggest daily gain […] Read more
U.S. soybeans drop five per cent from record high
U.S. soybean futures set a three-week low on Tuesday as a swift harvest and profit-taking before key reports sparked selling that accelerated a five-day retreat from record highs. Benchmark soybeans for November delivery dropped below $17 a bushel for the first time since Aug. 21, while nearby soybeans for September delivery ended down five per […] Read more
U.S. corn at six-week low ahead of USDA reports
U.S. corn futures sank to a six-week low on Monday as traders moved out of bullish bets ahead of U.S. government reports that will give updates on crop damage from the worst U.S. drought in half a century. The U.S. Department of Agriculture’s monthly supply-demand and crop production reports on Wednesday could provide insight into […] Read more
Pro Farmer tour puts corn and soy yields under USDA’s
This summer’s historic drought ravaged corn and soybean production around the U.S. Midwest more than the government is predicting, Pro Farmer said on Friday. The farm newsletter predicted U.S. corn and soybean harvest would fall below the U.S. Agriculture Department’s most recent outlook. If their forecast is realized, the size of both crops would be […] Read more
Ego too big to fail, PFG founder admits 20-year fraud
Russell Wasendorf Sr., arrested on Friday, confessed to a 20-year fraud at his now-bankrupt Iowa brokerage, saying business troubles and his "big" ego left him no choice: "So I cheated." In the dramatic conclusion to a week-long saga that has shaken trader confidence in the trillion-dollar U.S. futures markets, authorities released parts of a detailed […] Read more
Shift to soy frees up high-in-demand U.S. corn seed
Reading Time: 4 minutes Minnesota farmer Dave Eiynck was surprised earlier this month when his seed dealer called to say he had obtained a particular kind of corn seed. It was unusual, as the dealer had previously warned he was unable to fill nearly a third of Eiynck’s order for seed to cover about 1,320 acres due to short […] Read more
Fertilizer: U.S. farmers play chicken with makers
Reading Time: 4 minutes Steve Georgi is playing chicken with the world’s biggest fertilizer makers. The Indiana corn grower has postponed buying the fertilizer he needs for spring planting for only the second time in 35 years, angry that prices for key nutrients surged more than one-third in the fourth quarter. “I haven’t bought anything yet,” said Georgi, who […] Read more
Mosaic cuts phosphate production
Fertilizer producer Mosaic Co. said Dec. 28 it will cut production of phosphate, a key nutrient used for crop production, because prices have fallen to unsustainable levels. The Minnesota-based company said it would cut its planned production of phosphate by 250,000 tonnes over the next three months, blaming economic uncertainty for a drop in prices. […] Read more
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