Moscow/Abu Dhabi | Reuters –– Uncertainty over Russia’s new wheat export tax is slowing trade activity as traders who have signed forward contracts say they are unsure about how the formula will be implemented. The floating tax formula, to be launched from July 1, is intended to stop exports surging if the rouble drops steeply, […] Read more
Uncertainty over Russia’s wheat export tax seen slowing trade
Prairie wheat bids down with U.S. futures, rising loonie
CNS Canada — Cash bids for Canadian wheat dropped during the week ended Friday, as the combination of a rising Canadian dollar and dropping U.S. futures weighed on prices across the Prairies. Average Canada Western Red Spring (CWRS) wheat prices were C$12-$16 per tonne lower, with bids ranging from about $204 per tonne in north-central […] Read more
Prices to rise as yield prospects drop for durum
CNS Canada — Mounting dryness concerns in some of the prime durum-growing regions of Western Canada have likely already cut into yield prospects, which should support prices going forward. Canadian farmers intended to plant 5.5 million acres of durum this year, well above the 4.75 million seeded the previous year and the largest crop since […] Read more
Iraq recaptures some grain silos seized by Islamic State
London | Reuters — Iraq has re-taken control of some grain silos previously seized by Islamic State, but most of the grain held cannot be used as militants aim to destroy sites when retreating, a senior grain official said Tuesday. Islamic State, the breakaway al Qaeda group, which declared an Islamic caliphate across parts of […] Read more
Nearby spring wheat charts looking bullish
CNS Canada — Nearby technical signals for MGEX spring wheat futures in Minneapolis have turned bullish, as prices rallied during the first part of June. However, the market remains rangebound from a longer-term perspective. The July wheat contact in Minneapolis has climbed by 50 cents per bushel since June 1, and settled Tuesday at US$5.8275. […] Read more
Wheat bids climb with U.S. futures
CNS Canada –– Cash bids for Canadian wheat climbed sharply during the week ended Friday, as a rally in U.S. futures pulled bids up across the Prairies. Average Canada Western Red Spring (CWRS) wheat prices were C$12 to $19 per tonne higher, with bids ranging from about $218 per tonne in north-central Saskatchewan to as […] Read more
CME bars grain traders for years over wash trades, spoofing
Chicago | Reuters –– CME Group said Friday it barred a grain trader from its markets for three years for executing noncompetitive transactions and suspended another for two years for market manipulation. The traders, Aleksey Vsemirnov and Stephen Duggan, could not immediately be reached for comment. Vsemirnov executed numerous non-competitive transactions in wheat, oats, rice, […] Read more
Sources say BASF mulling potential bid for Syngenta
Reuters — German chemicals group BASF is considering a potential offer for Syngenta, its Swiss rival which has received a C$56 billion takeover offer from Monsanto, people familiar with the matter said on Wednesday. BASF is speaking to investment bankers about the possibility of an offer for Syngenta, though it has made no decision and […] Read more
Prairie wheat bids fall as U.S. futures drop sharply
CNS Canada –– Cash bids for wheat on the Prairies were weaker during the week ended Friday, as a sharp drop in U.S. wheat futures weighed on prices. Average Canada Western Red Spring (CWRS) wheat prices were C$1 to $11 per tonne lower, with bids ranging from about $204 per tonne in north-central Saskatchewan to […] Read more
New Russian wheat tax puts exporters, traders on edge
Moscow | Reuters –– Russia approved the launch of a new wheat export tax from July 1, which traders say could threaten profits on advance contracts for the new crop if the rouble weakens in coming months. Russia’s government said Friday that the new tax was intended to stop exports surging if the rouble drops […] Read more
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