Crops
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
Weather outlook not great for Prairie crops
U.S. northern Plains in a similar boat
MarketsFarm — Just when crops across the Canadian Prairies need rain, the outlook to the end of July according to Drew Lerner of World Weather Inc. pointed to conditions getting hotter and drier. “It does not look really good at the moment. We are going to see below normal rainfall and warmer than normal temperatures […] Read more
Preview: Railways, grain shippers at loggerheads over interswitching
Pilot to test expanded radius deemed unnecessary by both sides
Recent legislation has raised the stakes in a decade-long battle between the railways and Canadian grain shippers over the interswitching radius. Interswitching refers to a regulation to ensure shippers located where only a single railway operates can access points that are not served by that railway. The issue is especially concerning for Canadian grain shippers […] Read more
UN scrambles to save Black Sea deal ahead of Monday deadline
Russia says has not yet taken final decision
United Nations | Reuters — The European Commission is helping the United Nations and Turkey try to extend a deal allowing the Black Sea export of Ukraine grain and is open to “explore all solutions,” a European Union spokesperson said on Thursday, ahead of the deal’s possible expiration on Monday. The U.N. and Turkey brokered […] 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
UN asks Putin to extend Black Sea grain deal in return for SWIFT access
Grain export initiative to expire Monday otherwise
United Nations | Reuters — U.N. Secretary-General Antonio Guterres has proposed to Russian President Vladimir Putin that he extend a deal allowing the safe Black Sea export of grain from Ukraine in return for connecting a subsidiary of Russia’s agricultural bank to the SWIFT international payment system, sources told Reuters. Russia has threatened to ditch […] Read more