Chicago | Reuters — Chicago wheat futures rose on Thursday, rebounding after two days of deep losses, with support from dry weather that is expected to reduce yields in Russia and Australia. Traders said they are monitoring wet conditions in the southern U.S. Plains and Midwest that threaten winter wheat quality, as well as the […] Read more
U.S. grains: Wheat rebounds on weather abroad
CBOT weekly outlook: Weather, trade wars keep futures volatile
MarketsFarm — Extended durations of wet spring weather continue to buoy prices on the Chicago Board of Trade — and price volatility will remain high based on long-term weather forecasts. “Whenever you’re in a weather problem phase, volatility tends to increase,” explained Terry Reilly, a grains analyst with Futures International. Currently, soybeans are trading around […] Read more
U.S. grains: Futures plummet on Midwest weather, profit-taking
Chicago | Reuters — U.S. grain futures plummeted across the board on Wednesday, as fears eased about the potential for rain damage to the wheat crop and forecasts of warmer temperatures in the U.S. Midwest opened a narrow planting window for soybean farmers. The burgeoning U.S.-Mexico trade fight added pressure to corn futures, despite a […] Read more
Canola funds still short, despite active U.S. covering
MarketsFarm — Speculators continue to sit on a large net short position in ICE canola futures, only reducing their holdings slightly in late May, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). Managed money and other reportable speculators had a net short position of 71,065 contracts […] Read more
ICE weekly outlook: Uncertain U.S. soy prospects boost canola
MarketsFarm — ICE Futures canola contracts climbed sharply higher during the week ended Wednesday, hitting their best levels in more than a month as strength in the Chicago Board of Trade soy complex provided spillover support. “We have a bit of a short-covering rally going on in canola,” said Jerry Klassen, manager of Canadian operations […] Read more
Fund traders still sitting on large canola short position
MarketsFarm — Speculators continue to sit on a large net short position in ICE canola futures, only reducing their holdings slightly over the past week, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). Managed money and other reportable speculators had a net short position of 72,844 […] Read more
USDA announces more farm aid to offset trade war losses
Washington | Reuters –– The Trump administration on Thursday unveiled a US$16 billion farm aid package to offset losses from a 10-month trade war with China and said payment rates to farmers would be determined by where they farm rather than what crops they grow. The package, the bulk of which will be spent on […] Read more
U.S. to favour soybeans in trade war aid for farmers
Washington/Chicago | Reuters — The Trump administration is considering direct payments to U.S. farmers of $2 per bushel for soybeans as part of an aid package to offset the trade war with China, Bloomberg reported on Tuesday, an offer that could encourage more soy planting despite record supplies. China is the world’s top soybean importer, […] Read more
U.S. garlic growers profit from trade war as most farmers struggle
Gilroy, California | Reuters — Unlike millions of other U.S. farmers, garlic growers are profiting from the trade war with China and have cheered President Donald Trump’s latest economic attack accordingly. Sales of California-grown garlic are now increasing after decades of losing ground to cheaper Chinese imports. Sales are poised to get even better as […] Read more
ICE weekly outlook: Canola looking for more support
MarketsFarm — ICE canola futures moved higher during the week ended Wednesday as a rally in the Chicago Board of Trade soy complex provided support. Whether there’s more room to the upside remains to be seen. “It looks like we’ve maybe turned a corner,” said Wayne Palmer, senior market analyst with Exceed Grain in Winnipeg. […] Read more