GFM Network News

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Australia cuts wheat forecast by 11 per cent

Reading Time: 2 minutes Sydney | Reuters — Australia on Wednesday cut its wheat production forecast for the 2019-20 harvest by more than 11 per cent as an unrelenting drought across the country’s east coast threatens crops for a third year in a row. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) pegged production of the […] Read more

Democratic 2020 U.S. presidential candidate and former Vice-President Joe Biden speaks at an event at Iowa Wesleyan University in Mount Pleasant, Iowa on June 11, 2019. (Photo: Reuters/Jordan Gale)

As Biden tours Iowa, farmers want to know where he stands on ethanol

Reading Time: 4 minutes New York | Reuters — Joe Biden may have an ethanol problem. The former U.S. vice-president has pledged support for advanced biofuels as part of his bid for the 2020 Democratic presidential nomination. But Biden, who leads the crowded Democratic field in opinion polls in Iowa and nationally, faces lingering questions in the U.S. Farm […] Read more

U.S. President Donald Trump speaks during a visit to Southwest Iowa Renewable Energy in Council Bluffs, Iowa on June 11, 2019. (Photo: Reuters/Kevin Lamarque)

Trump simplifies reviews of genetically modified farm products

Reading Time: 2 minutes Council Bluffs | Reuters — U.S. President Donald Trump signed an executive order on Tuesday directing federal agencies to streamline the review process for agricultural biotechnology including genetically modified livestock and seeds. Trump signed the order during a visit to an ethanol plant in Council Bluffs, Iowa. The executive order, he said, would “speed up […] Read more

(Gloria Solano-Aguilar photo courtesy ARS/USDA)

U.S. livestock: Hog futures pull back on large supplies

Reading Time: 2 minutes Chicago | Reuters — U.S. hog futures tumbled on Tuesday as traders said a rally the previous day looked overdone in the face of large supplies. Feeder cattle futures also weakened, while live cattle futures closed higher. Hog futures pulled back after climbing on Monday, when traders were relieved that U.S. President Donald Trump had […] Read more

(Photo courtesy Canada Beef Inc.)

Klassen: Feeder cattle demand softens

Reading Time: 2 minutes Compared to last week, western Canadian yearling prices were $2-$4 lower on average while calves were down $3-$5 depending on the region. Weakness in the fed cattle market continues to spill over into the feeder complex, as margins drift further into red ink. Alberta packers were buying fed cattle in the range of $245-$246 delivered […] Read more

GRAINS: U.S. soy drops on rain forecasts; wheat rises on export hopes

Reading Time: 2 minutes Reuters — U.S. soybean futures fell on Friday as forecasts for rain in the U.S. Midwest added to expectations the crop should pass through key stages of development without stress, traders said. “Weather forecasts continue to trend more and more beneficial as we enter the key soy development month,” said Matt Zeller, director of market […] Read more

LIVESTOCK: CME live cattle end lower, but off session bottoms

Reading Time: 2 minutes Reuters — Chicago Mercantile Exchange live cattle futures settled lower on Friday, partly pressured by residual profit-taking and fund liquidation after Thursday’s deep losses, traders said. However, futures closed off morning lows following initial reports of a less-than-expected decline in the price for market-ready, or cash, cattle. “Judging by big futures losses on Thursday and […] Read more

Feds extend railway grain volume rules through harvest

Reading Time: 2 minutes Reuters —  The Canadian government will require the country’s two big railways to ship more than the current minimum of 1 million tonnes of crops a week through the autumn harvest as it tries to prevent a repeat of last season’s backlog. The regulations announced on Friday in the world’s third-biggest wheat exporter require Canadian […] Read more

EU/Canada trade pact may be template for U.S./EU deal

Reading Time: 2 minutes There are still obstacles to a Canada-European Union free trade deal, the prime ministers of Canada and France said Thursday, but both said a deal could smooth the way for a similar EU deal with Washington. The initial end-of-2011 timeline to complete the Canada-EU deal has slipped, and a decision from Europe and the U.S. […] Read more

U.S. live cattle post biggest daily drop in 5-1/2 months

Reading Time: 2 minutes Chicago Mercantile Exchange (CME) live cattle futures on Friday sustained their biggest daily per cent loss, 1.8 per cent, in 5-1/2 months on weaker cash cattle prices, analysts and traders said. CME live cattle losses mounted after wholesale beef prices drifted lower. “What’s really spilled over into the cattle today was the softness in the […] Read more