GFM Network News

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

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

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

Pulse weekly outlook: Lentil exports ahead of last year’s pace

Reading Time: 1 minute MarketsFarm — Canada’s lentil exports have been good this year, according to Marlene Boersch of Mercantile Consulting Venture in Winnipeg. “At the end of April we were 26 per cent ahead of last year’s pace. Most of that is due to buying from India. Everybody’s surprised,” she said, Total lentil exports were 1.16 million tonnes […] Read more

U.S. grains: Corn hits one-week high as USDA cuts yield more than expected

Reading Time: 2 minutes Chicago | Reuters — U.S. corn futures climbed to a one-week high on Tuesday after the U.S. Department of Agriculture (USDA) made a bigger-than-expected cut to its yield estimate due to unprecedented planting delays this spring. USDA, in a monthly report, slashed its corn yield projection by 10 bushels an acre from May, or 5.7 per […] Read more

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

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