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Brazil’s JBS Foods to delay IPO

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Sao Paulo | Reuters -- JBS SA received regulatory approval to delay an initial public offering of its JBS Foods unit in Brazil, according to a securities filing on Tuesday, putting off a plan to raise four billion reais (US$1.61 billion) for a few more weeks or until next year. The Sao Paulo-based food processor and banks working on the offer are wary that volatility stemming from uncertainty about Sunday's presidential election may cloud sentiment ahead of potential investor…
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Daily price limits for CBOT grains to change Nov. 3

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Chicago | Reuters -- Daily price limits for most Chicago Board of Trade (CBOT) grain and oilseed futures will narrow starting in November following a semi-annual review, the CME Group, parent of the exchange, said on Tuesday. Under new rules announced in March, the CBOT resets daily limits for grains in May and November of each year, based on a percentage of the average settlement price of benchmark contracts during a roughly nine-week observation period. The new limits will go…
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Syngenta suit against Bunge over GM corn revived on appeal

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Chicago | Reuters -- A federal appeals court has opened the door for Syngenta Seeds to revive a lawsuit it brought against Bunge North America in 2011 over the agribusiness company's refusal of a type of genetically modified corn. An opinion in the case came on Monday as Syngenta and its parent company, Swiss-based Syngenta AG, have become the target of lawsuits over the same variety of corn, Agrisure Viptera. A three-judge panel of the U.S. Eighth Circuit Court of Appeals…
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Man. edible bean harvest wraps in time for ‘flat market’

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CNS Canada -- Most of the edible bean harvest in Manitoba is complete, according to a stakeholder in the industry, but he says market conditions are "flat" for the crop's arrival. "Your grower price: we're at the 26 cent mark for pintos, navy are in the 28 (cent) mark. They were higher in springtime, early summer," said Ben Friesen, a commodity purchasing manager with Legumex Walker. One of the reasons for the weak price is likely found in Mexico, he said. Right now, Mexican…
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Cargill loses bid to stop ex-manager from working for rival

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Reuters -- A federal judge has denied Cargill's attempt to block a former executive of its meat-packing unit from working for rival JBS to prevent the potential loss of trade secrets. U.S. Judge Raymond Moore in Denver ruled on Monday that although Jason Kuan "did once have specific knowledge of Cargill's trade secrets, his knowledge now is generalized." In August, privately-held Cargill sued Kuan, who led a meat unit in Canada, alleging that he copied hundreds of confidential…
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U.S. grains: Corn, wheat top one-month highs

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Chicago | Reuters -- U.S. corn and wheat futures climbed on Tuesday to their highest levels in more than a month, as technical and speculative buying pushed up prices in the face of advancing U.S. harvests. Soy futures also traded higher, led by gains in soymeal. The rallies will likely be short-lived as farmers are bringing in record-large U.S. corn and soy crops from their fields, traders said. Prices rose after corn and soy futures touched one-week lows during the session…
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U.S. livestock: CME live cattle slide from record high on profit-taking

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Chicago | Reuters -- Chicago Mercantile Exchange live cattle futures closed lower on Tuesday on profit-taking after hitting an all-time high earlier in the session, traders said. October closed down 1.35 cents to 166.55 cents per pound, and December was 0.975 cents lower at 167.05 cents/lb. (all figures US$). Upward CME live cattle momentum stalled after investors priced in expectations for market-ready, or cash, cattle prices to be the same or better than a week ago. Last…
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Larger grain handle helps boost CN’s Q3

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A markedly larger grain and fertilizer handle in the three months ending Sept. 30 has helped pump up the third-quarter bottom line for Canadian National Railway (CN). Montreal-based CN on Tuesday reported third-quarter net income of $853 million on $3.118 billion in total revenue, up from $705 million on $2.698 billion in the year-earlier period. Year-to-date net income sits at $2.323 billion on $8.927 billion in revenues. "Solid execution by our team of railroaders enabled us to…
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Quality, calibre key for chickpeas going forward

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CNS Canada -- Saskatchewan farmers are still putting the finishing touches on this year's chickpea harvest, with quality and calibre the two most important pricing factors to watch going forward. "We're seeing a wide range of quality -- everything from decent to significantly damaged," said Colin Young of Midwest Investments in Moose Jaw. While green seed can often be a problem with chickpeas, this year the excessive fall moisture led to sprouting in some crops. However, he…
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Relative oats strength running into resistance

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CNS Canada -- Oats bids in Western Canada are holding steady for the time being, but could be due for a setback given the weak U.S. corn market and declining nearby demand. "My bias is towards oats prices going down in relation to other commodities," said Ryan McKnight of Linear Grain at Carman, Man. Demand from the horse sector was backing…
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