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U.S. grains: Wheat down on profit-taking, export fears

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tagged cbot closing markets corn futures soybean futures wheat futures
Chicago | Reuters -- U.S. wheat futures fell nearly two per cent on Thursday on profit-taking and expectations of slowing export demand in the wake of this week's rally to multi-month highs, analysts said. Soybean futures also declined as the market consolidated after a run-up to a six-month peak. But corn firmed on technical buying and strong production of corn-based ethanol fuel. Chicago Board of Trade March wheat futures settled down 7-1/2 cents at $4.23-1/2 per bushel (all…
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U.S. livestock: Cash prices push CME live cattle higher

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tagged cattle futures closing markets CME FCE Fed Cattle Exchange feeder cattle hog futures lean hogs live cattle
Chicago | Reuters -- Chicago Mercantile Exchange live cattle futures moved higher for a fourth straight session on Thursday, driven by this week's cash price surge, traders said. February live cattle closed 0.75 cent/lb. higher at 121.025 cents, and April closed up 0.475 cent, to 119.875 cents (all figures US$). Both contracts notched 10-month highs for a third day in a row. On Thursday, slaughter-ready, or cash, cattle in the U.S. Plains traded at $122-$123/cwt, up from…
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CP’s revenue, Prairie grain handle down for year

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tagged canadian pacific carloads cp CSX fourth quarter grain revenue hunter harrison Keith Creel
A reduced Prairie grain handle has taken a bite out of the year-end gross for Canadian Pacific Railway in what's turned out to be CEO Hunter Harrison's last year on the job. Calgary-based CP on Wednesday announced full-year net income of $1.599 billion on $6.232 billion in gross revenues, up from $1.352 billion on $6.552 billion in 2015. Fourth-quarter net income came in at $384 million on $1.637 billion in revenues, up from $319 million on $1.687 billion in the year-earlier…
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Ireland reports BSE case, says no risk to health

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tagged atypical BSE BSE Ireland OIE
Dublin | Reuters -- Ireland said Wednesday that a dead cow had been confirmed as having bovine spongiform encephalopathy (BSE), but said it had not entered the food chain and there was no risk to human health or beef's trade status. The animal tested positive for "atypical" BSE, Ireland's agriculture department said in a statement, referring to the strain that it said has been identified more recently and which occurs spontaneously in older animals with a low incidence rate. That…
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Trump to name ex-Georgia governor as ag secretary

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tagged Georgia secretary of agriculture Sonny Perdue Trump USDA
Washington | Reuters -- U.S. President-elect Donald Trump will name former Georgia Governor Sonny Perdue as his nominee for secretary of agriculture on Thursday, a senior transition official saidn Wednesday. Perdue, 70, served on Trump's agricultural advisory committee during his presidential campaign. His nomination, which must be confirmed by the Republican-led Senate, will complete Trump's proposed cabinet just before he is sworn in as president on Friday. By nominating a…
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B.C. to defend wine industry against U.S. trade action

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tagged british columbia grocery stores NAFTA wine WTO
Vancouver | Reuters -- The British Columbia government said Wednesday it would defend its wine industry against a trade challenge from the U.S., and was confident it was not breaking any international trade rules. Earlier Wednesday, the U.S. said it started action against Canada at the World Trade Organization, accusing B.C. of discriminating against U.S. and other imported wine by allowing only local wine to be sold in grocery stores. "Trade agreements such as NAFTA allow for a…
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France’s Roquette bets on pea protein with Manitoba plant

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tagged manitoba pea protein Portage la Prairie Roquette vegetable protein
Paris | Reuters -- French plant-based ingredient maker Roquette will build the world's largest pea protein facility in Manitoba to meet fast-growing demand for vegetable protein in food and pharmaceutical products in North America, the group said Wednesday. The global pea protein market has seen a sharp rise in recent years, mainly driven by increasing demand for processed and healthy food. The new factory, representing an investment of more than $400 million, will be located…
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U.S. grains: Soy up for fourth session on Argentina crop concerns

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tagged argentina cbot closing markets corn futures South America soybean futures Trump wheat futures
Chicago | Reuters -- U.S. soybean futures rose on Wednesday for a fourth straight session, notching a six-month high on worries that recent heavy rains could damage crops in Argentina. Wheat and corn closed lower on a round of profit-taking after multi-month highs. Chicago Board of Trade March soybeans settled up 5-3/4 cents at $10.75 per bushel after reaching $10.80, the contract's highest level since mid-July (all figures US$). "Traders are just getting bulled up that we're…
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U.S. livestock: CME live cattle up for third straight day

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tagged closing markets CME cutout Fed Cattle Exchange feeder cattle lean hogs live cattle USDA
Chicago | Reuters -- Chicago Mercantile Exchange live cattle futures closed higher on Wednesday for a third day in a row, following the  morning's wholesale beef price upswing and initial cash price strength, traders said. February live cattle closed 0.7 cent/lb. higher at 120.275 cents, and April closed up 0.4 cent to 119.4 cents (all figures US$). Both contracts hit 10-month highs for a second consecutive session. Wednesday morning's choice wholesale beef price, or cutout,…
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ICE weekly outlook: Weather trumps Trump on canola

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tagged canola futures canola markets crush margins ICE Futures Canada South America Trump
CNS Canada -- ICE Futures Canada canola contracts posted substantial gains during the week ended Wednesday, taking strength from a rally in the soy complex. Both front-end contracts rose $17 on the week, with the March contract jumping from $498 at its Jan. 11 close to settle at $515 a week later. Weather concerns in South America have been particularly bullish as of late, with excess rain in Argentina sparking ideas that soybean losses could hit 10 per cent or more in that…
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