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Ag Canada lowers pulse crop ending stocks estimates

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CNS -- Agriculture and Agri-Food Canada's Market Analysis Division released updated supply and demand estimates on July 22, lowering carryout stocks slightly for 2014/15 (Aug/Jul) pulse and specialty crops. Ag Canada pegged 2014/15 specialty crop ending stocks at 800,000 tonnes, from the June estimate of 830,000 tonnes due to smaller supplies of peas and sunflowers. Ending stocks for 2013/14 were pegged at 685,000 tonnes, unchanged from the last report. The seven major specialty and pulse…
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Ag Canada tightens grain/oilseed stocks projections

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CNS -- Ending stocks of Canada’s major grains and oilseeds at the close of the upcoming 2014/15 (Jul/Nov) crop year will be tighter than earlier projections, according to updated supply/demand tables released by Agriculture and Agri-Food Canada’s market analysis branch on July 22. The latest tables take into account the latest acreage estimates released by Statistics Canada on June 27. Total ending stocks for the major grains and oilseeds are expected to total 12.285 million tonnes by…
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Canadian wheat bids mixed despite continued U.S. losses

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Average bids for Canadian Western Red Spring (CWRS) wheat weakened slightly during week ended July 21 at a cross section of delivery points across Western Canada. However, Canadian bids lagged the U.S. futures to the downside and basis improvements were seen at many locations. On July 21, average spot bids for 13.5% CWRS across Manitoba, Saskatchewan, and Alberta came in at around $174 per tonne, or $4.74 per bushel. That compares with $176 per tonne or $4.79 per bushel the previous week.…
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China food scandal drags in Starbucks, Burger King and McDonalds

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Shanghai/Reuters -- The latest food scandal in China is spreading fast, dragging in U.S. coffee chain Starbucks , Burger King Worldwide Inc and others, as well as McDonald's products as far away as Japan. McDonald's Corp and KFC's parent Yum Brands Inc apologized to Chinese customers on Monday after it emerged that Shanghai Husi Food Co Ltd, a unit of U.S.-based OSI Group LLC, had supplied expired meat to the two chains. On Tuesday, Starbucks said some of its cafes previously sold…
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GRAINS: U.S. corn drops to four-year low as weather stays favourable

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U.S. corn futures fell 2 per cent to a four-year low on Monday with all months notching contract lows as ideal weather in the heart of the Midwest signaled a bumper harvest, traders said. Soybeans were also sharply lower, with wheat following suit. At the Chicago Board of Trade at 12:05 p.m. CDT (1705 GMT), benchmark December corn was down 7-1/2 cents at $3.71 a bushel after falling to $3.70-1/2, below the previous contract low of $3.78. September hit $3.63, the lowest spot price since Aug.…
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LIVESTOCK: Beef price surge extends CME live cattle advances

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Chicago Mercantile Exchange live cattle futures gained for a third straight session, fuelled by sharply higher wholesale beef prices, traders said. August live cattle finished 1.325 cents per lb higher at 152.950 cents, and October 0.925 cent higher at 155.250. Monday morning's wholesale price for choice beef jumped $2.02 per cwt from Friday to $250.47. Select beef climbed $1.69 to $244.34, according to the U.S. Department of Agriculture. "Unbelievable that demand stays strong," said…
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French wheat premiums soar as market fears more rain damage

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Paris/Reuters --  Premiums for higher-quality wheat in France jumped on Monday as heavy weekend rain added to fears that this year's harvest in the European Union's top producer and exporter will be spoiled by poor quality. Farmers in eastern France have reported alarming quality indications for wheat, blamed on repeated rainfall in early July in the run-up to harvesting. After a dry spell last week, storms across France at the weekend brought as much as 50 mm of rain in some areas. On…
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Prairie precipitation — both above- and below normal

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Torrential rains and flooding in eastern Saskatchewan and Manitoba have captured much of the attention recently, but above-normal rainfall has not been typical of the entire Prairies. This WeatherFarm map showing percentage of normal rainfall for the past 30 days shows a wide range of conditions, including well below normal in the Peace River area and southern Alberta and a range of percentages across the rest of the Prairies.
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Klassen: Strong domestic demand to curb feeder cattle exports

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Fed cattle prices in Alberta reached record highs last week trading the range of $164/cwt to $165/cwt. Feedlot margins surged into positive territory, once again reinforcing the price structure for feeder cattle. It appears the fed cattle market is incorporating a risk premium due to the uncertainty in production. For the week ending July 18, the weekly U.S. cattle slaughter was down 11.4 per cent compared to the same week last year while the year to date slaughter is running nearly seven…
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GRAINS: Wheat futures fall a day after Ukraine crash price spike

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Reuters -- U.S. wheat futures fell 3.4 per cent on Friday, erasing gains posted a day earlier following the downing of a Malaysian commercial airliner over eastern Ukraine, while Chicago Board of Trade corn futures also declined and soybeans were mostly lower. Investors were worried an escalation of the conflict between Ukraine and Russia, both major wheat producers, could affect grain shipments, but those concerns subsided on Friday after Russian President Vladimir Putin called for a…
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