Chicago Mercantile Exchange cattle futures pulled back from the previous week's rally on Monday as traders positioned ahead of Friday's U.S. Department of Agriculture Cattle on Feed report, analysts said.
U.S. farmers are harvesting two of the largest corn and soybean crops in history at the fastest pace in years, straining their physical capabilities and their grain storage capacity. The massive influx of crops is testing growers who are already grappling with grain prices near four-year lows, stiff competition for global export sales and farm incomes that are down 23 per cent from a record high just two years ago.
China's rapeseed meal futures sunk 4.6 per cent on Monday on hopes that Beijing would ease an anti-dumping probe on imports of Canadian rapeseed after Ottawa said it would grant firms temporary relief from tariffs on Chinese electric vehicles.
Indian buyers do not expect supplies of Canadian lentils and potash to be affected by the diplomatic row between New Delhi and Ottawa, trade, industry and government officials said.
Chicago wheat futures fell sharply on Friday as rains were expected to benefit global wheat-growing regions, analysts said. A shift in Russian export policies also fuelled concerns that U.S. commercial grain companies will be left holding large supplies of wheat.
China's pork production in the third quarter fell 0.8 per cent from a year earlier, government data showed on Friday, falling on an annual basis for a third consecutive quarter as poor meat consumption hampered slaughter rates.
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