CHICAGO (Reuters) – The largest U.S. grain harvest in history has pushed prices to four-year lows, which usually means a sales bonanza for the world’s largest food exporter. Not this year.
Traditional rivals and aggressive new competitors with their own huge harvests, such as Ukraine and Russia, are leveraging the dollar’s strength to snap up a bigger share of a market that is shrinking as importers themselves boost output.
CHICAGO, Sept 24 (Reuters) – CME Group Inc, owner of
the Chicago Board of Trade grain exchange, said on Wednesday it
had no immediate plans to introduce its controversial variable
storage rate (VSR) scheme in its CBOT corn futures, the world
pricing benchmark for the biggest and most valuable feed grain.
“We have no current plans to implement VSR in corn,” CME
spokesman Damon Leavell told Reuters.
Sept 17 (Reuters) – Farmland prices in Iowa, the top U.S.
corn and soybean state, were down an average 3.4 percent over
the past six months, and more than 8 percent from a year ago -
pressured by lower grain prices and firmer interest rates, a
twice-yearly survey of realtors said on Wednesday.
The average selling price for Iowa farmland as of Sept. 1
was $8,000 an acre, compared with $8,278 six months earlier,
according to the Iowa Realtors Land Institute survey based on
information from farm real estate brokers, lenders and others
with knowledge of land prices.
CHICAGO (Reuters) – The U.S. northern Plains and far western Midwest crop regions saw their first freeze of the season but the cold temperatures were only in pockets of the belt, limiting damage to immature corn and soybeans, agricultural meteorologists said on Friday.
The forecast called for more cold temperatures in the northern Corn Belt on Saturday morning after lows on Friday morning ranged from the mid-20s to low-30s degrees Fahrenheit (minus 3.9 to 1.7 Celsius) from western Nebraska northward into the western Dakotas, Colorado and Montana.
CHICAGO, Sept 7 (Reuters) – David Fullington paid a
“ridiculous” price of $13,600 an acre for a 200-acre (81
hectares) farm in Illinois within the last year and says he and
his partners would probably bid again for prime land that is in
tight supply, despite tumbling grain prices.
“No regrets at all,” Fullington said of the purchase of his
neighbor’s land, now farmed by a son of one of his partners.
“Very seldom do you get an opportunity to buy something right
next door to you. There’s always a little extra value there for
CHICAGO, Aug 14 (Reuters) – Farmland prices in the U.S.
Plains and Corn Belt states were steady to higher in the second
quarter despite lower grain profits as crop prices fell,
according to Federal Reserve Bank quarterly surveys issued on
Falling corn, soybean and wheat prices cut into crop
farmers’ profits while the livestock sector benefited from
cheaper feed costs.
CHICAGO (Reuters) – Unionized port workers and a group of Pacific Northwest grain companies reached a tentative contract agreement, according to an announcement on Tuesday, a deal that will soon ease a backlog of shipments from the biggest U.S. West Coast grain terminal.
A federal mediator announced the tentative agreement, and a spokesman for the Pacific Northwest Grain Handlers Association later confirmed it.
CHICAGO, Aug 8 (Reuters) – U.S. grain shipments out of the
largest terminal in the Pacific Northwest are facing major
delays as grain inspectors remain off-site because of a labor
dispute, and concerns are growing that the backlogs will get
much worse when bumper harvests roll in.
United Grain Corp, which owns the terminal at the Port of
Vancouver, entered August with nearly 20 million bushels of
grain on the books to ship this month. That included 2.8 million
rolled over from July as it struggled to meet commitments after
state officials stopped inspecting grain on July 7.
CHICAGO (Reuters) – The biggest U.S. grain export association called on China on Thursday to rescind its latest restriction of a GMO corn strain, saying the new demand was unworkable.
Trade sources said China issued the new requirement affecting distiller’s dried grains (DDG), a popular livestock feed that is a by-product of corn ethanol manufacturing.
CHICAGO (Reuters) – CME Group (CME.O: Quote, Profile, Research, Stock Buzz) has scrutinized trading in its wheat futures contract after receiving complaints that heavy last-minute spread trading could influence a hike in storage rates, but found no evidence that was the case, its top commodities researcher told Reuters.
The current price spread between July and September wheat contracts on the world’s biggest agricultural commodities exchange is wide enough to prompt a 3-cent increase in storage rates for the first time in three years.