CHICAGO, June 13 (Reuters) – The scramble for scarce stocks
of U.S. corn heated up on Wednesday, as exporters at the Gulf
Coast bought corn barges at the highest price in a month,
suggesting renewed competition for domestic users whose basis
bids were already near record-high levels.
The move may mean the end for a two-tiered market that had
developed over the past month as basis bids in the export market
eased amid slow overseas demand while red-hot domestic demand,
particularly from the ethanol sector, lifted interior bids.
CHICAGO (Reuters) – U.S. corn futures rallied to a two-week high on Friday, posting their biggest weekly gain in more than a year as tight supplies and worries about crop-stressing weekend weather offset pressure from a firm dollar and weaker financial markets.
Wheat fell nearly 2 percent for the day as the same hot, dry weather that lifted corn was seen supporting a brisk harvest pace for the winter crop, but prices were higher on the week.
CHICAGO (Reuters) – Earlier this month, executives at Hong Kong-based commodity trader Noble Group (NOBG.SI: Quote, Profile, Research, Stock Buzz) talked with a Kansas agricultural economist about their ambitions to join the biggest wave of industry consolidation in more than a decade.
The executives, who had already decided not to pursue a bid for major U.S. grain trader Gavilon, said they were “thinking about where (they) fit and what’s a good investment,” said Jay O’Neil, an agricultural economist for Kansas State University’s International Grains Program who also does consulting work.
By Karl Plume
(Reuters) – Major importers stepped up their purchases of U.S. beef last week despite the discovery of a case of mad cow disease in California, government data showed on Thursday.
Export sales of fresh, chilled or frozen muscle beef totaled 16,829 tonnes in the week ended April 26, up 8.8 percent from the previous week, the U.S. Department of Agriculture said.
CHICAGO (Reuters) – U.S. live cattle futures tumbled more than 2 percent on Tuesday for their biggest drop in seven months, hit by rumors of a new, domestic case of mad cow disease that later received government confirmation.
Funds liquidated their long positions amid fears that importers of U.S. beef will shut their doors just like they did in 2003, when the United States discovered its first case of bovine spongiform encephalopathy.
BEIJING/CHICAGO (Reuters) – China Grain Reserves Corp (Sinograin), which manages the state grain reserves, may have signed deals to import U.S. corn and it is ready boost purchases to replenish depleted reserves if the prices are attractive.
Sinograin’s interest comes after Chicago Board of Trade corn prices dropped to about $6 a bushel last week, the first time they have breached that level for about three months, but talk of China’s buying pushed up prices to a high of $6.28-1/2 per bushel on Friday.
CHICAGO (Reuters) – Oil markets rebounded from two days of losses on Wednesday as U.S. government data showed a steeper-than-expected drop in domestic fuel stocks, while gold dipped after a four-session rally and copper steadied near a three-month low.
Cotton climbed nearly 2 percent in a short-covering rally a day after the U.S. government forecast record-high global cotton stocks, and cocoa and coffee rose in reaction to a strong earthquake off Indonesia that triggered tsunami warnings in the world’s No. 3 coffee producer.
CHICAGO, April 3 (Reuters) – U.S. agribusiness Archer
Daniels Midland Co will continue to eye acquisitions of
smaller assets in North America to expand its reach in the
agricultural sector, while large acquisitions may be less
likely, a company executive said on Tuesday.
“Other than one-off deals, we can’t really grow too much in
North America,” said A. James Shafter, vice president of mergers
and acquisitions said on the sidelines of The State of
Agribusiness conference in Chicago.
By Karl Plume
(Reuters) – China bought 120,000 metric tons of U.S. corn for shipment by the end of August, the largest in a month, the U.S. government said on Thursday, bringing the country’s total confirmed purchases of the grain this season to nearly 4 million metric tons.
More old-crop sales to the world’s No. 2 corn consumer were expected so the latest U.S. Department of Agriculture forecast for imports by China was likely too low, suggesting U.S. stocks of the grain, already seen shrinking to a 16-year low by the next harvest, could tighten further.
March 29 (Reuters) – China bought 120,000 tonnes of U.S.
corn for shipment by the end of August, the largest in a month,
the U.S. government said on Thursday, bringing the country’s
total confirmed purchases of the grain this season to nearly 4
More old-crop sales to the world’s No. 2 corn consumer were
expected so the latest U.S. Department of Agriculture forecast
for imports by China was likely too low, suggesting U.S. stocks
of the grain, already seen shrinking to a 16-year low by the
next harvest, could tighten further.