Goldman hikes corn, wheat, soybean price forecasts

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Goldman Sachs hiked its forecast for corn, soybean and wheat futures despite warning that an official US report next week could publish a higher yield estimates than investors expect and prompt a temporary plunge in prices. The bank raised its estimate for the price of Chicago’s near-term corn lot in three months’ time by $1.45…


ADM profit falls 15% on higher taxes, corn costs

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–Profits Fall 15%, Miss Analysts’ Expectations –Earnings Slip On Taxes, Corn Costs –Oilseed Processing, Grain Merchandising Businesses See Profits Increase (Updates with detail on taxes, corn prices, share price.) Archer Daniels Midland Co.’s ADM -5.36% fiscal fourth-quarter earnings fell 15% on a sharply higher tax bill and increased corn costs, even as earnings grew at…


Alliance Grain Traders buys Australian chickpea and pulse processor

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REGINA – Alliance Grain Traders Inc. said Tuesday it is expanding into the Australian chickpea and pulse market through its $8-million acquisition of Canz Commodities. The assets are located in Narrabri, about 500 kilometres northwest of Sydney, and include real property, storage and related handling equipment, as well as a plant to process grains and…


Corn and Soybean consumption coming up short

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(AXcess News) Springfield, IL – Much of the corn and soybean market attention is appropriately focused on the prospective size of the 2011 U.S. crops and speculation about the USDA’s August 11 Crop Production report.  The size of these crops will obviously largely determine the magnitude of supplies available for consumption during the 2011-12 marketing…


Wheat buy-up sparks price manipulation fears

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Britain’s most powerful grain company, jointly owned by Cargill and Associated British Foods, bought and took delivery of all the available UK feed wheat last month. The series of purchases by Frontier Agriculture, described by a number of traders as "unprecedented", will reignite growing concerns among food manufacturers and campaign groups over the potential for…


Corn prices rise after hot weather damages crops

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Crop prices closed higher Tuesday after the government reported that the U.S. corn crop isn’t growing as well as previously thought because of hot weather. The U.S. Department of Agriculture released a report late Monday afternoon that showed 62 percent of the corn crop in 18 states that produce the vast majority of corn in…


Spring wheat prices shrug off negative pressure

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Although the spring wheat market has fluctuated a little in recent weeks, prices have been able to stabilize somewhat, according to Erica Olson, marketing specialist for the North Dakota Wheat Commission. “For the last week or so spring wheat has been able to shrug off some of the negative market pressure it’s been dealing with,…


Wheat market outlook (conclusion)

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Last wheat I was talking about the wheat market, and the fact that wheat is not wheat, all in preparation for a 20 minute outlook for the wheat market at the AAEA conference in Pittsburgh. I want to finish what I started. Earlier I talked about the distinction between high and low protein, red vs.…


Wheat prices to stay firm, despite EU crop revival

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Strategie Grains forecast wheat prices staying firm even as the influential analysis group put a rise in European Union output back on the agenda, hiking its production estimate by the equivalent of a Spanish harvest. Rains had proved "very beneficial" for grain filling in France, Germany and the UK, the region’s top wheat producers, where…


Chinese strawberry prices soar to $25 a kilo

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Are strawberries really worth 10 times as much as coffee, or 100 times as much as wheat? A triple whammy of higher labour costs, a switch by some farmers to mung beans, and the worst frost since the 1980s has sent China’s strawberry prices soaring to up to $25 a kilogramme – twice the price…


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