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Wheat Reverses Course as Soybeans, Corn Find Support
Wheat futures reversed course to end lower Monday, unable to sustain a brief rally caused by a risk-friendly mood for global markets. A strong showing by centrist Emmanuel Macron in the French presidential election averted fears of a euroskeptic-only runoff. Corn and soybeans gained.
CBOT Wheat for May fell 0.7% to end at $4.02 a bushel, dropping back to the lowest level since Jan. 30.
Brazil Soybean Harvest Approaching End -- Market Talk
16:08 ET - Brazilian farmers had finished 93% of the harvest for the 2016-2017 growing season as of April 20, according to agricultural consultancy Safras & Mercado. That's slightly ahead of the 92% recorded on the same date last year, and ahead of the 90.4% five-year average for the date, Safras said. Harvesting for the country's summer corn crop was 83% finished on April 20, behind the 90.5% finished on the same date a year ago, the group said. Brazil's mild winters permit the country's farmers to produce two corn crops per year. (firstname.lastname@example.org)
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Farmer Case Against Syngenta Heads to Trial -- Market Talk
14:52 ET - The first case among thousands filed against Syngenta (SYNN.EB) by U.S. corn farmers heads to trial in Minnesota, attempting to hold the Swiss crop-seed company liable for declining corn prices in late 2013 after Chinese authorities began rejecting grain shipments found to contain a genetically engineered corn variety developed by Syngenta. Farmers, including Daniel Mensik, who filed the Minnesota complaint, say Syngenta should compensate them for lower corn prices since the company marketed the biotech corn before China had approved it; Syngenta says it was up front about the corn's regulatory status in China and that the claims have no merit. Syngenta, which expects to complete its $43B sale to China National Chemical in May, reported earlier Monday that 1Q sales fell 1% to $3.7B. (email@example.com; @jacobbunge)
Algeria Tenders to Buy 50,000 Metric Tons of Durum Wheat
LONDON--Algeria issued a tender to purchase a nominal quantity of 50,000 metric tons of durum wheat, traders said Monday.
The country frequently purchases more than the volumes initially sought, a trader said.
Hogs Rise Ahead of Cold Storage Report, Cattle Slump
Lean hog futures found their footing Monday ahead of a monthly report of commodity supplies in cold storage warehouses across the country.
The report is scheduled to be released at 3 p.m. ET by the U.S. Department of Agriculture and has become an increasingly important indicator of demand for pork products as record high production is matched with strong pricing for pork products.
CME lean hogs for May rose 2.2% to end at 64.4 cents a pound.
(END) Dow Jones Newswires
April 24, 2017 17:33 ET (21:33 GMT)