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Weather Lifts Corn and Wheat, Soybeans End Lower
Weather worries lifted futures for corn and wheat markets Tuesday with rain expected to pound the Midwest corn belt during a key time in the planting season.
The U.S. Northern Plains wheat belt saw a wintry mix a day earlier in eastern North Dakota and northern Minnesota and, over the next five days, showers are expected in Minnesota, South Dakota and central Montana that will linger into Thursday and Friday before mixing with snow in northern Minnesota and western South Dakota, according to MDA Weather Services.
For DuPont, Brazil's Rise Cushions US Farm Struggles -- Market Talk
8:27 ET -- Farmers' expansion in Brazil, boosted by favorable currency shifts and cheap land costs, is helping seed and pesticide supplier DuPont (DD) weather what is expected to be another tough year in the U.S. farm economy. Jim Collins, head of DuPont's agriculture business, tells investors on an earnings call that the unit's profit climbed 12%, partly thanks to higher volumes and "double-digit" price increases on seeds and sprays in Brazil. That's helped cushion the challenges in the US, where farmers' projected shift to soybeans from corn will likely weigh on seed companies' sales. DD rises 2% premarket. (email@example.com; @jacobbunge)
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South Africa to See Record Corn, Soybean Crops in 2017 -- Market Talk
1530 GMT -- South Africa will reap the largest ever corn and soybean crops during 2017, aided by good rains and larger plantings, says the Crop Estimates Committee. Corn output likely will rise 14.5 million tons, which is 87% than 2016 crop. The latest forecast is 2% high than last month's projection as good rains continue to boost crop prospects in Africa's no. 1 corn grower, fueling a recovery from the worst drought in a century last year. Soybean output is projected to nearly double to 1.23 million tons, which is the "largest soybean crop produced in the history of South Africa" CEC said. (Nicholas.Bariyo@wsj.com ; @Nicholasbariyo)
STORIES OF INTEREST:
Turkey Buys 44,000 Tons of Corn in Tender
LONDON--The state grain agency of Turkey, TMO, purchased about 44,000 tons of animal feed corn, traders said Tuesday. The feed will be sourced from the European Union and Moldova.
Tunisia Tenders to Buy 67,000 Tons Milling Wheat
LONDON--The state grain agency of Tunisia issued an international tender to buy 67,000 tons of soft milling wheat, traders said Tuesday.
The deadline for the tender was Wednesday and the agency sought the tender in three consignments--two of 25,000 tons and one of 17,000 tons--according to traders.
DuPont Delivers Earnings, Sales Beat Ahead of Merger
DuPont Co., looking to wrap up its merger with Dow Chemical Co., said its sales rose as the science company benefited from a change in the timing of seed deliveries.
The Delaware-based company also gave a downbeat outlook for the current quarter, projecting adjusted earnings of about $1.26 a share, below the Thomson Reuters consensus of $1.31 a share. As reported, DuPont expects earnings to fall about 5% due to merger related expenses.
Livestock Gains as Hogs Look Toward Lower Production
Livestock futures closed higher on ideas of strong demand for meat spurred by a report Monday after the close that shows a larger-than-expected drawdown in meat in cold storage.
In the hogs market, traders pushed up futures prices in anticipation that a seasonal low for pork production could be in the offing. Typically, slaughter rates drop in the summer and hog prices can move about $15 higher per 100 pounds, said Don Roose, president of U.S. Commodities Inc.
(END) Dow Jones Newswires
April 25, 2017 17:35 ET (21:35 GMT)