Continue Reading Below
Grains, Soybeans Drops on NAFTA Uncertainty
The grains markets resumed their bearish stance Wednesday amid global uncertainty about whether U.S. President Donald Trump's administration will pull out of the North American Free Trade Agreement.
Both corn and wheat had rallied overnight over weather concerns during a key time in the U.S. crop season but macro issues, combined with the prospect of swelling stocks around the globe, stifled the rally Wednesday.
CBOT May corn lost 1.6% to $3.59 a bushel, May soybeans dropped 0.9% to $9.45 a bushel and May wheat was off 0.2% at $4.07 a bushel.
Corn Farmers Denounce Prospect of NAFTA Pull-Out -- Market Talk
Continue Reading Below
16:59 ET - Farmers wielded influence in the election of Donald Trump, and now they aim to use that influence to defend agricultural exports to Mexico and Canada, which the National Corn Growers Association says would be imperiled if the Trump administration were to pull out of NAFTA--as some press reports Wednesday suggested is in the works. "Withdrawing from NAFTA would be disastrous for American agriculture," says NCGA President Wesley Spurlock. "This decision will cost America's farmers and ranchers markets that we will never recover." (firstname.lastname@example.org; @jacobbunge)
STORIES OF INTEREST:
Alarm Sounds In Farm Country Over NAFTA Exit Chatter -- Market Talk
17:22 ET - More farm groups raise alarms over reports that the Trump administration is mulling a withdrawal from NAFTA, which many crop and livestock producers say has underpinned years of growth in exports. "Closing that door would be a terrible blow to the US wheat industry and its Mexican customers," says the National Association of Wheat Growers, noting that Mexico buys more than 10% of all US wheat sold overseas. Ron Moore, an Illinois soybean farmer and president of the American Soybean Association, calls exiting NAFTA "a terrible idea" that would only heap further economic difficulties on already-struggling farmers. (email@example.com; @jacobbunge)
LONDON--Tunisia's state grain agency bought roughly 75,000 metric tons of optional-origin soft milling wheat on Wednesday, traders said.
That figure was initially estimated by traders at 67,000 tons but was later raised.
The wheat was purchased in three 25,000-ton consignments at $173.85 a ton, $186.73 a ton, and $189.58 a ton, traders said.
Trading houses Europmarkets, Bunge, and Nidera will provide the wheat.
Cattle Futures Rise as Market Battles Over Pricing
Live cattle futures closed higher Wednesday as packers and producers played a game of push-pull on pricing.
The weekly online Fed Cattle Exchange, which in recent months traders have watched closely for pricing discovery in the market, produced sales of 1,945 cattle versus 5,448 head for sale at a weighted average price of $1.3168 a pound for delivery over the next nine days, with cattle price for delivery 30 days out down to $1.2542 a pound.
Traders watching the online auction were confounded by several offers to buy heifers at $1.35 a pound that didn't lead to a sale.
(END) Dow Jones Newswires
April 26, 2017 17:51 ET (21:51 GMT)