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Soybeans Tick Lower After Larger Stockpile Forecast -- Update

CHICAGO -- U.S. soybean stockpiles are expected to hit their highest level in more than a decade next year, as farmers shift acreage away from crops that have seen steeper price drops amid a multiyear crop glut.

Record soybean plantings this year coupled with bumper harvests in South America are stoking concerns that prices for the oilseed could plummet as they have for corn and wheat.

Analyst: 'Remember the Number 6' for Soybeans -- Market Talk

15:12 ET - Soybean prices end lower as fears grow that it may be that market's turn to sink, thanks to explosive world production and swelling US supplies. Strong foreign demand has stemmed losses in recent years compared to corn and wheat. Prices for those crops have fallen by more than half since peaking in 2012, while soybeans are down 45%. Now, however, the USDA is forecasting another big US soybean crop, which could boost domestic inventories to 480M bushels. Some analysts believe even that number underestimates next year's soybean supplies, and the potential hit to prices: "Remember the number six because when it's all said and done, stocks could start with a six and so could the price," said Joel Karlin, a market analyst with Western Milling in Goshen, Calif. CBOT July soybeans drop 0.4% to $9.70 1/4/bu. (jesse.newman@wsj.com; @jessenewman13)

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Wheat Rises on USDA Report -- Market Talk

12:52 ET - Wheat prices lift on a view for a smaller-than-expected winter crop this year, as well as less in storage in the coming season. Federal forecasters in a supply-and-demand report peg the 2017-18 winter wheat crop at 1.246B bushels, below analyst estimates for 1.328B due partly to an April snowstorm that likely cut yields. The smaller harvest also is expected to lead to a sharper-than-expected decline in supplies next year, with wheat stockpiles next May projected at 914M bushels, vs analyst expectations for 974M. That's down from expected inventories this year of 1.159B bushels. July wheat prices gain 0.8% to $4.33/bu. (jesse.newman@wsj.com; @jessenewman13)

STORIES OF INTEREST:

Whole Foods Plans to Change More Than Half of Board of Directors--Update

Whole Foods Market, Inc. is dramatically reshaping its board of directors, an effort to show it is open to change after two big shareholders called on the organic grocery chain to explore a sale.

The Austin, Texas, company plans to remove more than half of its 12 sitting directors over the course of the year and name a new chairman, according to people familiar with the matter. The move comes as Whole Foods tries to fend off a potential board fight with activist investor Jana Partners LLC, which last month disclosed an 8.3% stake in Whole Foods and pressed the company to accelerate its turnaround.

China Forecasts Higher Soybean Imports -- Market Talk

0601 GMT - China has upgraded its forecast for soybean imports by 3.4% for the year to Sep. 30 to 89.5 million tons due to increased supplies from South America and an increased need for animal feed. China's Ministry of Agricultural also expects increased domestic demand for soybean meal due to the growth in aquaculture farming. The Ministry forecasts that imports of soybeans in 2017-18 will be up 4.1% on the current year's estimate to 93.2 million tons. (lucy.craymer@wsj.com; @lucy_craymer)

THE MARKETS:

Cattle Futures Fall on Lower Cash Prices

CHICAGO -- Cattle futures slid after cash prices ticked lower Wednesday in a closely watched online auction.

Packers bought cattle for delivery up to nine days out for an average of $1.39 a pound during Wednesday's Fed Cattle Exchange auction. That was down from a $1.40 a pound average last week. But demand was stronger, with over twice as many cattle sold this time.

(END) Dow Jones Newswires

May 10, 2017 17:53 ET (21:53 GMT)