GRAIN HIGHLIGHTS: Top Stories of the Day

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Grain, Soybean Futures Quiet After Volatile Week -- Market Talk

15:20 ET - Grain and soybean futures are mixed in a quiet session. Trading volume fell from Thursday. Several days of dry weather in much of the corn belt should allow farmers to make "significant planting progress" of corn and soybeans, MDA Weather Services says. Some analysts expect corn planting to approach three-quarters completion by Sunday. Crude oil prices were steady on Friday while the dollar fell. CBOT July corn futures rise 0.5% to $3.71 a bushel. Soybeans fall 0.3% to $9.63 and wheat drops 0.2% to $4.32 3/4. (benjamin.parkin@wsj.com; @b_parkyn)

Seed Firms Await China Follow-Through on GMO Approvals -- Market Talk

10:58 ET - Biotech seed developers scored a win with the US-China trade deal announced late Thursday, in which China committed to moving ahead on reviews of genetically engineered seeds, some of which have been in the approval pipeline for years. But the Biotechnology Innovation Organization is holding the confetti for now. "Considering the history of this issue, the ultimate test of success will be for China to follow its process and quickly approve the eight pending biotechnology applications and establish a synchronized, timely and predictable process going forward," says Joseph Damond, who heads international affairs for the group, which represents seed companies. (jacob.bunge@wsj.com; @jacobbunge)

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U.S.-China Trade Plan Hinges on Beijing's Compliance

The U.S.-China pact on greater access to the Asian giant's economy relies in part on Beijing's pledge to open markets in two areas -- beef and electronic payments -- that it has repeatedly promised to open before, only to continue blocking American firms.

The trade plan, which so far has no provision for settling disputes, puts a spotlight on broader complaints about Beijing's record of compliance with trade agreements. The U.S. and other major economies say China hasn't followed through with all of the commitments it made when it joined the World Trade Organization 15 years ago.

THE MARKETS:

Cattle Futures Rally on Optimism Over U.S.-China Beef Accord

CHICAGO--Cattle futures bounced Friday after the Trump administration said it reached an agreement with Beijing to reopen the Chinese beef market to U.S. meat by this summer.

American ranchers and packers have long pushed for a deal that would resume U.S. beef exports to China, largely halted since 2003. China is the fastest-growing beef market in the world.

(END) Dow Jones Newswires

May 12, 2017 17:39 ET (21:39 GMT)