GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

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Corn, Soybean Planting on Track with Last Year -- Market Talk

16:30 ET - US farmers have caught up with last year's corn and soybean planting rate, the USDA says, but the delays aren't over yet. Farmers seeded 84% of this year's corn crop and 53% of soybeans as of Sunday, according to the weekly crop progress report. That's right on track with last year, after a slow start to the season, and just ahead of analyst estimates. But analysts expect a new bout of rainy forecasts to create fresh delays, particularly for some Midwestern farmers who may have to replant part of their corn. The proportion of the winter wheat crop rated good or excellent rose to 52% from 51% last week, while spring wheat planting is 90% complete, lagging last year's rate. (benjamin.parkin@wsj.com; @b_parkyn)

For New CEO, Farm Giant Looks Inward -- Market Talk

11:03 ET - Agricultural cooperative giant CHS picks from its own ranks for its new CEO, choosing Jay Debertin, who previously headed energy operations and food ingredients at the suburban St Paul company. Debertin, takes over immediately from predecessor Carl Casale and has been at CHS for more than three decades; Casale arrived at CHS in 2010 from Monsanto (MON), where he had been CFO, after CHS did an executive search. A spokeswoman for Casale says he initiated the transition and has no continuing role with CHS. (jacob.bunge@wsj.com; @jacobbunge)

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Brazil's JBS Plunges On Details Of Corruption Scandal -- Market Talk

14:18 ET - Shares of Brazilian giant meatpacker JBS SA, implicated in Brazil's epic corruption scandal, tanked 20% today in Sao Paulo. Last week, the country's top court released plea-bargain testimony from JBS's owners accusing President Temer and his two predecessors of receiving millions of dollars in bribes. It's the most explosive chapter of Brazil's anti-corruption investigation. The three presidents have all denied wrongdoing. On Saturday, president Temer, who faces increasing pressures to resign amid the allegations, accused JBS's chairman, Joesley Batista, of insider trading and of manipulating evidence used against him. Through his representatives, Batista has denied the accusations. (Luciana.Magalhaes@wsj.com)

THE MARKETS:

Cattle Futures Higher as Monthly Frozen Beef Stocks Fall

CHICAGO--Cattle futures rose on Monday ahead of a government report that showed shrinking beef stocks in U.S. freezers amid a recent supply pinch.

The U.S. Department of Agriculture said that stocks of beef in cold storage at the end of April fell 1% from March and 2% from the same time last year to 458.46 million pounds. The monthly report came out after the futures markets closed.

The decrease was smaller than analysts had forecast, however, after lighter-weight cattle prompted a cattle futures rally through much of April on the back of supply concerns.

(END) Dow Jones Newswires

May 22, 2017 17:54 ET (21:54 GMT)