GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Grain, Soybeans Mixed as Traders Assess Weather

CHICAGO--Grain and soybean futures were mixed on Wednesday as traders waited for clarity about U.S. planting activity.

Rain has disrupted corn and soybean planting so far this season, and created some concerns about wheat crop quality. But analysts say it is too early to know what, if any, impact that could have on final yield and acreage.

Corn futures for July delivery rose 0.5% to $3.71 1/4 a bushel at the Chicago Board of Trade on Wednesday. Wheat gained 0.7% to close at $4.32 1/2 a bushel.

Glencore-Bunge Tie-Up Could Lead to US Ag Listing -- Market Talk

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0905 GMT - Glencore's (GLEN.LN) approach to grains trader Bunge (BG) could potentially lead to a US listing for Glencore's agricultural business, says RBC. It adds such a move would also bring strong soy and wheat trading globally, especially in South America. However, BG's size--it sports an enterprise value of about $15 billion--"may see some caution from investors." That as RBC notes the perception "around reduced special dividends and normal deal digestion in the market could lead to tempered near-term performance." (scott.patterson@wsj.com)

Glencore CEO Aspires to Expand in Agriculture -- Market Talk

14:23 ET - At Glencore's annual meeting CEO Ivan Glasenberg doesn't directly address his company's interest in grain-trading giant Bunge (BG), but does assure investors that the mining and commodity firm has its eye on the sector. "It's always been a very important part of Glencore, the agricultural business, and hopefully it will get bigger in the future," Glasenberg says in response to a shareholder's question. Glencore confirmed Tuesday it had approached Bunge about a deal, though both companies said there were no current discussions. Bunge shares up 0.5% at $82.07 after hitting the highest level since mid-2015 earlier today. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST:

Farmers Wary on Grain Trader Tie-Ups -- Market Talk

12:20 ET - Farmers who've watched big seed and fertilizer suppliers merge over the last two years are now contemplating consolidation among the commodity-trading giants that buy their grain--and some farmers aren't thrilled at the prospect. After Glencore confirmed it had approached Bunge (BG) about a deal, North Dakota Farmers Union President Mark Watne says he "cannot think of a time when farmers have benefited," from agribusiness consolidation. "We're at a stage where there's getting to be such a small amount [of companies], on both sides of a farmer," he says. "It sets the stage for pricing that's not in the interest of the agricultural producer." (jacob.bunge@wsj.com; @jacobbunge)

THE MARKETS:

Cattle Futures Slide as Seasonal Boost Slows

CHICAGO--Cattle futures fell on Wednesday as traders bet that beef prices would trend lower after a Memorial Day bump.

The cattle market has rallied on the back of everything from seasonal grilling demand to a government agreement to reopen China to U.S. beef imports. Now, analysts say, futures traders have run low on optimism to buy on.

Live cattle futures for June delivery fell 0.8% to $1.22125 a pound on Wednesday at the Chicago Mercantile Exchange, while August feeder cattle futures dropped 1.9% to $1.48675 a pound.

(END) Dow Jones Newswires

May 24, 2017 17:38 ET (21:38 GMT)