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Grain, Soybean Futures Sink on Crude's Selloff
CHICAGO--Grain and soybean futures fell Thursday as falling oil prices dragged the agricultural commodities lower. Crude-oil prices sunk below $50 a barrel on Thursday morning, falling as much as 5%, after the Organization of the Petroleum Exporting Countries announced that it would continue withholding supply into March 2018, short of what many had expected. Soybean futures for July delivery fell 0.9% to $9.39 1/2 a bushel at the Chicago Board of Trade, the lowest close since mid-April and just shy of a year's low.
Sanderson Farms Sees Grain Staying Cheap -- Market Talk
11:48 ET - Poultry giant Sanderson Farms (SAFM) is another of those grain buyers who sees little reason to make large, long-term purchases of chicken feed ingredients at current prices - reflecting a reluctance among grain purchasers that has vexed big grain traders such as Bunge (BG) and Archer Daniels Midland (ADM). "In my view, grain prices still don't reflect the ample global supply of grain and as a result we still remain close to the market," CEO Joe Sanderson says on an investor call. (email@example.com; @jacobbunge)
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Senate Witnesses Silent on Trump's Budget for Ag -- Market Talk
12:02 ET - It's crickets from a panel of agricultural economists, a USDA official and industry leader when asked during a Senate hearing whether anyone would defend the Trump administration's budget as good for agriculture. For some, that's because the budget proposes slashing funding for the US food-stamp program, which Bruce Weber of Oregon State University says not only provides a vital safety net for hungry Americans, but also supports farm incomes by boosting demand for agricultural products. (firstname.lastname@example.org; @jessenewman13)
Amazon Opens First Physical Grocery Store -- Market Talk
11:44 ET - Amazon's (AMZN) Fresh Pickup grocery stores are opening to customers in Seattle today, marking the online retail giant's first public foray into brick-and-mortar groceries. Previously, the two Seattle locations were only available in beta testing for employees. AMZN has been eyeing a bigger portion of the US grocery spend, which has been hard to crack online in part due to consumers' preference of touching and smelling fruit and other fresh produce before making a purchase. (email@example.com, @laurastevenswsj)
Livestock Futures Strengthen Ahead of Memorial Day Weekend
CHICAGO--Livestock futures inched higher Thursday, reversing course after a mixed start to the trading session. Cash prices for cattle so far this week are lower than previous weeks, though they remain at a considerable premium to futures. That's helping to anchor cattle futures and prevent them from falling sharply as the market enters a seasonal slump. Live cattle futures for June delivery rose 1.5% to $1.23925 a pound at the Chicago Mercantile Exchange on Thursday. Feeder cattle futures for August delivery also rose.
(END) Dow Jones Newswires
May 25, 2017 17:47 ET (21:47 GMT)