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Corn Rises, Soybeans Fall on Crop Switching Bets
Corn futures rose while soybean futures slipped as wet weather in the corn belt led some market participants to place bets that farmers might switch acres from corn to soybeans ahead of upcoming insurance deadlines.
CBOT corn for July was up 1.4% to close at $3.74 a bushel and soybeans for July lost 1.4% to end at $9.26 a bushel.
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CEOs Urge Donald Trump to Limit Scope of Nafta Changes to an 'Update' -- Update
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A group of top CEOs has a message for President Donald Trump: Move quickly on an update of the North American Free Trade Agreement but don't mess with the underlying structure.
In a letter to the White House, the top executives of 32 major companies emphasized the benefits they currently get from Nafta. However, they said, they are willing to work with the administration on a "modernization" of the deal that keeps its three-way structure with Mexico and Canada, rather than on an overhaul that starts from scratch.
South Africa Set For Record Corn Crop As Yields Rebound -- Market Talk
1420 GMT - South Africa is set for a record corn harvest, aided by favorable rains across Africa's no.1 producer, says the state-run Corp Estimates Committee. Output will likely reach 15.6 million tons, 7.5% higher than projection in February. The forecast is more than double the 7.7 million tons produced last season. After suffering the worst drought in a century last season, South Africa's corn growing regions have received above average rains this year, enhancing the crop. "It is the largest maize (corn) crop in the history of South Africa," the agency says. South Africa, which was forced to import corn for the first time in 8 years last year is now poised to export some 3 million tons of the grain this season. (Nicholas.Bariyo@wsj.com ; @Nicholasbariyo)
Cattle Closes Lower on Robust Placements; Hogs Rise
Cattle futures reversed course to turn lower as the USDA cattle-on-feed report exceeded expectations. Still cash prices remained strong headed into Memorial Day weekend when grills are expected to fire up the livestock markets.
Total cattle-on-feed as of May 1 were at 102% of last year, cattle placed in April were at 111% of last year and cattle marketed as of April 1 were at 103% of last year.
In other markets, June lean hogs rose 1.1% to end at 81.875 cents a pound. Friday's kill was projected at just 423,000 with the Saturday kill at 3,000. Dennis Smith, an analyst at Archer Financials said cash hogs prices were steady to higher during a time when kill numbers are expected to tighten.
(END) Dow Jones Newswires
May 26, 2017 17:34 ET (21:34 GMT)