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Corn Crop Condition Trails Last Year -- Market Talk
16:23 ET - This year's U.S. corn crop hasn't gotten off to as good a start as in 2016, according to the USDA's weekly crop progress report, as rain hampers planting. The agency said that 65% of the crop was in good or excellent condition, just below analyst estimates and down from 72% last year. Not in 20 years has a corn crop initially rated below 70% gone on to produce above-average yields, says Karl Setzer of MaxYield Cooperative. The USDA said 91% of the corn crop has been planted, along with 67% of soybeans. Both lag recent averages. (email@example.com; @b_parkyn)
Soybeans Extend Losses on Grain, Oilseed Futures Selloff
CHICAGO -- Soybean futures dropped to a fresh 2017 low on Tuesday as oilseed prices tumbled through technical support levels.
Soybean contracts fell through the lower end of technical indicators on Friday, analysts said, which spurred follow-through selling this week. Regulatory data released late last week also showed managed funds increasing bets that oilseed prices would fall, coming to a total net short position of 62,000 contracts.
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STORIES OF INTEREST:
Conagra to Sell Wesson Brand for $285M -- Market Talk
09:43 ET - Conagra Brands (CAG) reaches a deal to sell its Wesson edible oil brand to J.M. Smucker (SJM) for about $285M, adding to the flurry of packaged food deals as the industry struggles to adjust to changing consumer tastes. CAG plans to produce Wesson products for up to a year following the close of the transaction. Last year, CAG sold off its frozen potato and private-label business for $3B and $2.7B, respectively, in a bid to become a more focused and profitable company. (firstname.lastname@example.org; @moisenoise)
Monsoon to Hit India's Southern Coast Ahead of Schedule -- Market Talk
0723 GMT - There is finally some good news for policy makers and farmers in India as the monsoon rains are expected to hit the southern state of Kerala on Tuesday. This is slightly ahead of the usual date of June 1. The onset of monsoon rains will likely fall on most parts of the northeastern states as well, the state-run weather department says in a release. Last month, the weather department predicted a normal monsoon this year. The timely arrival of monsoon could help brighten prospects of food grain production and damp worries about rural income and demand. Most of India's farmlands are irrigated using rainwater, making the seasonal showers critical for the economy. (email@example.com)
Cattle Futures Rise Despite Upside Supply Surprise
CHICAGO--Cattle futures rose on Tuesday even as the supply of cattle grows.
The U.S. Department of Agriculture said on Friday that total cattle-on-feed as of May 1 rose 2% from the same time last year, a larger-than-expected increase. Cattle placement and marketing for the month of April also rose above expectations.
(END) Dow Jones Newswires
May 30, 2017 17:30 ET (21:30 GMT)