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Corn Futures Leap; Wheat and Soybeans Mixed
CHICAGO--Corn futures bounced on Wednesday as a government report showed the quality of crops this year was worse than expected.
The U.S. Department of Agriculture said on Tuesday afternoon that 65% of this year's corn crop was in good or excellent condition, below expectations. Last year, 72% of the crop fell into that category.
Corn futures for July delivery rose 1.4% to $3.72 a bushel at the Chicago Board of Trade.
CBOT July soybean futures closed 0.4% higher at $9.16 a bushel. Wheat fell 0.1% to $4.29 1/4.
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San Francisco Fed Sees Immigrant Farm Worker Shortage -- Market Talk
14:04 ET - The Fed's latest beige book report notes worker shortages "across a broadening range of occupations and regions." One point of interest from the San Francisco Fed: "Recent changes in immigration policy created substantial labor supply shortages for low-skilled workers in the agriculture sector; as a consequence, some growers discarded portions of their harvest." (Ben.Leubsdorf@wsj.com; @BenLeubsdorf)
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Aldi, Lidl Markets See Biggest Rise in UK Since January 2015
LONDON--German retailers Aldi and Lidl have experienced their biggest U.K. market share rise since January 2015 as more shoppers flock to their stores seeking lower prices for their groceries, a survey showed Wednesday.
Aldi's market share rose to 7.0% in the 12 weeks ended May 21, compared with 6.0% a year earlier, while Lidl's share rose to 5.0%, from 4.4% in the 12 weeks ended May 22, 2016, Kantar Worldpanel said. Kantar monitors the household grocery purchasing habits of 25,000 demographically representative households in the U.K.
Egypt Buys 180,000 Metric Tons of Romanian, Russian Wheat
LONDON-- Egypt's state grain buyer, the General Authority for Supply Commodities, bought 180,000 metric tons of wheat in its latest state tender, traders said Wednesday.
The deal, comprising 3 lots of 60,000-ton cargoes of grain, was the second wheat purchase by GASC this month. Egypt is the world's largest importer of wheat.
Hog Futures Touch New Highs; Cattle Rise on Cash Strength
CHICAGO -- Hog futures jumped to new highs Wednesday as pork prices recovered from a post-Memorial Day slump.
Wholesale pork rose 0.84 cents to 90.37 cents a pound on Wednesday morning, while higher prices for hogs in Tuesday's cash trade helped push futures higher.
CME June live cattle futures rose 1.2% to $1.24425 a pound. August feeder cattle contracts gained 1.8% to $1.52575 a pound.
(END) Dow Jones Newswires
May 31, 2017 17:32 ET (21:32 GMT)