GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Drought Pushes Spring Wheat Futures Higher; Corn Rally Slows

CHICAGO--Grain and soybean futures rose Thursday, continuing a recent rally driven by weather concerns.

Spring wheat futures led the gains as drought-like weather persists in parts of the northern Plains.

Spring wheat futures at the Minneapolis Grain Exchange rose 1.5% to $6.04 1/4 a bushel on Thursday, approaching the highest point in two years.

World Food Prices Up 2.2% in May Due to Rising Cereal, Vegetable Oil Prices

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LONDON--World food prices rose in May due to more expensive cereal, vegetable oil, and dairy prices, the United Nations' Food and Agriculture Organization said Thursday.

The FAO's food price index increased by 2.2% last month from April, up 10% on its May 2016 level.

JM Smucker Profit, Sales Slip Less Than Expected -- Market Talk

7:56 ET - JM Smucker (SJM) posted better-than-expected results for its fiscal 4Q, though revenue and profit slipped as shifting consumer tastes pressured the food marker. For the quarter, the company posted adjusted earnings per share of $1.80, down from $2.23 the prior year, but better than the $1.72 expected by analysts surveyed by Thomson Reuters. The company posted revenue of $1.78B, down 1.3% but slightly better than the $1.77B expected by analysts. A 4% climb in sales in the International and Foodservice segment helped prop results. For the 2018 fiscal year the company says it expects adjusted earnings between $7.85 and $8.05, while analysts expect EPS of $7.93. (ezequiel.minaya@wsj.com)

STORIES OF INTEREST:

World Food Prices Up 2.2% in May Due to Rising Cereal, Vegetable Oil Prices

LONDON--World food prices rose in May due to more expensive cereal, vegetable oil, and dairy prices, the United Nations' Food and Agriculture Organization said Thursday.

The FAO's food price index increased by 2.2% last month from April, up 10% on its May 2016 level.

THE MARKETS:

Cattle Futures Mixed as Cash Trade Stutters

CHICAGO--Cattle futures were mixed on Thursday as traders reckoned with a bumpy start to the week's cash market.

Traders are still processing a sharp reversal on Tuesday that saw cattle futures drop on weak technical indicators even as beef prices and other signs of demand were strong.

Live cattle futures for June delivery closed 0.1% higher at $1.31375 a pound at the Chicago Mercantile Exchange.

Feeder cattle futures, which derive from herds that are still being fattened, fell. CME August contracts dropped 0.6% to $1.5395 cents a pound, with a rally in corn futures making the grain needed to feed those cattle considerably more expensive for producers.

(END) Dow Jones Newswires

June 08, 2017 17:39 ET (21:39 GMT)