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Spring Wheat Futures Hit Two-Year High on Crop Concerns
CHICAGO--Spring wheat futures leaped to a two-year high on Tuesday as traders bet that a poorer crop would squeeze supply.
The U.S. Department of Agriculture reported late Monday that 45% of the spring wheat crop was in good or excellent condition, a decline of 10% for the week. Drought-like weather in the northern Plains last week stressed the crop in states like the Dakotas and Minnesota, pushing ratings to the lowest in years.
Grain Traders Aim for Diversity -- Market Talk
12:00 ET - The US agriculture industry's struggling to attract a new generation of workers, not just to dairy farms and slaughterhouses, but to corporate offices and R&D labs as well. Two of the sector's biggest players say they're working to expand workplace diversity to help address that. Cargill and Archer Daniels Midland (ADM) this week sign onto CEO Action for Diversity & Inclusion, with Cargill pledging to have "sometimes difficult" workplace conversations on diversity and inclusion, while expanding "unconscious bias education" and sharing results with one another. ADM says the effort should help the agriculture industry fill jobs that are "outpacing available workers." (email@example.com; @jacobbunge)
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Egypt Buys 300,000 Tons of Wheat From Russia, Romania, Ukraine
LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, bought 300,000 metric tons of wheat in its latest state tender, traders said Tuesday.
The deal, comprising five lots of 60,000-ton cargoes of grain, was the fourth wheat purchase by GASC in as many weeks. The purchase includes three shipments of Russian grain, one shipment from Ukraine, and one from Romania. Egypt is the world's largest importer of wheat.
Senate Appropriators Pan Trump's USDA Budget to Perdue -- Market Talk
12:00 ET - US Senators take their turn whacking at Trump's proposed budget for USDA, piling concerns over cuts at the feet of the agency's Secretary Perdue during a hearing of the Senate Appropriations Committee. "This is a tough time in the farm patch," says Sen. John Hoeven (R., N.D), echoing House lawmakers' worries that the burden of balancing the federal budget will be placed on the backs of farmers and rural communities during a multiyear slump. Sen. Jeff Merkley (D., Ore.) calls proposed funding cuts for nutrition programs "short-sighted and heartless," slams Trump for gutting vital rural development programs and says the budget shows "rural families and farming are not a priority for this president." (firstname.lastname@example.org; @jessenewman13)
Cattle Traders Shrug Off U.S.-China Beef Progress
CHICAGO--Cattle futures slumped on Tuesday, despite recent progress in a deal to reopen the Chinese market to U.S. beef.
The U.S. Department of Agriculture outlined on Monday requirements for American exporters to start selling meat to China, the world's fastest growing beef market, including the need to trace cattle back to their birth farm or point of origin into the U.S.
(END) Dow Jones Newswires
June 13, 2017 17:31 ET (21:31 GMT)