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Commodity Selling Weighs on Grain, Soybean Futures
CHICAGO--Grain and soybean futures were dragged lower on Wednesday by a dip in the commodity sector.
Crude-oil futures fell to a multimonth low on disappointing U.S. stockpile data. Grain and oilseed contracts that had risen overnight gave back those gains on Wednesday as crude prices dropped.
Spring wheat futures for July delivery soared to just short of a two-and-a-half year high, before retreating 0.1% to $6.27 1/2 a bushel at the Minneapolis Grain Exchange.
Corn futures for July delivery fell 1.1% to $3.77 a bushel at the Chicago Board of Trade, while July soybean futures dropped 0.1% to $9.31 3/4.
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China Greenlights Imports of Two New GMO Products -- Update
BEIJING -- China has approved imports of two new varieties of genetically modified crops, clearing the way for U.S. agricultural companies to market new biotech seeds to farmers.
The decision, announced Wednesday, affects genetically engineered corn and soybean varieties developed by Dow Chemical Co. and Monsanto Co. It comes after Beijing agreed to speed reviews of biotechnology applications as part of a trade deal with the Trump administration last month.
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Agriculture Groups Call for More FSA Funding Amid Slump -- Market Talk
12:00 ET - Farm groups are appealing to Congress to beef up funding for USDA's lending arm, with demand for farm loans in 2017 expected to match or exceed last year's record. Nearly two dozen farm groups penned a letter to congressional appropriators, requesting additional funding for the Farm Service Agency, which provides direct and guaranteed loans to U.S. farmers. Last year, record loan demand prompted lawmakers to increase FSA funding by $1.4B, and farm groups anticipate demand will be every bit as strong--or stronger--this year, thanks to languishing farm incomes. "The outlook for 2017 grain and livestock prices appears to be no better than in 2016, likely meaning FSA loans will be even more vital to the financial viability of farm and ranch operations," the letter says. (firstname.lastname@example.org; @jessenewman13)
Strategie Cuts European Grain Forecast, Cites Summer Scald Fears
LONDON--Strategie Grains trimmed its estimate for European grain production in 2017-2018, Wednesday, slightly lowering its full-year forecast for the fourth consecutive month.
The crop consultant reduced its monthly forecast for the July 2017-July 2018 crop year to 298.5 million metric tons of grain, down from 301.6 million tons in May.
Cattle Futures Sell Off; Hogs Inch Higher
CHICAGO--Live cattle futures fell to their lower daily limit on Wednesday as traders bet on sharply lower cash prices.
Cattle sales on the cash market have been lower so far this week, with market-ready supply growing. Analysts also say consumer appetite for beef is also peaking as spring grilling demand eases in the muggy summer heat.
Traders sold cattle futures as contracts fell through technical support indicators. Live cattle for June delivery dropped 3 cents, or 2.4%, to $1.245 a pound at the Chicago Mercantile Exchange, hitting the bottom end of their daily trading band. August feeder cattle futures fell 3.9 cents, or 2.6%, to $1.46125 a pound.
(END) Dow Jones Newswires
June 14, 2017 17:51 ET (21:51 GMT)