Continue Reading Below
Grain, Soybean Futures End Week Mostly Lower
CHICAGO--Grain and soybean futures closed mostly lower in an erratic session on Friday, as traders secured positions ahead of the weekend.
Corn contracts for July delivery fell 1.4% to $3.57 3/4 a bushel at the Chicago Board of Trade, the lowest close since early May.
MGEX July spring wheat futures rose 0.8% to $6.61 1/4 a bushel, the highest close in almost three years.
Soybean futures were mostly steady, with July-dated contracts climbing 0.1% to $9.04 1/2 a bushel. A bounce in crude oil prices, which fell to fresh multimonth lows this week, supported oilseed prices.
Continue Reading Below
Farmers Win Round One in GMO Corn Case Vs Syngenta -- Market Talk
12:39 ET - The first court ruling in a long-brewing legal fight between farmers and Swiss seed giant Syngenta over GMO corn goes to the farmers. A jury in Kansas rules Syngenta was negligent in marketing biotech corn in the US before it was approved in China, where import officials later rejected US grain shipments found to contain the Syngenta corn. Farmers alleged that helped depress corn prices, and a federal court in Kansas awards 7,000 farmers a $218M verdict in the first of eight class action lawsuits pending against Syngenta. The company--which has since sold itself to China National Chemical Corp.--vows to appeal and says it followed all regulations in marketing the corn. (email@example.com)
STORIES OF INTEREST:
Beer Sales Slide on Memorial Day -- Market Talk
8:24 ET - Looks like beer is in for a rough summer in the US. Beer sales were down more than 3% by revenue and 4.6% by volume in the two weeks including Memorial Day, according to Beer Business Daily. Spirits sales revenue grew 4.5% and wine grew 2.6% in the period. The only beer segments to rise were imports, up 3% in revenue, and domestic super premiums, up 6.2%. Craft beer sales revenue was flat, with volume down 2%. (firstname.lastname@example.org; @maloneyfiles)
Egypt State Grain Agency Buys 175,000 Tons of Wheat at Tender
LONDON--Egypt's state grain buyer has bought 175,000 metric tons of Romanian and Ukraine wheat in its latest tender, it announced Thursday.
The General Authority for Supply Commodities purchased two lots of 60,000-ton wheat cargoes from Romania and one of 55,000 tons from Ukraine.
Cattle Futures Firmer on Tighter Beef Stocks
CHICAGO--Cattle futures bounced on Friday after a week of selling that saw prices fall to multimonth lows.
The cattle market got a boost from a U.S. Department of Agriculture report released Thursday showing a drawdown in frozen beef stocks in commercial freezers in May. Beef stocks were at 412.9 million pounds, down 10% from April and 11% from the same time last year.
Cash cattle prices were a "disaster" this week, said Dennis Smith of Archer Financial Services in Chicago. Packers paid $1.19 a pound for live cattle on Thursday, according to the USDA, down from $1.23 earlier in the week. That compares with averages of around $1.36 a pound two weeks ago.
(END) Dow Jones Newswires
June 23, 2017 17:06 ET (21:06 GMT)