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Wheat Closes Sharply Higher as Corn, Soybeans Edge Up
Wheat markets rose sharply higher Thursday, driven by stressed crops in Montana and the Dakotas that point to failing spring wheat crops.
Spring wheat futures for July closed up 5.1% at $7.41 a bushel, the highest close since May 15, 2014.
With Focus on Qualty, Conagra Revenue Falls -- Market Talk
8:32 ET - Conagra Brands (CAG) blames a fall in revenue and volumes in its fiscal 4Q on its focus on raising quality to better serve consumers. CAG has said that consumers are increasingly interested in healthier, more-convenient foods and think about value, including quality, and not just price when making buying decisions. CAG sees volumes and revenue in its refrigerated and frozen segment decline 5% as it optimizes pricing and trade promotions and discontinues lower-performing products. Across CAG, revenue falls 9.3% in the quarter and 3.6% on an adjusted basis primarily due to the volume declines. (firstname.lastname@example.org; @austenhufford)
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Blue Apron's Shares Flat in Trading Debut -- 3rd Update
Shares of Blue Apron Holdings Inc. stalled in their public debut Thursday, capping a rocky initial public offering for the meal-kit maker.
Shares rose as high as $11, according to FactSet, before closing at $10 -- their IPO price. In an unusual move Wednesday that reflected weak investor demand for the IPO, Blue Apron lowered the expected price range for its shares to $10 to $11 apiece, from the $15 to $17 range it sought earlier in a regulatory filing.
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McCormick Boosts Guidance On More Favorable FX -- Market Talk
7:06 ET - McCormick (MKC) no longer expects currency headwinds to blow back its its topline. As a result of improving foreign currency exchange rates the flavor company updates its FY17 outlook to y-o-y sales growth of 4% to 6% compared with the 3% to 5% growth it guided in 1Q. On a currency neutral basis, its outlook was unchanged. In all for 2Q MKC topped views reporting adjusted EPS of 82c on $1.12B in sales, ahead of the 87c on $1.1B analysts were looking for. Shares, inactive premarket, have gained 6% so far this year. (email@example.com; @moisenoise)
Constellation CEO: Treading Carefully in M&A Search -- Market Talk
11:50 ET - Constellation Brands (STZ) CEO Rob Sands says investors shouldn't expect the company to make a big acquisition any time soon, though analysts say the Corona brewer is well-positioned to do so. Constellation will continue looking for "tuck-in deals" in beer, wine and spirits. As for a big deal, "there's nothing for sale, and... there's very little that would be of any interest even if it was for sale." The company would "would tread pretty carefully," ruling out anything that would dilute its sales growth or margins. "So in the end, if we're talking about big things, you can count it on half a hand, there isn't that much big in the business." (firstname.lastname@example.org; @maloneyfiles)
Hogs End Higher as Prices Point to Strong Pork Demand; Cattle Steady
Lean hog futures rallied ahead of a government update on hog expansion to be released after today's close.
The report, released at 3 p.m. ET, will give traders an indication of the market setup to expect for fourth-quarter supplies.
CBOT lean hogs for July rose 1.8% to 89.475 a pound.
In the cattle market, traders said light cash trade for the June contract, which expires tomorrow, continued to be behind futures, with a small amount of live cattle exchanging hands at $1.18 to $1.195 a pound in the cash market.
(END) Dow Jones Newswires
June 29, 2017 18:32 ET (22:32 GMT)