GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

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Grain, Soybeans Skyrocket Ahead of July 4

Wheat futures hit new highs on Monday, yanking other grain and soybean contracts higher as traders jostled for position ahead of the July 4 break.

Futures for spring wheat, a higher-protein grain that has been hit by drought-like conditions in the northern Plains, popped above $8 a bushel at the Minneapolis Grain Exchange for the first time in over three years. Other wheat classes traded at the Chicago Board of Trade also climbed to multiyear highs.

India Rice Exports to Benefit From Weather Needs -- Market Talk

0758 GMT - Floods in Bangladesh and drought in Sri Lanka should result in higher rice exports from nearby India. "Better demand from neighbors have helped improve the sentiment, resulting in a firming trend in export prices," notes BV Krishna Rao at Pattabhi Agro, an Indian rice exporter. Amid falling stockpiles in fellow big producer Thailand, India looks well-positioned to meet countries' rice-import needs. India is the top exporter, and Rao notes shipments, particularly aromatic and long-grain basmati, "have already made a good start." (vibhuti.agarwal@wsj.com)

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STORIES OF INTEREST:

Oil Prices Move Higher on Signs of Moderating U.S. Output--Update

Oil prices surged to a one-month high Monday as new data caused investors to question whether U.S. oil production is as resilient as many anticipated.

Oil prices have now climbed for eight consecutive sessions -- the longest rally for West Texas Intermediate, the U.S. benchmark, since a 10-session streak that ended Jan. 6, 2010. Brent hasn't experienced such a winning streak since 2012.

Brazil Posts $7.2 Billion June Trade Surplus

SAO PAULO--Brazil posted a trade surplus of $7.2 billion in June, down from $7.7 billion in May, the country's trade ministry said Monday.

Brazil exported $19.79 billion worth of goods and services last month, and imports totaled $12.59 billion. For the year through June, Brazil is running a trade surplus of $36.22 billion, according to the ministry.

THE MARKETS:

Cattle Futures Recover Losses Ahead of Holiday Break

Cattle futures touched a multimonth low before closing unchanged in a quiet session on Monday, as a continued slide in beef prices pressured prices.

Live cattle futures for August delivery closed steady at $1.163 a pound after dropping to $1.15325 earlier in the session, the lowest point since early March.

(END) Dow Jones Newswires

July 03, 2017 17:01 ET (21:01 GMT)