GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Wheat Futures Settle Higher After Swings

Wheat futures seesawed in a volatile session on Wednesday, closing upward after sliding as traders booked profits on a recent rally.

Drought conditions in the northern Plains have lifted futures for spring wheat, a higher-protein class of the grain that is grown in the region, above $8 a bushel for the first time in almost 4 years.

US Soybean Crush Rises in May -- Market Talk

15:15 ET - US processors crushed 157M bushels of soybeans for oil in May, the USDA said, up from 150 million in April but below 161M the same time last year. Stocks of crude oil at the end of the month were at 1.89B pounds, up from 1.84B pounds in April but the below 2.06B on hand in May 2016. (benjamin.parkin@wsj.com; @b_parkyn)

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STORIES OF INTEREST:

Spring Wheat Crop Quality Falls on Bad Weather -- Market Talk

16:24 ET - Tough growing conditions continue to harm this year's spring wheat crop, according to the USDA. The proportion of the crop rated good or excellent fell to 37% as of Sunday, the agency says, a steeper-than-expected decline. That's down from 40% last week and 72% the same time last year. Weather forecasters don't expect the northern Plains-drought conditions causing the decline to ease in the near term. Good-or-excellent soybeans fell to 64% from 66% last week, while corn inched higher to 68% from 67%. (benjamin.parkin@wsj.com; @b_parkyn)

Russian Wheat Offered Cheapest in Egyptian GASC Wheat Tender

LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, received at least 10 offers in its latest tender to buy wheat Wednesday, with Russian grain offered at the cheapest price, traders said.

The cheapest offer was for 55,000 metric tons of Russian wheat offered by AOS at $197.97 a metric ton, excluding shipping costs, traders said.

THE MARKETS:

Cattle Futures Fall to 2017 Low on Weak Auction Demand

Cattle futures fell to a low for the year on Wednesday after packers dropped bids at a closely watched online auction.

Feedyards in Nebraska and Kansas sold 429 cattle out of a total 2,093 in the morning Fed Cattle Exchange online auction. Prices ranged from $1.1725 to $1.1775 a pound depending on the delivery date, down from around $1.20 the week before.

(END) Dow Jones Newswires

July 05, 2017 17:48 ET (21:48 GMT)