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Wheat Futures Sell Off; No Respite for Spring Wheat Crop
Wheat futures fell sharply Thursday, halting a recent rally even as the U.S. crop remains under threat.
Spring wheat futures gained around 40% in a month as drought conditions stressed the crop in states like the Dakotas, also helping pull other winter-wheat varieties higher.
Traders reversed course on Thursday, however, selling contracts to lock in gains. Most actively traded spring wheat futures for September delivery fell 6.2% to $7.69 a bushel at the Minneapolis Grain Exchange, while September winter wheat at the Chicago Board of Trade fell 3.8% to $5.39 a bushel.
Drought, Fall Armyworm May Cut Kenya 2017-2018 Corn Output by 25%: Agriculture Ministry
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NAIROBI, Kenya--Drought and a fall-armyworm invasion may cut Kenyan 2017-2018 season corn output by about 25%, prolonging a food crisis, the agriculture ministry said Thursday.
Agriculture cabinet secretary Willy Bett made the comments when receiving a donation of pesticides worth nearly $100,000 from Bayer East Africa, an agro-chemical company, to assist the government fight against the fall armyworm, which has ravaged maize and other cereal crops in the nation's high agricultural regions.
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Associated British Foods Jumps As Primark Lifts Outlook -- Market Talk
0912 GMT - Associated British Foods PLC is the top riser in the FTSE 100, up 4.3% at 3,048p after saying strong trading at fashion retailer Primark has marginally improved the full year outlook. Hargreaves Lansdown analyst Nicholas Hyett notes that North America has been a bright spot, with two new U.S. stores trading particularly well. Turning to the other part of ABF's business, revenue has also grown in the grocery, sugar and agriculture divisions.(firstname.lastname@example.org)
Oil Prices Rally on Report of Drop in U.S. Inventory
Oil prices rebounded slightly Thursday after data showing a drop in U.S. stockpiles reignited a two-week-long rally.
Light, sweet crude for August settled up 39 cents, or 0.9%, at $45.52 a barrel on the New York Mercantile Exchange. Brent gained 32 cents, or 0.7%, to $48.11 a barrel on ICE Futures Europe. Both are up nine sessions in the past 11.
Hog Futures Slide as Traders Test for Top
Hog futures tumbled off their perch on Thursday as traders locked in profits on a recent rally.
Lean hog contracts at the Chicago Mercantile Exchange climbed around 45% from late April to early July, marking a 2 1/2-year high, on the back of everything from a supply pinch to strong demand for pork bellies.
But analysts said wavering wholesale pork prices this week prompted some traders to roll out of their optimistic bets, in case futures peak.
(END) Dow Jones Newswires
July 06, 2017 17:45 ET (21:45 GMT)