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Kenya Government Waives $14.71 Million Owed by Cereal, Livestock Farmers
NAIROBI--The government of Kenya has waived $14.71 million owed to a state-owned agricultural credit institution by distressed wheat, sorghum and livestock farmers, President Uhuru Kenyatta's office said in a statement Monday.
The waiver by Agricultural Finance Corporation, or AFC, is part of a broader agenda to ease financial pressure on farmers across the country to promote renewed investment in the key sector of the Kenyan economy.
Plant Gene-Editing Startup Files for IPO -- Market Talk
16:02 ET - Calyxt, a gene-editing startup focused on developing crop seeds, aims to test investors' appetite for high-tech agriculture amid a slumping farm economy. Parent company Cellectis SA files plans with the SEC to float a minority share on the Nasdaq Stock Market under the symbol "CLXT." The IPO looks to raise $100M that will fund additional research and help launch Calyxt crops already in the pipeline, such as a soybean that yields healthier vegetable oil, and a higher-fiber wheat variety. Calyxt uses new technologies that let plant scientists alter crops' DNA without adding in outside genes, making the process different from the genetically engineered crops commonplace on US corn, soybean and cotton fields. (email@example.com; @jacobbunge)
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STORIES OF INTEREST
Shake Shack Looks to Digital for Growth
Shake Shack Inc. is expanding a mobile-ordering app that's helping to get more burgers, fries and shakes out the door, as the New York chain looks to digital technology for growth, the company said.
Since it was launched in March for iOS devices only, the so-called "Shack App" has increased both foot traffic and average order sizes, essentially by letting diners "cut the line," Phil Crawford, the company's vice president of information technology, told CIO Journal.
Corn Futures Jump to Year High on Crop Growing Pains
Corn futures popped to a year high on Monday as traders rushed to secure supply ahead of looming weather troubles.
Forecasters see some of the hot and dry conditions that have plagued the northern Plains spring wheat crop shifting into the Midwest, where they risk harming many of this year's corn and soybean fields.
Consumers Cool on Beef Amid Hot Weather
Cattle futures slid on Monday as hot weather limited appetite for beef and stressed herds.
Live cattle futures for August delivery fell 0.8% to $1.13825 a pound at the Chicago Mercantile Exchange, while beef prices were also lower on Monday.
Prices across the cattle market have fallen recently on the back of a seasonal tendency to eat less beef in the summer heat, particularly after a bump in grilling demand for July 4.
Zumbrota, Minn Hog Steady At $57.00 - Jul 10
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are
steady at $57.00 per hundredweight.
Sow prices are higher. Sows weighing under 450 pounds are $57.00,
400-450 pounds are at $57.00, 450-500 pounds are $57.00 and
those over 500 pounds are $59.00-$61.00.
The day's total run is estimated at 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Jul 10
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 10 +$30.72 +$ 94.94
Jul 7 +$31.91 +$ 95.17
Jul 6 +$27.86 +$ 92.64
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of
production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 103.6
(Percent of Year-Ago) Select 102.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday fell $1.30 per hundred pounds, to $217.54, according to the USDA. Select-grade prices rose 16 cents per hundred pounds, to $202.67. The total load count was 134. Wholesale pork prices fell 11 cents, to $104.56 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 10, 2017 17:27 ET (21:27 GMT)