GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Corn, Soybean Futures Climb After Week of Losses

Corn and soybean futures bounced ahead of the weekend after falling sharply in recent days.

Some improved weather this week prompted traders to race out of bets that hot and dry conditions would limit corn and soybean yields this season. But forecasts showed difficult growing conditions lingering in some places through the weekend.

U.S. Soybean Crush Likely Fell in June, Analysts Say

Analysts expect a trade association to show a lower U.S. soybean crush rate in June than the previous month.

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The average estimate for soybean processing as reported by the National Oilseed Processors Association is 143 million bushels, according to a survey by The Wall Street Journal. That would be lower than the 149.2 million bushels reported in May. Estimates range from 141.9 million bushels to 144 million bushels.

Charges Wilt Farm Co-Op Profits -- Market Talk

16:17 ET - CHS Inc., the biggest US farm cooperative, reports its second quarterly loss in about 14 years, weighed down by hundreds of millions of dollars in charges. The Minnesota-based co-op attributed nearly $300M in charges to the bankruptcy of a Brazilian firm that was a trading partner, as well as the cost of cancelling an energy-related project and loan losses attributed to a large farmer borrower from CHS. The company, which replaced its CEO in May, reported a $43M loss for the quarter ended May 31, despite revenue growing 10%. A $31M loss in April 2016 was CHS's first in nearly 13 years. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST:

Argentine Forecast Cut Gives Wheat Minor Rally -- Market Talk

1023 GMT - Wheat prices are up this morning, with the Chicago price 1% higher at $5.17 a bushel. Prices have fallen in recent days, with the concerns over the hot, dry U.S. weather which had seen prices leap now ebbing away. However, this morning's uptick comes in the wake of the Buenos Aires Grain Exchange's announcement that it has cut its estimate of Argentine wheat area by 100,000 hectares to 5.4 million hectares, as a result of disruption to planting by heavy rains, ING says in a morning note.(david.hodari@wsj.com)

Record Food Price Deflation Persists -- Market Talk

11:04 ET - A record slump in food prices at grocery stories enters its 19th month, the longest stretch since the 1950s, federal data shows. Year-over-year deflation in core food prices in June was in the red at -.1%. The price slump has pummeled the grocery sector, eroding profits for major companies like Kroger (KR). (heather.haddon@wsj.com; @heatherhaddon)

ASX Wheat Futures Likely Under Pressure After US Wheat Prices Plunge -- Market Talk

0403 GMT - ASX eastern wheat futures are expected to come under pressure after U.S. wheat futures plunged overnight as concerns about dry weather in parts of the U.S. eased. Tobin Gorey at Commonwealth Bank of Australia says it is unlikely that the decline in Australia would be as significant as that in the U.S. The ASX eastern wheat futures is trading down A$1 a ton at A$309/ton.(lucy.craymer@wsj.com;Twitter: @lucy_craymer)

THE MARKETS:

Hogs Tumble on Seasonal Pressure

Hog futures fell sharply as traders bet a recent run-up had come to an end.

Hog contracts trended upward through much of this year, hitting multiyear highs in early July on the back of strong demand for pork meats like bacon. But a drop in pork prices on Thursday had futures traders rolling out of optimistic positions on Friday.

(END) Dow Jones Newswires

July 14, 2017 17:07 ET (21:07 GMT)