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Grain, Soybean Futures Selloff Continues
Grain and soybean futures extended losses as traders soured on the near-term price outlook for the crops.
Soybean futures initially rose overnight after the U.S. Department of Agriculture said the share of the U.S. oilseed crop in good-or-excellent condition fell to 57%, down an unexpected 4% from a week earlier.
DuPont Aims Gene Editing at Crop Diseases -- Market Talk
9:19 ET - DuPont (DD) aims to take an early lead as agricultural companies apply gene-editing technologies like CRISPR-Cas9 to crop seeds, and the company sees early promise in tackling plant disease. DuPont agriculture head Jim Collins tells analysts that the company's scientists are beginning to work on editing crop genes to resist maladies like northern leaf blight, which he estimates costs North American farmers about $1.6B annually. Wheat and rice, which have not seen much efforts in genetic engineering so far, have particular potential to apply gene editing, Collins says. (email@example.com; @jacobbunge)
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STORIES OF INTEREST:
Russian Wheat Offered Cheapest in Egyptian GASC Wheat Tender
ONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, received at least 14 offers in its latest tender to buy wheat--launched late Monday--with Russian grain offered at the cheapest price, traders said.
The cheapest offer was for 60,000 metric tons of Russian wheat offered by ADM at $202.35 a metric ton, excluding shipping costs, traders said.
DuPont Committed to Controversial Weedkiller -- Market Talk
9:02 ET - DuPont (DD) says it's committed to dicamba, a powerful herbicide that's caught blame among some farmers this year for crop damage as DuPont, Monsanto (MON) and other companies sell new soybean seeds engineered to survive dicamba. The biotech crop is designed for farmers who are having trouble killing weeds with other herbicides, and DuPont and its competitors sell new versions of dicamba meant to be paired with the seeds. DuPont has been working with farmers for several years on how to use that herbicide and "we believe it can be properly used and stewarded," says Jim Collins, head of DuPont's agriculture division. (firstname.lastname@example.org; @jacobbunge)
DuPont Says Dow Deal to Close By September -- Market Talk
8:38 ET - DuPont (DD) CEO Ed Breen tells analysts that all signs continue to point to the company's merger with Dow Chemical (DOW) closing in August, and that Tuesday's earnings call will likely be DuPont's last on a standalone basis. DuPont's no longer offering earnings guidance through the remainder of the year, since the merger with Dow and associated cost cuts, divestitures and integration would affect all that. Dow and DuPont intend to file historical financial performance of the merged company after the deal closes. (email@example.com; @jacobbunge)
Cattle Futures Turn Lower on Supply Concerns; Hogs Gain
Cattle futures reversed course, falling as traders fretted over increasing supplies.
Wholesale beef prices slid as of midday Tuesday, under pressure because of a seasonal tendency to eat less red meat in summer. A U.S. Department of Agriculture report Monday afternoon also put frozen beef stocks in June at 416.7 million pounds, up 1% from May but down 10% from a year earlier. That was larger than what some analysts expected.
(END) Dow Jones Newswires
July 25, 2017 17:24 ET (21:24 GMT)