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Soybean Futures Hit One-Month Low on Rainfall
Soybean futures fell to the lowest point in over a month on Thursday, leading a day of selling across grain and oilseed markets.
Rain in the Midwest overnight added moisture to the soybean crop and pressured prices. Better growing weather for the oilseed in August, with plenty of rain and cool temperatures forecast, prompted a selloff this week.
CF Looks to Export Markets Amid Fertilizer Slump -- Market Talk
11:00 ET - Fertilizer-maker CF Industries (CF) is casting a wide net to survive a multiyear slump, storing its products and tapping new export markets as nitrogen prices suffer. Bert Frost, a senior vice president at CF, says the company sent its products to twice as many countries in 2Q as it did a year earlier. "There are a lot of things we're doing just to weather the storm," he says. One thorn in CF's side is the high cost to ship fertilizer by rail. CF says high rail rates in the Midwest from Union Pacific (UNP) and Burlington Northern Santa Fe have curbed the company's shipping options, driving the company to look to more trucks to deliver fertilizer to farmers. (firstname.lastname@example.org; @jessenewman13)
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Monsanto Employee Emails Show Efforts to Marshal Scientists
An escalating legal battle between Monsanto Co. and a plaintiffs' law firm offers an unusual look inside how the world's largest seed company defended a controversial herbicide.
As part of a nearly two-year court dispute, the law firm this week released hundreds of pages of Monsanto employee emails and company documents concerning glyphosate, a herbicide that has drawn new scrutiny over its alleged potential to cause cancer.
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Jordan State Grain Agency Buys 50,000 Tons Wheat in Tender
LONDON--The Jordanian state grain agency bought 50,000 tons of milling wheat as part of a 100,000-ton tender that closed on Wednesday, according to traders on Thursday.
The grain will be shipped in one 50,000-ton cargo, delivered in the second half of December. The shipment cost $226.60 a ton excluding shipping fees and was bought from CHS, a local trader added.
World Food Prices Up 2.3% in July Due to Rising Grain, Dairy, Sugar Prices
World food prices rose in July due to more expensive sugar, cereals, and dairy, the United Nations' Food and Agriculture Organization said Thursday.
The FAO's food price index increased by 2.3% last month from June, up 10.2% on its July 2016 level.
Fertilizer Glut Hurts CF Profits Despite Big Sales Volumes -- Market Talk
10:54 ET - A global oversupply of nitrogen fertilizer keeps vexing CF Industries (CF), which saw profits tumble 94% in 2Q vs. year ago levels despite record production and sales volumes. Fertilizer makers around the world have been increasing nitrogen production, pressuring prices, while adverse weather in the U.S. this spring also prompted farmers to delay buying nutrients to spread over fields. CF says large amounts of imported fertilizer also hurt US prices, adding that nitrogen prices likely will remain under pressure into 2018 as the world absorbs additional capacity that's come online in recent years. Norwegian fertilizer-maker Yara in July also posted softer 2Q results, citing a nitrogen glut. CF up 5% to $30.14. (email@example.com; @jessenewman13)
Cattle Futures Rise on Cash Strength
Cattle futures rose after cash-market prices turned higher this week.
Meatpackers bought cattle for $1.18 a pound live late on Wednesday, up from sales of $1.16 a pound earlier in the day and an average of $1.17 a pound last week.
(END) Dow Jones Newswires
August 03, 2017 17:48 ET (21:48 GMT)