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Grain, Soybean Futures Drift as Traders Await Report
Grain and soybean futures were mixed in a quiet session ahead of a government supply-and-demand report.
Traders were mostly positioning for updated forecasts on this year's harvest from the U.S. Department of Agriculture, due Thursday at 12 p.m. EDT.
Soybean futures for September closed down 0.1% at $9.66 a bushel at the Chicago Board of Trade on Wednesday. CBOT September corn contracts rose 0.7% to $3.72 1/4 a bushel while September wheat climbed 0.6% to $4.59 1/2 a bushel.
DuPont Strikes Digital Farming Deal -- Market Talk
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16:51 ET - DuPont (DD) has mainly focused on developing its own suite of data-driven farm services while agricultural rival Monsanto (MON) spent more than $1B on acquisitions in recent years to build up its own digital farming unit. But DD strikes its own deal to expand, agreeing to purchase Granular, a San Francisco-based farm management software developer that helps crop producers manage their fleets of machinery and tabulate projected profits and expenses. The deal brings along Sid Gorham, Granular's CEO, who will head up DuPont's existing agricultural software offerings. (email@example.com; @jacobbunge)
US Foods Beats 2Q Sales Expectations -- Market Talk
1114 GMT - US Foods Holding Corp. (USFD) did more business in its 2Q than analysts expected, thanks in part to growing sales to independent restaurants. USFD, one of the country's largest food distributors, has also focused on bolstering its footprint by making five acquisitions so far this year. Last month it announced plans to buy TOBA Inc, which comes with three food distribution companies that serve retail stores in the Midwest. The company, which first went public last year, raises its 2017 outlook and now guides net sales growth of 3% to 5%. USFD shares are up 4.11% this year, compared to the S&P 500's 11% rise. (firstname.lastname@example.org; @CaraRLombardo)
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Jordan's State Grain Agency Buys 50,000 Tons of Wheat
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.
The grain will be shipped in one 50,000-ton cargo, delivered in the first half of December. The shipment cost $221.50 a ton including shipping fees and was bought from Ameropa, a trader added.
Cattle Futures Fall to 2017 Low
Cattle futures tumbled to the lowest close this year, falling through technical boundaries to extend a week of heavy losses.
Contracts for live cattle gave way after dropping past the bottom end of a recent trading range of around $1.12 a pound. In the subsequent selloff, they dropped to a fresh low for the year while some feeder cattle futures fell to their lower daily limit.
(END) Dow Jones Newswires
August 09, 2017 17:40 ET (21:40 GMT)