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Grain Futures Touch Fresh Lows
Grain futures tumbled to multimonth lows, quickly retreating from overnight gains on the back of continuing supply pressure.
Corn prices at the Chicago Board of Trade fell to the lowest close this year on Wednesday, with the September contract falling 0.8% to $3.52 1/2 a bushel.
SpartanNash Sees Easing of Food-Price Deflation -- Market Talk
16:51 ET - SpartanNash's (SPTN) top and bottom lines benefit from an easing of food-price deflation but the grocery-store operator and distributor falls short on revenue expectations in its 2Q. SPTN's food-distribution business is helping buoy the retail business, which the company has being working to restructure. CEO David Staples says retail continues to face "challenging market conditions," as its corporate-owned store count drops to 151 from 160 a year ago. SPTN also names former United Natural Foods (UNFI) CFO Mark Shamber finance chief, effective Sept. 17. Shares in SPTN fall 0.8% after hours. (firstname.lastname@example.org; @BowKnowsBiz)
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Bayer Joins Fight Against Citrus Greening Disease
Florida's battered citrus industry is gaining a new partner in its decadelong fight against a disease ravaging the state's groves: the German pharmaceutical and chemical giant Bayer AG.
The company plans to announce on Wednesday a three-year research agreement with the Citrus Research and Development Foundation, a nonprofit created by the Florida citrus industry. The partnership aims to develop new ways to combat citrus greening, an incurable bacterial disease that depletes trees and can cause fruit to drop to the ground prematurely.
Cameroon to Triple Soybean Output, as New Estates Go Effective -- Official
YAOUNDE, Cameroon--Cameroon expects to more than triple its soybean harvest this year in an effort to cut imports of the crop, a top official in the Ministry of Economy said Wednesday.
"We expect to produce 35,000 metric tons of soybeans in 2017 from a new 200-hectare plantation," Cameroon's deputy minister of the economy, Yaouba Abdoulaye, told reporters.
Russian Wheat Offered Cheapest in Egyptian Grain Tender
LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, received at least 22 offers in its latest tender to buy wheat--launched late Tuesday--with Russian grain offered at the cheapest price, traders said.
The cheapest offer was for 55,000 metric tons of Russian wheat offered by Friends at $192.29 a metric ton, excluding shipping costs, traders said.
Tumbling Belly Prices Pressure Hog Futures
Hog futures fell sharply after a steep drop in pork-belly prices.
A pound of pork bellies, used to make bacon, fell 15.54 cents, to $1.8059 a pound, as of midday Wednesday. A run-up in belly prices to highs in recent months buttressed the hog market, helping limit losses despite growing supplies of pork. Slaughter numbers and pork production rose to multimonth highs last week.
Cattle futures also fell, under pressure from weaker cash prices. Feedlots didn't sell any cattle at the online Fed Cattle Exchange auction on Wednesday morning, turning down bids from meatpackers. Sales so far this week have mostly been at $1.10 a pound live, down from around $1.15 a pound last week.
(END) Dow Jones Newswires
August 16, 2017 17:42 ET (21:42 GMT)