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Soybean Futures Climb on Export Strength
Soybean futures rose on higher-than-expected export sales and renewed concerns about a rain shortage.
The U.S. Department of Agriculture said that the U.S. sold 1.35 million metric tons of soybeans for the 2016-17 and 2017-18 crop years. That was above the high end of pre-report estimates. The USDA also reported on Thursday morning optional origin sales of 165,000 tons of soybeans to China for 2017-18, meaning the oilseed could come from a source other than the U.S.
Egyptian State Grain Buyer Purchases 355,000 Tons of Wheat
LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, bought 355,000 metric tons of wheat in its latest state tender, traders said late Wednesday.
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The deal, comprising six cargoes of grain, is the latest in a spate of Egyptian wheat purchases since mid-May. The purchase includes five shipments of Russian grain and one shipment from Ukraine. Egypt is the world's largest importer of wheat.
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USDA Says 165,000 Tons of Optional Origin Soybeans Sold to China
WASHINGTON--Private exporters reported to the U.S. Department of Agriculture export sales of 165,000 metric tons of optional origin soybeans for delivery to China during the 2017-18 marketing year, the USDA said Thursday.
An optional origin contract provides that the origin of the commodity may be the U.S. or one of more other exporting countries.
The 2017-18 marketing year for soybeans began Sept. 1.
World Had 2nd Warmest July on Record -- Market Talk
11:43 ET - In news of note for power grid managers, water resource planners and agricultural producers, federal climate analysts today report that this past July is the second warmest worldwide in their 138 years of global record-keeping. In a regular assessment of world climate trends, they say that the globally averaged temperature over land and ocean surfaces for the month was 1.49[deg]F above the 20th century average of 60.4[deg]F, just behind 2016 by 0.09[deg]F. It marks the 41st consecutive July and the 391st consecutive month with temperatures at least nominally above the 20th century average. (email@example.com; @leHotz)
Cattle Futures Drop to 2017 Low
Cattle futures fell to the lowest close this year as cash-market prices tumbled amid a boost in slaughter-ready cattle supplies.
Meatpackers bought cattle for $1.10 a pound live in Kansas and the western Corn Belt, along with dressed sales between $1.75 and $1.77 a pound. Prices fell sharply from last week, when sales averaged at $1.15 a pound live and $1.84 a pound dressed.
(END) Dow Jones Newswires
August 17, 2017 17:17 ET (21:17 GMT)