GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

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Grain, Soybean Futures Rise Ahead of Crop Tour

Grain and soybean futures inched higher after a mixed week.

Soybean contracts led gains, with September futures climbing 0.8% to $9.37 1/2 a bushel at the Chicago Board of Trade. September wheat rose 0.5% to $4.16 a bushel while September corn rose 0.4% to $3.52 a bushel.

Deere Economist: $2 Corn Not Coming Back -- Market Talk

16:50 ET - Deere's (DE) chief economist sees "minimal" risk that corn prices will fall much below a range of $3.60-$4.25 a bushel established in the aftermath of the record prices seen five years ago. "New price floors have been established by the farm-cost structure," J.B. Penn tells analysts during a conference call. "We can't go back to $2 corn over the long term simply because costs [are] such that it's just not practical." Farmers wouldn't be able to afford seed, fertilizer or fuel or cover their costs for land, he says. DE closed down 5.3% at $117.31 after F3Q equipment sales came in slightly below expectations. (robert.tita@wsj.com)

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STORIES OF INTEREST:

Argentina Gets Final OK To Ship Lemons To US -- Market Talk

11:30 ET - The 16-year wait of over for Argentine lemon producers wanting to sell fruit in the US. After a visit to Buenos Aires by Vice President Mike Pence, Argentina says the US Department of Agriculture has given final approval to a request by President Mauricio Macri to open the market to local lemons. "We estimate annual exports to reach about 20,000 tons and total about $50M," Argentina's foreign ministry says. The issue has long been a thorn in the side of bilateral ties and Macri can tout the opening as a political victory. "Argentina and the US continue conversations to quickly open the market for sheep and cattle meat, as well as other fruit and citric products," the ministry says. (taos.turner@wsj.com; @taos)

THE MARKETS:

Livestock Futures End Week With Losses

Cattle futures fell for the third consecutive day as lower red meat prices pressured the market.

Most-active live cattle futures for October delivery fell 0.3% to $1.059 a pound on Friday at the Chicago Mercantile Exchange.

(END) Dow Jones Newswires

August 18, 2017 17:58 ET (21:58 GMT)