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Corn Futures Tumble; Soybeans Mixed on Exports, Biodiesel
Corn futures sunk to fresh lows on better-than-expected field reports from Midwestern crop scouts.
Scouts in the Farm Journal Midwestern crop tour forecast a corn yield of 171.23 bushels per acre for Indiana and 165.42 in Nebraska on Tuesday, both above the three-year average for those states.
Soybean Futures Rise After Biodiesel Ruling -- Market Talk
09:11 - Soybean futures rise overnight after the Commerce Department slapped preliminary duties on Argentine and Indonesian biodiesel imports, ruling that those countries subsidize their industries. CBOT September soybean futures rise 0.8% to $9.41 1/2 a bushel. Soybean oil prices are also higher. Analysts say the Nebraska and Indiana results of the Farm Journal crop tour were mixed, with higher corn yield but lower-than-expected soybean pod count. CBOT September corn futures rise 0.7% to $3.48 1/2 while wheat climbs 0.7% to $4.05. (firstname.lastname@example.org; @b_parkyn)
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Jordanian State Grain Buyer Purchases 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 Tuesday, according to traders on Wednesday.
The grain will be shipped in one 50,000-ton cargo, delivered in the second half of January. The shipment cost $212.50 a ton excluding shipping fees and was bought from Ameropa, a local trader added.
Wheat Back in Range After Mid-Year Leap -- Market Talk
1118 GMT - Wheat prices have steadied after their weather-related tantrum in June and July. The crop's price shot up by 30%, reaching a two-year high of $5.39 a bushel in early July, in the wake of hot, dry weather in key U.S. growing regions, which led traders to fear crop damage. Now, though, prices are back in the $4-$4.60 region in which they spent most of the previous few months, Commerzbank says in a note. This despite International Grains Council and United States Department of Agriculture forecasts which flagged a sharp drop in U.S. wheat production estimates. Wheat is up 0.17% at $4.30 a bushel.(email@example.com; @davidhodari)
Health Care Costs Keep Older Farmers Working -- Market Talk
13:04 ET - Low crop prices and incomes are hastening older farmers' exit from the business, though the high cost of health care means many can't afford to retire altogether. Mark Bernard, a Minnesota agronomist, says a multiyear farm slump that's meant mounting losses is pushing older growers in his state give up farming their own land, though many must find other work in order to cover the cost of health insurance. "It's that 55 to 64 age bracket that really gets clobbered," Bernard says, adding that retired farmers are finding work driving trucks or helping other growers plant or harvest their crops until Medicare kicks in. (firstname.lastname@example.org; @jessenewman13)
Cattle Futures Fall on Larger Beef Stocks
Cattle futures fell after a government report showed rising stocks of beef.
Most-active October live cattle contracts fell 1.4% to $1.06175 a pound at the Chicago Mercantile Exchange on Wednesday, while feeder cattle futures were also lower.
(END) Dow Jones Newswires
August 23, 2017 17:26 ET (21:26 GMT)