GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Crop Scouts Foretell Another Bumper U.S. Harvest -- Update

Crop scouts who fanned out across the Farm Belt this week reported another big corn and soybean harvest in the making, deepening concern over falling prices and incomes in the troubled farm economy.

U.S. farmers will harvest nearly 14 billion bushels of corn this year at an average yield of 167 bushels per acre, organizers of the Farm Journal Midwest crop tour forecast on Friday, compared with the U.S. Department of Agriculture's forecast for a slightly larger harvest and yield.

STORIES OF INTEREST:

Algerian Wheat Body Buys 590,000 Tons of Wheat

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LONDON--The Algerian state grain agency, OAIC, bought as much as 590,000 metric tons of milling wheat as part of a tender that closed Thursday, according to traders, Friday.

The grain, some of which likely will be sourced from France, was bought at $200 to $201 a ton excluding shipping fees, traders said. Shipment had been sought for November.

THE MARKETS:

Cattle Placement Rate Slows in July

The supply of cattle into U.S. feedlots slowed in July from the previous month, according to federal data.

Some 1.6 million head of cattle were placed into feedlots in July, up 3% from a year earlier, according to the U.S.

Cattle futures have slid around 20% since an early June peak, with most-active October futures at the Chicago Mercantile Exchange closing at $1.06925 a pound on Friday before the report. Cash-market rates have also trended lower.

Hog prices, meanwhile, fell on Friday. CME October lean hog futures fell 1.1% to 63.075 cents a pound, pressured by lower cash and pork prices.

(END) Dow Jones Newswires

August 25, 2017 17:31 ET (21:31 GMT)