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Corn, Soybean Futures Under Pressure From Crop Ratings
Corn and soybean futures slid as government data showed better-than-average crop ratings.
The U.S. Department of Agriculture said the share of the corn crop in good-or-excellent condition as of Sunday was steady from a week earlier at 62%, while good-or-excellent soybeans rose to 61% from 60% a week earlier.
ADM Says Grain Facilities Weathered Harvey -- Market Talk
10:02 ET - Archer Daniels Midland (ADM) says the grain conglomerate's Galveston and Corpus Christi facilities remain operational after Hurricane Harvey swept ashore near Galveston and released dozens of inches of rain on the area. ADM's elevators are key to its business of loading grain onto ocean-going vessels for shipment to foreign-based buyers, and for now a spokeswoman says ADM's waiting on railroad and ocean transport to reopen as rain continues to swamp South Texas. The company's employees and their families are safe, she says. Farmers and agribusinesses will have to push to get transport and export operations back online in time for what's anticipated to be another big North American crop, during the seasonal window for US exports before the next South American harvests hit the market next year. (firstname.lastname@example.org; @jacobbunge)
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Monsanto Ramps up Controversial Herbicide -- Market Talk
10:45 ET - As crop scientists and farmers assess charges of crop damage arising from use of the herbicide dicamba--on the rise due to new soybeans genetically engineered to survive the chemical--Monsanto (MON) says it's preparing for much broader sales of the seeds and related crop spray next year. MON, which makes both the biotech soybeans and a version of dicamba, says it expects up to half of all US soybean fields will be planted with the soybean seeds next year, doubling this year's total of about 20M acres. That's likely to trouble agronomists who worry about dicamba's potential to drift onto neighboring fields and harm non-engineered crops--even newer versions of dicamba, like Monsanto's, formulated to be less drift-prone. Monsanto says better training for farmers can resolve those concerns. (email@example.com; @jacobbunge)
South Africa Hikes Record 2017 Corn Crop Forecast -- Market Talk
1420 GMT - South Africa hikes it's forecast for a 2017 record corn crop as improved rains boost yields, enabling farmers in Africa's top producer of the grain to recover from a historic drought, says the state-run Corp Estimates Committee. Output will likely rise 3% to 16.4 million tons from last month's forecast, which is more than double the 7.8 million tons produced last year. The country forecasts a harvest of 9.65 million tons of white corn variety, used to make a regional staple food and 6.76 million tons of yellow corn, used mainly in animal feeds. South Africa imported corn for the first time in 8 years last year but is now poised to resume exports, after above average rains enhanced corn fields. (Nicholas.Bariyo@wsj.com ; @Nicholasbariyo)
Cattle Futures Fall, Give Back Gains
Cattle futures turned lower on Tuesday, erasing an early-week rally as traders refocused on large supplies.
A U.S. Department of Agriculture report on Friday showed a slowdown in the rate of cattle placed in feedlots for fattening in July, suggesting that current large supplies of slaughter-ready cattle will ease later this year.
(END) Dow Jones Newswires
August 29, 2017 17:10 ET (21:10 GMT)