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Soybean Futures Turn Lower; Grain Prices Fall
Soybean futures gave back early gains to close lower as weak grain prices added to pressure.
Oilseed prices initially rose on the back of global export demand. The U.S. Department of Agriculture said Monday morning that private exporters reported sales of 261,000 metric tons of soybeans to China for 2017-18, alongside a further 126,000 tons to what the agency categorized as unknown destinations.
Watchdog Criticizes USDA Over Organic Imports -- Market Talk
13:44 ET - The USDA hasn't been able to ensure that imported crops and produce labeled as organic really meet US organic standards, according to an audit by the US Office of Inspector General. The USDA needs to review documents certifying US organic standards are followed, the OIG says, and right now, "the lack of controls at US ports of entry increases the risk that non-organic products may be imported as organic into the United States." That could leave consumers unfairly paying a premium for nonorganic foods, while making it harder for rules-following US organic producers to compete, the OIG says. The USDA says it's crafting a rule that will require import certificates for all organic imports, but the OIG audit says USDA needs help from other agencies to check and enforce these. (firstname.lastname@example.org; @jacobbunge)
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Ingredion Names James Zallie Next CEO
Ingredion Inc. said Monday that industry veteran James Zallie will become chief executive officer effective Jan. 1, replacing the retiring Ilene Gordon.
Ingredion, a major supplier of sweeteners and starches for the food industry, said Ms. Gordon will retain her position of chairman until she retires in July 2018. Ms. Gordon, who became chief executive in 2009, oversaw a series of acquisitions and sought to reinvent a little-known company into a full-scale ingredients maker for more modern tastes.
Hog Futures Fall on Supply Concern; Cattle Mixed
Hog futures started the week lower as large supplies strained the market.
October lean hog contracts at the Chicago Mercantile Exchange fell 1.6% to 60 cents a pound on Monday. Analysts said 60 cents was important technical support.
(END) Dow Jones Newswires
September 18, 2017 17:25 ET (21:25 GMT)