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Grain, Soybean Futures Fall on Yield Concerns
Grain and soybean futures fell on broader losses in the commodity sector and early indications of another bumper harvest on the way. Early soybean harvest yields from states like Iowa were as high as 70 bushels an acre, said Karl Setzer, an analyst at MaxYield Cooperative, suggesting that the U.S. Department of Agriculture's most recent national forecast of 49.9 bushels an acre might not have been as ambitious as many initially thought.
Bayer Applies to Extend EC's Monsanto Deal Review to Early 2018
Bayer AG (BAYN.XE) on Tuesday said that it submitted an application on Monday to extend the European Commission review deadline for its planned acquisition of Monsanto (MON) and that it now expects the deal to close in early 2018. In late June, Bayer filed a submission to obtain antitrust approval for the deal from the European Commission. The European Commission initiated an in-depth investigation into the deal on Aug. 22. Bayer's application on Monday requested a ten-working-day extension of the review deadline to Jan. 22, 2018.
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Egypt's GASC Buys 175,000 Tons Russian Wheat
LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, bought 175,000 metric tons of Russian wheat in its latest tender, traders said Tuesday. The deal comprises two 60,000-ton cargoes and one 55,000-ton cargo and is the latest in a spate of Egyptian wheat purchases since mid-May.
Jordan Launches Second Barley Tender in as Many Days
LONDON--The Jordanian state grain agency launched another barley tender Tuesday, identical to the 100,000-ton request which drew no interest Monday, local traders said. That fresh barley tender joined a pre-existing Jordanian tender for 100,000 tons of wheat, launched Thursday.
Hog Futures Rise on Higher Pork Prices
Hog futures rose Tuesday after pork prices were higher for the first time in almost two weeks. Wholesale pork prices ended Monday up 33 cents to $78.09 per 100 pounds, halting eight consecutive trading days of decline. That encouraged traders to unwind negative bets on Chicago Mercantile Exchange lean hog futures, said Rich Nelson, chief strategist at brokerage Allendale Inc., particularly in the deferred December contract.
(END) Dow Jones Newswires
September 19, 2017 17:17 ET (21:17 GMT)