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Grain, Soybean Futures Turn Higher
Grain and soybean futures rose, reversing course after early losses.
A higher dollar, which makes U.S. agricultural exports more expensive, initially pressured those markets. The WSJ Dollar Index, which tracks the greenback against a basket of currencies, rose 0.45% to 86.50.
November soybean futures rose 0.2% to $9.65 1/2 a bushel at the Chicago Board of Trade. December corn futures rose 0.5% to $3.54 a bushel while December wheat climbed 1.7% to $4.61 1/2 a bushel.
Cargill Sweet on Food, While Industrials Shrink -- Market Talk
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9:41 ET - The divergent fortunes of Cargill's chocolate-making unit and its financial and industrial services division reflect much of what's changed at the largest U.S. private company in recent years. The chocolate business, which Cargill expanded three years ago via a $440M asset purchase from rival ADM, led improved earnings across Cargill's food ingredients business, the company says in its fiscal 1Q report. Industrial and financial services posted a slight decline, but it's a shrinking part of Cargill's portfolio: Since June, Cargill has sold its petroleum business and struck deals to sell North American power and gas operations as well as a US metals business. That's part of a yearslong portfolio shift that aims to reinvest in businesses closer to Cargill's core food and agriculture operations. (email@example.com; @jacobbunge)
STORIES OF INTEREST:
Brazil Dry Weather Delaying Soybean Planting -- Market Talk
10:39 ET - Dry weather in important Brazilian soybean-producing states including Mato Grosso, Parana and others is delaying planting for the 2017-2018 crop, according to Ana Luiza Lodi, an analyst at INTL FCStone in Campinas. Rains are expected to arrive in many areas this weekend or next week, and farmers can still make up for lost time, she says. Longer delays in planting soybeans would risk pushing back the start of planting of the corn crop that many farmers alternate with soybeans, which could hurt the development of the corn, Lodi said. (firstname.lastname@example.org)
Tyson Water Case Shows Environmental Hurdles -- Market Talk
12:38 ET - Tyson Foods' guilty plea and $2M criminal penalty following Clean Water Act violations associated with the meat giant's Monett, Mo. plant reflect some of the challenges Tyson faces as it tries to expand. Residents of Tonganoxie, Kan. this month loudly protested Tyson's proposal to build a new poultry plant there, and some of them cited environmental missteps like the one in Monett three years ago as a reason not to trust the company. Tyson, which is evaluating other sites following pushback in Tonganoxie, in a statement calls the Monett incident an "unfortunate mistake" and says it's strengthened its environmental practices since then. (email@example.com; @jacobbunge)
Cattle Futures Rise on Higher Beef Prices
Cattle futures rebounded on Wednesday as wholesale beef prices rose to a six-week high.
Wholesale beef rose $2.82 to $196.78 per 100 pounds on Tuesday, the U.S. Department of Agriculture said, the highest point since mid-August. Beef prices were lower at midday Wednesday, however.
(END) Dow Jones Newswires
September 27, 2017 17:36 ET (21:36 GMT)