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Grain, Soybean Futures Slide on Harvest Pressure
Grain and soybean futures fell on pressure from the ongoing U.S. harvest.
Farmers across the Midwest are starting to collect their corn and soybean crops. While still in early stages, analysts say many farmers are reporting better-than-expected yields.
That weighed down futures on Thursday, despite signs of strong demand for those crops. The U.S. Department of Agriculture said that private exporters reported sales of 233,800 metric tons of corn and 132,000 tons of soybeans to what it called unknown destinations for 2017-18.
November soybean futures fell 0.6% to $9.59 1/2 a bushel at the Chicago Board of Trade. CBOT December corn futures fell 0.4% to $3.52 1/2 a bushel, while December wheat contracts dropped 1.4% to $4.55 a bushel.
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Kellogg CEO John Bryant to Step Down
Kellogg Co. chose an outsider as its new chief executive, becoming the fifth major food and beverage company to name a new leader in a tumultuous year for the industry.
Steven Cahillane, the 52-year-old CEO of health-and-wellness company Nature's Bounty Co. and a former Coca-Cola Co. executive, will succeed Kellogg CEO John Bryant next week.
STORIES OF INTEREST:
Nature's Bounty Loses CEO, Gets a New Majority Owner -- Market Talk
09:58 ET - Nature's Bounty CEO Steven Cahillane is leaving to become Kellogg's CEO as the supplement maker he led since 2014 changes hands. Private-equity firm KKR says it has closed a deal to buy a majority stake in Nature's Bounty from the Carlyle Group and taps Paul Sturman as Cahillane's replacement. Sturman has had leadership positions at Pfizer, Johnson & Johnson and Warner Lambert. Carlyle will retain a stake in Nature's Bounty, which it took private when it purchased it in 2010 for $3.8B. (firstname.lastname@example.org; @CaraRLombardo)
Agriculture Could be Contentious in German Coalition Talks -- Market Talk
0857 GMT - Agriculture will prove to be one of the more contentious issues in negotiations among the Christian Democratic Union (CDU), the Free Democratic Party (FDP) and the Greens, the three parties that are widely expected to form Germany's next coalition, says BMI Research. While the Greens will have the upper hand as agriculture is a greater priority in their manifesto compared to the two other parties, their more radical proposals are likely to be defeated as the party had a low share of votes in rural areas, BMI says. BMI points to data by Forschungsgruppe Wahlen which show Chancellor Angela Merkel received a solid endorsement of her agricultural policy platform from farmers, 61% of whom voted for Merkel's CDU. (email@example.com ; @EmeseBartha)
U.S. Hog Herd Rises to Quarterly Record
The national hog herd rose to a quarterly record in September, suggesting heavy supplies for the remainder of the year even as inventories ease in early 2018.
October lean hog futures at the Chicago Mercantile Exchange rose 0.3%, to 55.55 cents a pound, before the report on Thursday, while the most-active December contract tumbled 2.3%, to 58.275 cents a pound.
(END) Dow Jones Newswires
September 28, 2017 18:06 ET (22:06 GMT)