GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Wheat Futures Climb on Bargain Hunting

Wheat futures rose Tuesday, rebounding after several days of losses.

Prices for the grain fell after the U.S. Department of Agriculture said on Friday that U.S. farmers produced more of the grain than expected, with the spring wheat harvest in particular beating pre-report estimates.

Analysts Weigh Costs, Benefits of New Monsanto Seeds -- Market Talk

9:48 ET - Analysts are trying to determine whether Monsanto will come out in the black on its big roll-out this year of new genetically engineered soybeans, resistant to the herbicide dicamba. Bernstein analysts highlight in a research note Monsanto's highly successful launch -- farmers used the soybeans and spray on about 20M acres this year -- but the herbicide has been blamed for more than 3M acres of damaged crops. If soybean yields decline 10% as a result, Bernstein figures, Monsanto and other companies selling the seeds and spray like BASF and DowDuPont could face liabilities of around $143M. That compares to the roughly $98M Monsanto and DowDuPont likely earned on the seeds, according to the analysts. Farmers have sued seed and chemical companies over the alleged damage, and Monsanto execs are likely to take questions on the matter on a Wednesday earnings call. (jacob.bunge@wsj.com; @jacobbunge)

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STORIES OF INTEREST:

Egypt's GASC Buys 180,000 Tons of Russian Wheat

LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, bought 180,000 metric tons of Russian wheat in its latest tender, traders said Tuesday.

The deal comprises three 60,000-ton cargoes and is the latest in a spate of Egyptian wheat purchases since mid-May.

Federal Farm Payments to Top $9.6B, USDA Says -- Market Talk

16:00 ET - U.S. farmers will receive more than $9.6B in federal funds this year as part of government safety-net and conservation programs. Bumper harvests at home and abroad have conspired to push down crop prices in recent years, spurring a prolonged slump in the farm sector. Falling commodity prices and farm revenues will trigger a roughly $8B payout for the 2016 crop year, the USDA says, with many such payments heading to landowners and farmers in regions recently hit by drought and hurricanes. Payments to farmers who agreed not to raise crops on sensitive land this year in order to improve environmental conditions will total $1.6B, according to the government. (jesse.newman@wsj.com; @jessenewman13)

THE MARKETS:

Hog Futures Touch Upper Limit

Hog futures jumped more than 4% on Tuesday, extending a recent rally as traders bet the market was reaching a seasonal low.

Both cash prices for slaughter-ready hogs and wholesale pork prices have steadied recently after weeks of heavy losses, which dragged futures lower. Cash prices rose 87 cents to $48.61 per 100 pounds on Monday while pork prices rose 34 cents to $73.12 per 100 pounds on Tuesday.

(END) Dow Jones Newswires

October 03, 2017 17:28 ET (21:28 GMT)