GRAIN HIGHLIGHTS: Top Stories of the Day

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Grain Futures Fall to Multiweek Lows, Soybeans Higher

Grain futures fell to multiweek lows in a quiet session Wednesday, while soybean prices rose.

Oilseed futures got a boost from the soybean oil market, said Bill Nelson, senior economist at Doane Advisory Services, which rose on expectations that lawmakers and trade groups would push back against possible downward revisions to biofuel mandates by the Environmental Protection Agency.

November soybean futures at the Chicago Board of Trade rose 0.3% to $9.58 1/4 a bushel, turning higher as soybean oil contracts rose over 1%.

Monsanto Boosted by Continued Adoption of New Products

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Continued adoption of Monsanto Co.'s latest soybean, cotton and corn products drove revenue for the seed giant, even amid what it called a challenging agricultural environment.

Monsanto said Wednesday its sale to German chemical conglomerate Bayer AG was progressing. Bayer's $57 billion deal to create the world's largest supplier of pesticides, seeds and crop genes is expected to close early next year, as regulators continue to review the transaction.

For the quarter Monsanto reported income of $20 million, or 5 cents a share, up from a loss of $191 million, or 44 cents a share, a year ago. Revenue grew 4.8% to $2.69 billion. On an adjusted basis, earnings were 20 cents a share.

Monsanto Unconcerned by Brazilian Antitrust Move -Market Talk

11:49 ET - Monsanto CEO Hugh Grant remains confident in the seed giant's planned $57B sale to Bayer, after Brazilian antitrust officials say the deal will be reviewed by the Brazilian antitrust agency Cade's full council. Brazilian officials in a statement raised concerns about "the joining together of two of the top three players" in high-tech crop seeds and sprays, particularly as farmers in the country rely more on packages of seed and chemical products designed to work together. Monsanto's Grant on a conference call says Brazil's move is "just a normal step in the review process," and that general discussions with antitrust officials around the world have been encouraging. (jacob.bunge@wsj.com; @jacobbunge)

Monsanto Upbeat on EU Weedkiller Decision -- Market Talk

10:27 ET - Monsanto executives say they remain upbeat about the fate of the company's flagship herbicide in Europe, despite signs of growing opposition. The EU is due to decide by mid-December on whether to renew its approval of the weedkiller glyphosate, after last year issuing a temporary extension amid fresh debate over the chemical's potential to cause cancer. France in September said it would vote against extending glyphosate's approval, drawing swift reprisals from European farmers, but Monsanto President Brett Begemann says on the company's 4Q conference call that "we remain optimistic," and that Monsanto anticipates glyphosate-- he world's most widely used herbicide--to be re-registered by the end of 2017. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST:

India Farm Output Seen Healthy Despite Less Monsoon Rains -- Market Talk

0805 GMT - India's summer crop output will likely be healthy, despite the government's forecast of lower production under the impact of uneven rainfall, says Crisil in a report. "Regions that witnessed weak rains either enjoy a strong irrigation cover or are those that contribute less to production," the report said. However, the flip side to a good monsoon and a bumper crop is that prices for most foodgrains have fallen, and consequently reduced farmers' profits, it added. Monsoon rains, which concluded on Saturday, were 95% of the long-term average, compared with the Indian Meteorological Department's forecast of 98%. Prime Minister Narendra Modi's government has set a goal of making agriculture less reliant on monsoon rains. (vibhuti.agarwal@wsj.com)

THE MARKETS:

Livestock Futures Mixed After Early Gains

Hog futures were mixed on Wednesday as a multiday rally stumbled.

Lean hog contracts for October rose 0.8% to 60.325 cents a pound at the Chicago Mercantile Exchange, extending gains for the week. The most-active December contract fell, tightening the spread between the two.

Cattle futures were little changed, giving back earlier gains. CME October live cattle contracts were steady at $1.09075 a pound.

(END) Dow Jones Newswires

October 04, 2017 17:46 ET (21:46 GMT)