GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Soybean, Corn Futures Bounce

Soybean futures led gains in grain and oilseed markets, as harvest delays in the U.S. and tough weather in Brazil stoked buying interest.

Wet weather in the U.S., with rains spreading across the Midwest this week, is limiting fieldwork. That is slowing the flow of soybeans into the supply chain, said Brian Hoops, president of brokerage Midwest Market Solutions.

Soybean futures for November rose 1% to $9.68 1/4 a bushel at the Chicago Board of Trade.

CBOT December corn futures rose 0.4% to $3.49 1/2 a bushel.

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FAO Food Price Index Up 1.4% in September

LONDON--World food prices rose in September due to more expensive vegetable oil and dairy prices, the United Nations' Food and Agriculture Organization said Thursday.

The FAO's food price index rose by 1.4% last month from August, up 4.3% on its September 2016 level.

Informa Raises Corn, Soybean Yield Estimates -- Market Talk

13:16 ET - Private forecaster Informa Economics increased its crop yield estimates from a month earlier, traders say. The firm put corn yield at 170.5 bushels per acre, higher than the USDA's most recent estimate of 169.9 bushels. Informa expects soybeans to yield 50 bushels per acre, in line with the most recent government forecast of 49.9 bushels. The higher estimates come amid better-than-expected yields from the ongoing harvest and increasing signs that this year's crops mostly recovered from a difficult growing season. (benjamin.parkin@wsj.com; @b_parkyn)

STORIES OF INTEREST:

Farmers Want Trump to Focus on New Trade Deals -- Market Talk

16:24 ET - US wheat farmers are growing frustrated with the Trump administration's focus so far on renegotiating existing trade deals, like Nafta and the US-Korea Free Trade Agreement, rather than striking new ones that would broaden the global market for American-grown grain. "It is time to get past plowing the same fields and start opening ground in new markets," says Chandler Goule, CEO of the National Association of Wheat Growers, in a letter co-signed by the US Wheat Associates. US wheat has struggled to find international buyers as other countries, like Russia, peddle cheaper grain, and the groups call on President Trump to make good on repeated campaign-trail promises of new bilateral trade deals. (jacob.bunge@wsj.com; @jacobbunge)

Yum China Gains After Establishing Dividend, Detailing CEO Succession Plan -- MarketWatch

Yum China Holdings Inc. (YUMC) jumped as much as 5% in late trading Thursday after announcing earnings that included the spin-off's first dividend and an increased stock-buyback plan, and detailing plans for a new chief executive. Yum China, which spun off from Yum Brands inc. (YUM) about a year ago, said that President and Chief Operating Officer Joey Wat will succeed Mickey Pant as CEO in March 2018. For the third quarter, the operator of KFC and Pizza Hut restaurants in China reported net income of $211 million, or 53 cents a share, on sales of $2.04 billion, up from profit of $192 million on sales of $1.88 billion a year ago. Analysts on average expected earnings of 56 cents a share on sales of $1.98 billion, according to FactSet. Yum China also announced its first dividend, 10 cents a share payable Dec. 21 to shareholders of record as of Nov. 30, and said the board had expanded its stock-repurchase authorization from $300 million to $550 million. Yum China shares neared $42 in after-hours action following the report, after closing with a 0.2% increase at $39.97.

THE MARKETS:

Cattle, Hog Futures Rise on Strong Meat Markets

Livestock futures bounced higher, buoyed by rising cash and meat prices.

Hog futures have risen every day this week on expectations the market has hit a seasonal low. October lean hog contracts at the Chicago Mercantile Exchange climbed 1% to 60.925 cents a pound on Thursday, the highest close since mid-September.

CME October live cattle contracts rose 1% to $1.1015 a pound, near a two-week high.

(END) Dow Jones Newswires

October 05, 2017 17:47 ET (21:47 GMT)