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Grain, Soybean Futures Drift Lower
Grain and soybean futures fell ahead of a government crop report due later this week.
Traders are waiting for the U.S. Department of Agriculture to release on Thursday updated production estimates for the ongoing U.S. corn and soybean harvest. Though rain in the Midwest has slowed the pace of fieldwork, early results so far show better than expected corn and soybean yields.
Amazon, Other Formats to Cause Grocery 'Carnage' -- Market Talk
12:00 ET - E-commerce grocery shopping through online sellers including Amazon, along with nontraditional food formats such as deep discounters and Costco Wholesale, will cause "carnage" for brick-and-mortar supermarkets in coming years, writes Barclays. Alternate formats for buying groceries are expected to grow from to 45% in 2022 from 30% currently. The shift could drive a huge loss in profits for traditional food retailers, resulting in thousands of store closures and many of the roughly 4 million workers employed in stores to lose their jobs, the Wall Street analysts find. (email@example.com; @heatherhaddon)
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Oil Prices Rise Ahead of Crude Market Data
Oil prices rose Monday as Saudi Arabia announced it would further curtail oil exports, but U.S. crude futures remained below $50 a barrel as investors awaited fresh data this week.
U.S. crude futures rose 29 cents, or 0.59%, to $49.58 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, gained 17 cents, or 0.31%, to $55.79 a barrel on ICE Futures Europe.
Economists Lift Expectations for Brazil Inflation -- Market Talk
7:45 ET - Economists kept their forecasts for Brazil's economic growth steady, according to a weekly central bank poll with about 100 financial institutions published on Monday. The median forecast for GDP growth in 2017 remained at 0.70% from the previous week. Meanwhile, economists raised their forecasts for inflation this year to 2.98% from 2.95%. Next year, economists expect Brazil's economy to grow 2.43% and year-end inflation to reach 4.02%. (firstname.lastname@example.org)
Higher Cattle Prices Bolster Futures
Cattle futures rose on Monday after an uptick in cash prices late last week.
Meatpackers paid an average of $109.42 per 100 pounds live and $172.47 dressed for slaughter-ready cattle last week, the U.S. Department of Agriculture said. That was higher than the previous week, with prices rising above $110 live in some western states.
(END) Dow Jones Newswires
October 09, 2017 17:40 ET (21:40 GMT)