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Corn, Soybean Futures Rise on USDA Harvest Forecasts
Soybean futures rose on lower-than-expected government crop forecasts.
The U.S. Department of Agriculture on Thursday predicted that American farmers would produce 4.431 billion bushels of soybeans this year, unchanged from its September estimate. The agency lowered its yield estimates to 49.5 bushels an acre--down from 49.9 bushels a month earlier--offsetting higher acreage.
After the report, soybean futures for November at the Chicago Board of Trade rose 2.3%, to $9.87 3/4 a bushel, touching an 11-week high.
USDA Raises Corn Harvest Forecast
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Federal forecasters increased their projections for this year's corn harvest, a bounty that would add to an already ample supply of grain.
The U.S. Department of Agriculture said Thursday that U.S. farmers would produce 14.28 billion bushels of corn, above analyst expectations and the agency's previous September estimate. That was based on a yield of 171.8 bushels per acre, up from a month earlier.
Another Food Industry CEO Retires -- Market Talk
16:56 ET - The food industry has been rampant with news of CEO departures in the last year at Mondelez, General Mills, Kellogg, Hershey, and Coca-Cola. Now, Hostess CEO Bill Toler says he will retire in March, which will mark a year and four months since the sweets and cakes company went public. Toler was tapped by private equity to run the business in 2014, after the PE firms bought Hostess out of liquidation in 2013. Toler helped boost sales and profits of Twinkies and other treats by expanding them to more stores and coming out with new flavors and products, like Twinkie ice cream. Hostess is searching for a successor. Hostess expects to log $781M in revenue this year and adjusted EBITDA of $235M. (firstname.lastname@example.org)
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Mosaic Finds Small Tear at Fertilizer Plant -- Market Talk
11:40 ET - Fertilizer giant Mosaic has found a tear in the liner of a wastewater storage pond at a Florida plant, though it says the damage isn't threatening the area's drinking water. MOS reported the tear to Florida environmental agencies in accordance with a pollution-notification law enacted by the state's governor following a massive sinkhole that opened at a different Mosaic fertilizer plant last year, dumping contaminated water into the Florida aquifer. Mosaic says the tear, which sits atop a pile of mining waste called a gyp stack, is small, and that the company is taking steps to inspect the damage and begin repairs. Escaped wastewater is being recovered and monitoring data shows surrounding water is safe to drink, Mosaic says. Florida's Department of Environmental Protection also doesn't think the tear poses a threat to public health or safety. Mosaic down 0.5% at $21. (email@example.com; @jessenewman13)
Jordan Fails Wheat Tender, Issues Another
LONDON--The Jordanian state grain agency made no purchase in its international tender for 100,000 metric tons of milling wheat which closed on Wednesday, according to local traders.
This was the 13th of Jordan's 18 most recent wheat tenders to end without a purchase. Jordan only received one offer to fill the tender this time.
Livestock Futures Lose Momentum
Cattle futures fell Thursday as traders waited for the week's cash trade to kick off.
October live-cattle futures fell 1.3% to $1.1235 a pound at the Chicago Mercantile Exchange, easing after a week of gains.
Hog futures, meanwhile, also eased after climbing earlier this week. CME October lean-hog contracts fell 0.9% to 60.7 cents a pound.
(END) Dow Jones Newswires
October 12, 2017 17:34 ET (21:34 GMT)