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Grain, Soybean Futures Climb
Grain and soybean futures rose on Thursday, buoyed by global demand for U.S. crops.
The U.S. Department of Agriculture said that exporters sold 1.27 million metric tons of corn in the week ended Oct. 12, at the high end of pre-report estimates. Wheat sales of 615,400 tons were above expectations.
Rural Lenders See Farm Foreclosures Challenging Banks -- Market Talk
11:42 ET - Lenders in the US Farm Belt are bracing for a spate of farm foreclosures as crop prices and farm incomes remain low. A monthly survey on the rural economy by Creighton University found that 10% of rural bankers believe farm foreclosures present the greatest risk to banks over the next five years. The concerns come as nearly half of all bankers queried in the survey--which covers 10 states, from Wyoming to Illinois--say corn prices are below breakeven for farmers who rent the land they raise crops on. "Concerns about trade, especially current Nafta negotiations, and low agriculture commodity prices impaired bankers' economic outlook for the month," Creighton economist Ernie Goss says. (firstname.lastname@example.org; @jessenewman13)
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STORIES OF INTEREST:
Russian Wheat Dominates, Offered Cheapest in Egyptian GASC Tender
LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, received at least 16 offers in its latest wheat tender, with Russian grain again offered at the lowest price, traders said Thursday.
The lowest raw offer was for Russian wheat from trading house Olam at $198.35 a metric ton, excluding shipping costs, traders said.
Egyptian Grain Body Seek Wheat Amid Lawsuit Reports
LONDON--Egypt issued an international tender late on Wednesday to buy an unspecified amount of wheat for delivery between Dec. 1 and Dec. 10, the grain body said.
The government agency's decision on which offers to take up--if any--is due around 1530 GMT Thursday; 1330 local time.
Will Plant-Based Substitutes Push Cut Into Meat Jobs? -- Market Talk
16:06 ET - Impossible Foods aims to replace part or all of the conventional meat industry with plant-based versions that taste the same, but don't require raising and slaughtering animals by the tens of billions. CEO Patrick Brown acknowledges that if the company succeeds--admittedly a long ways off--that will mean changes for the 482,000 workers that staff US meat-processing plants, not to mention farmers and ranchers. While Brown sees many processing jobs as dangerous and low-paying, the company is looking at the potential for locating some of its future production plants in traditional ranching and farming strongholds. "Progress in this area is inevitable," he says. (email@example.com; @jacobbunge)
Hog Futures Hit Eight-Week High
Hog futures rose to an eight-week high as meatpackers continued to drive up cash prices for slaughter-ready pigs.
Two slaughter houses that opened in Iowa and Michigan in September have added to national processing capacity, forcing packers to pay more in order to secure supply for their plants.
(END) Dow Jones Newswires
October 19, 2017 17:24 ET (21:24 GMT)