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Grain Futures Rise; Soybeans Slide
Grain futures recovered from early losses on Tuesday to close higher, while soybean contracts fell.
Traders were playing corn and soybean prices off each other, said Arlan Suderman of INTL FCStone Inc. The Commodity Futures Trading Commission said last week that hedge funds had built a large net short position in the corn market while holding a net long position in the soybean market.
Jordan Barley Tender Ends in Failure
LONDON--The Jordanian state grain agency's most recent tender for 100,000 metric tons of animal-feed barley has ended with no purchases, local traders said Tuesday.
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Traders said they expected a fresh, identical wheat tender to be launched.
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Growing Farms Pose Bigger Challenge to Grain Giants -- Market Talk
10:58 ET - Frahm Farmland, a sprawling, 30,600-acre grain farm in western Kansas, this fall wraps up construction of two new steel grain bins that will allow the operation to store a whopping 2.8M bushels of grain. That type of project is pressuring local grain companies, which have built their business on buying area farmers' crops, storing them and shipping them to buyers. But it's also a growing challenge for commodity-trading giants like Archer Daniels Midland, Bunge and Cargill, which have to contend with farmers like Frahm who have greater flexibility to store their crops and wait for commodity prices to improve before selling them into the food supply chain. (email@example.com; @jacobbunge)
India Raises Purchase Prices of Wheat, Lentils
NEW DELHI--The Indian government Tuesday raised the minimum purchase price of wheat and lentils by at least 5% to boost local production and protect farm income.
The purchase price of wheat, the main winter-sown staple crop, has been increased by 6.8% to 1735 rupees ($27) per 100 kilograms for this year, from 1625 rupees a year earlier. The purchase prices for grams and red lentils have been raised by 200 rupees each--to 4200 rupees per 100 kilograms and 4150 rupees per 100 kilograms respectively--according to a government official.
Satellites, Drones and Planes Compete Over U.S. Farms -- Market Talk
11:18 ET - Satellites and drones have been jockeying for position on US farms, as crop producers test the technologies' ability to monitor their crops for pest damage, blight and general health. But one of the country's largest grain farms, Frahm Farmland in western Kansas, still relies on a somewhat antiquated technology to eyeball fields--planes--which Frahm hires to fly the farm's 30,600 acres about once a week during the growing season. Farmer Lon Frahm says his operation's too big to adequately cover with drones and clouds still obscure satellite views, though he's been testing both. Frahm also flies his fields himself, in a Cessna Skylane. (firstname.lastname@example.org; @jacobbunge)
Livestock Traders Shrug Off Supply Concerns
Cattle futures bounced on Tuesday despite growing government supply forecasts.
Contracts for feeder cattle, which still have to be fattened before slaughter, rose to the highest close in over four months. October-dated futures at the Chicago Mercantile Exchange rose 1% to $1.55125 a pound, the highest close since June 6. October live cattle futures rose 1.9% to $1.13625 a pound.
(END) Dow Jones Newswires
October 24, 2017 17:43 ET (21:43 GMT)