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Grain, Soybean Futures Lose Steam, Return Early Gains
Grain and soybean futures gave back early gains as selling in the commodity sector pressured prices.
Crude-oil futures fell Wednesday after U.S. inventories rose last week. Commodity indexes were also lower.
With little else to spur buying interest, grain futures fell victim to some of that selling.
December corn futures fell 0.5% to $3.51 a bushel at the Chicago Board of Trade. December wheat futures slid 0.6% to $4.35 1/2 a bushel.
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European Union Puts Off Weedkiller Decision -- Market Talk
1541 ET - The European Union again delays a vote on whether to reauthorize glyphosate, the world's most widely used herbicide, as a December deadline looms for any reapproval. EU member nations have been wrestling with the decision after the International Agency for Research on Cancer, an agency of the World Health Organization, in 2015 classified glyphosate as likely having cancer-causing potential for humans. The European Food Safety Authority and the European Chemicals Agency separately came to the opposite conclusion since then, but some EU member nations have balked at reapproving glyphosate for another 15-year period. Last year the bloc committed to deciding the matter by the end of 2017; Monsanto, which uses glyphosate as the key ingredient in its widely used Roundup herbicide, said there is "no scientific or health basis for approving authorization for less than the maximum allowable limit." (firstname.lastname@example.org; @jacobbunge)
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Egyptian Minister Seeks to Soothe Wheat Trader Jitters -- Market Talk
12:00 ET - Wheat ticks up 0.63% to $4.41 a bushel. Observers of North African wheat purchases will be watching the offer prices during Egypt's next attempt to purchase wheat after Supply Minister Ali Moselhy revealed plans to release a specifications and regulations guide within the next two weeks in order to calm traders complaining of inconsistent rules and erratic inspection procedures, Reuters says. World's largest grain buyer has been mired in controversy in recent months, quarantining two wheat cargoes from Romania and France which the Egyptian General Authority for Supply Commodities said were contaminated by poppyseeds. With traders pointing out the "poppyseed risk premium" creeping into offer prices in recent tenders, prices may tick down at the next chance. (email@example.com; @davidhodari)
Coke Exec Brings Branding, Budgeting Expertise to Mondelez -- Market Talk
1316 ET - Snack-maker Mondelez taps Coca-Cola executive Glen Walter to head up its North America business beginning next month, making him the fourth person to run the $7B business within Mondelez in as many years. The appointment also comes as Mondelez CEO Irene Rosenfeld prepares to hand over the reins to incoming CEO Dirk Van de Put next week. Walter brings consumer-products expertise from Coke, and prior to that, he worked for six years at InBev, which was run by the founders of Brazilian private-equity firm 3G. His experience with 3G's style of strictly managing costs could help Mondelez in its ongoing effort to reduce spending and boost margins. Walter and Van de Put are stepping into challenging roles, as Mondelez isn't immune to the shifting consumer tastes toward simpler ingredients that is rattling Big Food. (firstname.lastname@example.org)
Cattle Futures Stumble After Quiet Auction
Cattle futures closed lower after hitting an 11-week high earlier in Wednesday's session.
Futures rose earlier this week in anticipation of higher cash prices for slaughter-ready cattle. Sales didn't materialize Wednesday morning, however, as meatpackers and feedyards haggled over bids.
Live cattle futures for October delivery fell 0.5% to $1.13025 a pound at the Chicago Mercantile Exchange, after touching $1.143 -- the highest point since Aug. 7 -- earlier in the session. Feeder cattle futures were mixed.
Hog futures were higher. CME December lean hog contracts rose 0.7% to 64.475 cents a pound.
(END) Dow Jones Newswires
October 25, 2017 17:28 ET (21:28 GMT)