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Grains Fall Amid Currency Swings; Soybeans Gain
Grain futures dropped Friday amid gains in the U.S. dollar and the advancing fall harvest. Soybeans rose.
Prices for corn and wheat fell for the third-consecutive session, pressured in part by a recent surge in the dollar and ongoing reports from U.S. farmers of strong corn yields. Earlier in the year, grain analysts thought the nation's crop would suffer from late spring planting and adverse weather during the growing season, but field reports now are aligning with federal forecasts estimating the second-largest corn harvest on record.
Corn futures for December delivery fell 1 3/4 cents, or 0.5%, to $3.48 3/4 a bushel at the Chicago Board of Trade.
China Continues to Move Toward Accepting GM Crops -- Market Talk
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0259 GMT - China continues to slowly move towards the commercialization of genetically modified seeds in the country over the next 3-4 years, says BMI. "Because of an entrenched reluctance to use GM crops for food among the population, we believe China will first adopt the commercialization of GM seeds for feed purposes, mainly corn." It adds the proposed acquisition of Syngenta by state-owned China National Chemical is an important step in moving toward GM crops as it gives the country access to the technology. "China has been investing heavily in recent years to develop its own research on GM seeds but results have been limited," BMI notes. (firstname.lastname@example.org)
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Brazil Soybean Planting Behind Last Year's Pace -- Market Talk
1438 ET - Brazilian soybean farmers had finished 30% of their planting work for the 2017-2018 season as of Oct 26, according to agricultural consultancy AgRural. That's in line with the five-year average of 31% for the date, though behind the 41% on the same date last year, AgRural said. Planting is advancing rapidly in the south, but scarce or irregular rain in the center-west is slowing planting in that region. In the state of Goias, only 6% of planting has finished, compared with the five-year average of 28%, according to AgRural. In Mato Grosso state, Brazil's biggest producer of soybeans, there was more rain last week, and planting advanced to 43% finished, compared with the five-year average of 45%. The weather forecast for the center west is for a good volume of rain in the beginning of November, AgRural said. (email@example.com)
U.S. Hog Futures Stumble on Supply Concerns; Cattle Gain
CHICAGO--Hog futures sank as traders questioned whether the market can maintain momentum with pigs headed to slaughter in record numbers. Cattle contracts gained.
December-dated lean hog futures closed 1% lower at 64.45 cents a pound at the Chicago Mercantile Exchange on Friday, erasing gains in the prior session when the contract settled at its highest level since Aug. 18.
Little trade had taken place as of early Friday afternoon as buyers and sellers continued to haggle over prices. December-dated live cattle futures settled 0.1% higher at $1.2082 a pound at the CME.
(END) Dow Jones Newswires
October 27, 2017 17:50 ET (21:50 GMT)