GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

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Corn, Soybean Harvest Progress In Line -- Market Talk

16:17 ET - USDA reports 83% of the domestic soybean crop has been harvested as of Sunday, bang in line with trade estimates. The 53% of the corn that's been brought in was at the midpoint of analysts' estimates, even with wet conditions persisting in eastern growing areas, but progress remains well below the 72% average. The Dakotas are the main laggards. Some 66% of the corn crop was ranked as good-or-excellent, unchanged from last week. (doug.cameron@wsj.com; @dougcameron)

Regional Grain Battle in Focus for ADM 3Q -- Market Talk

10:41 ET - Food-growing competition between North and South America will be on deck when grain giant Archer Daniels Midland reports 3Q results early Tuesday. US corn and soybean exports slowed over the quarter versus 2016 levels, according to JPMorgan analysts, and US farmers' slow pace of collecting this year's harvest raises questions around the quality of their crop and how US exporters -- such as ADM -- will hang onto market share against unseasonably strong competition from South America, where ADM has a smaller presence. Analysts surveyed by Thomson Reuters expect ADM to report net income of $318.83M, down 8% from the prior-year period. Shares are down 0.7%. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST:

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Mondelez Reports Sales Increase -- Update

Mondelez International Inc. reported a rise in quarterly sales for the first time since June 2012 as demand increased for the company's staple brands in the U.S and Europe.

The maker of Oreo cookies, Trident gum and Triscuit crackers said comparable sales grew 2.8%, fueled by sales of core brands like belVita biscuits and Cadbury Dairy Milk chocolate.

Corn Breaks Losing Streak Ahead of Harvest Data

U.S. corn futures recovered from an early dip to end unchanged and break a three-session losing streak Monday ahead of a closely watched report on progress with the nation's harvest.

Wheat futures remained under pressure and soybeans lost early gains as concerns over South American weather dimmed with the movement of rains toward northern Brazil as planting of the next crop there continues.

Analysts Praise Brewer's Move to Develop Cannabis Beverages -- Market Talk

10:42 ET - Analysts are praising brewer Constellation Brands' move to take a 9.9% stake in Canadian cannabis company Canopy Growth and their plans to develop marijuana-infused beverages. Bonnie Herzog of Wells Fargo says the investment gives the U.S. importer of Corona "a clear first-mover advantage in insuring that it remains not just the leading Total Alcohol Beverage Company, but indeed, the Total Alcohol-Marijuana Beverage Company." Stifel notes that if legalized nationwide in the U.S., the cannabis market could be valued at $55B. And Vivien Azer of Cowen writes: "The opportunity for market learnings is vast, as we have seen clear evidence of substitution between alcohol and cannabis in both the U.S. and Canada." (Jennifer.maloney@wsj.com, @maloneyfiles)

THE MARKETS:

Cattle Futures Surge as Meatpackers Lift Prices; Hogs Rise

CHICAGO--U.S. cattle futures prices jumped after meatpackers boosted bids to buy cattle late last week. Hogs gained.

October-dated live cattle futures closed Monday at their highest level in four months after beef processors surprised analysts with much stronger-than-expected prices paid to secure animals across U.S. Plains state markets.

(END) Dow Jones Newswires

October 30, 2017 17:44 ET (21:44 GMT)