GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

Continue Reading Below

Soybeans Gain as Late Yields Disappoint

Soybean futures rose Wednesday as crop yields taper off toward the tail end of harvest, and concerns linger over South America's crop. Corn also gained while wheat was mixed.

U.S. farmers harvesting the last of their soybean fields are reporting weaker yields than those harvested earlier in the fall. That's prompting expectations that the government in a monthly supply-and-demand report due out next week will trim its yield estimate for the crop, easing the supply forecast and pressure on soybean prices somewhat.

Grain Giants Grow Warier on Harvest Bets -- Market Talk

8:27 ET - Part of commodity traders' struggle to navigate back-to-back bumper crops in North and South America arose because they didn't anticipate the size of farmers' haul, says Bunge CEO Soren Schroder. Some grain traders committed to advance sales of soybeans and corn before the full scope of South America's massive crop came into focus, Schroder said, leaving grain companies committed to deals even as buyers shopped for bargains and farmers angled for higher prices for their crops. "This has been a humbling year from an agribusiness earnings perspective," Schroder tells analysts on company's 3Q call. (jacob.bunge@wsj.com; @jacobbunge)

Continue Reading Below

Rail Shipments of Grain Decline -- Market Talk

12:30 ET - The volume of grain shipments carried via US railroads turned negative year-to-date earlier this month, and fell another 10% from this time last year in the week to Oct. 28, according to the Association of American Railroads. After last year's surge, soybean exports have fallen and farmers are generally holding onto more grain in the hope of higher prices. Canadian grain shipments via rail remain up on last year. (doug.cameron@wsj.com ; @dougcameron)

STORIES OF INTEREST:

US Soybean Crush Declines in September -- Market Talk

15:17 ET - US soybean processors crushed 145M bushels of oilseeds in September, down from 152M in August but above the 138M crushed a year earlier, according to a USDA report. Stocks of soybean oil at the end of September fell to 1.4B pounds, down from nearly 1.5B in August. (jesse.newman@wsj.com; @jessenewman13)

Jordan State Grain Agency Buys 100,000 Tons of Barley

LONDON--The Jordanian state grain agency bought 100,000 tons of animal-feed barley as part of a 100,000-ton tender that closed on Wednesday, according to traders.

The grain will be shipped in two 50,000-ton cargoes, delivered in the second half of January and the first half of February 2018. The shipments will both cost $232 a ton, excluding shipping fees, and were bought from trading houses Bunge and Ameropa, a local trader added.

Grains Oversupply Continues to Weigh on Bunge -- Market Talk

8:07 ET - Commodities merchant Bunge says it's continuing to battle a global glut of crops as it reports a 22% decline in net income, though its adjusted earnings per share of 75 cents come in better than analysts anticipated. Large stockpiles of grain have diminished trading opportunities and pressured processing profits for companies like Bunge, and the company reduces its full-year profit projection for its grain-trading division to $425M from $500M, mainly due to lower-than-expected profit margins in soybean processing. Shares slip 1.1% in pre-market trading. (jacob.bunge@wsj.com; @jacobbunge)

THE MARKETS:

Hogs Retreat As Cattle Futures Gain

U.S. livestock futures traded in a narrow range Wednesday as packers clawed back some margin in the cash markets that have underpinned gains in both cattle and hogs in recent sessions.

The most heavily traded lean hog contract fell 2.1% following a late dip in the wake of Tuesday's surge and live cattle gained less than 1% as the weekly online auction yielded a solitary sale.

(END) Dow Jones Newswires

November 01, 2017 17:20 ET (21:20 GMT)