GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

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Corn, Soybeans Drop Amid World Currency Gyrations

Corn and soybean futures fell Friday as global currency swings and the advancing U.S. harvest halted a brief rally in the crop markets.

Soybean prices led the losses as a sharp drop in Brazil's currency led to a selloff in the oilseed market. A weaker real makes Brazilian crops more competitive on global market, generating stiffer competition for U.S. supplies. While recent demand for U.S. soybeans has been strong, analysts say big soybean shipments from Brazil could limit U.S. exports at a time when domestic farmers are harvesting what is expected to be a record crop.

Bayer Asset Sales May See It Reduce Rights Issue: Berenberg -- Market Talk

1412 GMT - Bayer seems to be heading toward "a scaled-back" rights issue to help fund its deal with Monsanto, Berenberg analysts say. The brokerage thinks that the proceeds from selling Bayer's seeds business to BASF and disposing of Covestro "should significantly ease financing" for the deal. Accordingly, the rights issue "could now be as low as EUR4.5 billion," Berenberg adds, rather than EUR13.6 billion as it had previously thought. Shares trade up 1.3% at EUR115.85. (sonia.amaralrohter@dowjones.com)

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STORIES OF INTEREST:

How a DuPont Carve-Out Made a Comeback

It was supposed to be the worst spinoff in the history of spins. When DuPont Co. cleaved off its performance chemicals business as Chemours Co. in June 2015, doubts ran high about the company's future.

Activist investor Nelson Peltz, whose Trian Fund Management received Chemours shares as a DuPont shareholder, sold off the stake within six months. A year after its launch, famed short-seller Andrew Left announced he was betting against the stock with a report titled "Chemours is a bankruptcy waiting to happen."

THE MARKETS:

Cattle Futures Continue Surge

U.S. cattle futures resumed their upward path Friday as end-of-week buying buoyed cash markets and fed through to derivative markets. The most heavily-traded live cattle contract tested new highs, climbing 2.4%, with later-dated contracts also making strong gains.

Last week's trading pattern was repeated as the early-week lull in cash deals was replaced late Thursday with trading at elevated prices around $1.24 and $1.25 a pound in Kansas and Texas, up from $1.17 a week earlier.

(END) Dow Jones Newswires

November 03, 2017 17:37 ET (21:37 GMT)