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Higher Dollar, Lower Crude Pressure Grain Prices
Grain futures fell on Tuesday as a higher U.S. dollar and lower crude oil prices drew investors away from agricultural commodities.
The WSJ Dollar Index, which measures the greenback against a basket of currencies, rose 0.3% to 87.9. That made U.S. crops more expensive for international buyers. December crude oil futures fell, meanwhile, luring investors out of the commodity sector.
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Starbucks Opens 1st Upscale Bakery in Seattle Roastery -- Market Talk
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09:26 ET - Starbucks is spending "tens of millions of dollars," as it adds a baking operation to its coffee house business. The chain, which made an investment in Italian bakery Princi, opened its first such bakery inside its Seattle Roastery on Tuesday and plans to include one in every Roastery it opens around the world. Starbucks also plans to open up to 1,000 standalone Princi bakeries selling Starbucks reserve coffee. The bet on baking comes at a time when traffic growth to Starbucks cafes is slowing amid a crowded and highly competitive coffee market in the US. (firstname.lastname@example.org)
Retailers' Milk Push Has Limits, Dean Says -- Market Talk
10:10 ET - Top US milk processor Dean Foods has seen some of its largest retail customers invest in processing and bottle their own milk, but CEO Ralph Scozzafava says some have come to realize there's limits to the strategy. Dean has increased business with some retail chains who have their own milk facilities, he says, as it becomes clear that for retailers, there's more money to be made selling jugs of milk at the cash register than processing it. Dean's also able to be more competitive providing milk under stores' own brands due to its national scale, he said. (email@example.com; @jacobbunge)
Milk Sales Shrink for Dean Foods -- Market Talk
8:22 ET - Investors waiting for the milk business to turn sweet again for Dean Foods will have to keep waiting. The Texan dairy giant swung to a $10M loss in 3Q, and says its share of US fluid milk volumes declined by 50 basis points. That comes as Dean's quarterly volumes overall fell to what analysts said was a multi-year low, showing the ongoing struggle with a US consumer base that's drinking less milk over time. The company's 20 cents a share in adjusted 3Q per-share profit narrowly misses analysts' average expectation, and Dean trims the high end of its 2017 per-share profit projection by a nickel. "In our view, DF remains a structurally challenged business," JPMorgan analysts write. Shares rise 5.3% premarket. (firstname.lastname@example.org; @jacobbung)
Hog Futures Slide to Two-Week Low
Hog futures fell for a fifth consecutive session as meatpackers continued offering less money for pigs.
December lean hog futures at the Chicago Mercantile Exchange fell 1.1% to 63.925 cents a pound, the lowest close in over two weeks.
(END) Dow Jones Newswires
November 07, 2017 17:36 ET (22:36 GMT)