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Wheat Futures Rise on Concerns About Radioactivity in Russia
Wheat futures rose on Tuesday over concerns about radioactive contamination in Russia, analysts said.
Russian weather officials confirmed a sharp increase in radioactivity in the Ural Mountains, said AgResource Co. in a note to clients, following prior warnings from French officials. Analysts said the source of the contamination was unclear, though they didn't expect a major threat to crops.
Wheat futures for December rose 0.7% to $4.24 3/4 a bushel at the Chicago Board of Trade on Tuesday, though they didn't reclaim all of Monday's losses. Prices have stayed within a narrow range of less than 20 cents through November.
Higher Costs Extend Campbell's Sales Decline -- 2nd Update
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Campbell Soup Co. said higher costs and a dispute with a major customer hurt results and extended a yearslong sales slide as the company struggles to diversify beyond canned soup.
Shares fell as the food maker said one key customer had a "different promotional approach," a dispute that cut into revenue. The Wall Street Journal reported in August that Wal-Mart Stores Inc. and Campbell had disagreed on promotional pricing and shelf space for canned soup. Wal-Mart accounts for about 20% of Campbell's annual sales.
In all, the company said profit fell to $275 million, or 91 cents a share, down from $292 million, or 94 cents a share, a year earlier. On an adjusted basis, the company reported earnings per share of 92 cents.
Revenue fell 1.9% to $2.16 billion.
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Hain Shares Rise on Buyout Possibility -- Market Talk
12:10 ET - Hain Celestial shares have risen over the past few days on speculation Nestle might be interested in buying the natural-foods conglomerate. Hain, under pressure from an activist investor, is looking at various possibilities. Wells Fargo thinks Hain would best maximize its value if it carved up its assets to multiple strategic buyers, very similar to Sara Lee's approach five years ago. Given fast-emerging competitive pressures, and its size, with $4.3B in market cap, it would require financial flexibility that most pubic companies don't have, the bank says. Wells Fargo thinks Nestle would likely be a good fit for Hain's baby food, skin care and tea businesses while others would find value in yogurt, salty snacks and protein. Shares are up about 14% over the past week. (firstname.lastname@example.org)
Cattle Futures Turn Higher; Hogs Lower
Cattle futures rebounded on Tuesday as the week's cash trade picked up.
The cattle market started the week under pressure after a government report showed large numbers of cattle destined for slaughterhouses, an indication of growing supplies next year.
December live cattle futures rose 0.8% to $1.17975 a pound at the Chicago Mercantile Exchange. Wholesale-beef prices rose $1.63 to $207.81 per 100 pounds at midday.
Hog futures were lower, however, giving back Monday's gains. CME December lean hog contracts fell 2.1% to 60.7 cents a pound. Trading patterns in the hog futures market suggest that prices could fall further, Mr. French said.
(END) Dow Jones Newswires
November 21, 2017 17:44 ET (22:44 GMT)