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Grain, Soybean Futures Under Pressure
Grain and soybean futures were mostly lower as a rising dollar and falling crude oil prices weighed down markets.
The WSJ Dollar Index--which measures the greenback against a basket of currencies--rose 0.2% to 86.61, helping make U.S. crops more expensive for global buyers. Lower crude oil prices, meanwhile, lured investors out of the commodity sector.
Drought Dampens South Africa 2017 Wheat Prospects -- Market Talk
1652 GMT - South Africa's 2017 wheat crop will likely drop as dry weather conditions hurt yields in Western Cape main growing region, says the state-run Crop Estimates Committee. Output may drop by 17% to 1.58 million tons on year, lower than the previous forecast of 1.65 million tons as drought decimates plantings across Africa's No.2 producer of the grain. It's a reversal of fortunes for a country that registered the largest wheat harvest in six years last year, due to improved rains. Lower output means the country will turn to imports to meet growing domestic wheat demand. South Africa slashed its wheat import tariff by 60% in September, to allow more imports of the cereal. (Nicholas.Bariyo@wsj.com;@Nicholasbariyo)
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STORIES OF INTEREST:
Egypt's GASC Buys 120,000 Tons of Russian Wheat in Tender
LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), bought 120,000 metric tons of wheat in its latest tender, traders said Tuesday.
The deal comprises two 60,000-ton cargoes of Russian wheat.
Jordan Buys 100,000 Tons of Barley
LONDON--The Jordanian state grain agency bought 100,000 metric tons of animal-feed barley as part of a tender that closed on Tuesday, according to traders.
The grain will be shipped between the beginning of March and the end of April 2018. The two 50,000-ton cargoes will cost $219.75 a ton excluding shipping fees and were bought from trading house GTCS, traders added.
Hog Futures Rise, Cattle Fall
Hog futures bounced for a fourth-consecutive session on Tuesday as pork prices rose.
Wholesale pork prices rose 58 cents to $83.16 per 100 pounds as of midday, adding to gains from Monday. That was the highest price since early September.
(END) Dow Jones Newswires
November 28, 2017 17:25 ET (22:25 GMT)