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Wheat Futures Fall on Large Canada Crop
Grain and soybean futures turned lower Wednesday, with wheat prices leading losses on larger-than-expected Canadian harvest estimates.
Canada's statistics agency said wheat farmers produced 30 million metric tons in 2017, above pre-report estimates and the agency's previous figure. That was down 5.5% from last year, however.
Soft-red winter wheat futures for December fell 1.9% to $3.98 1/2 a bushel at the Chicago Board of Trade. Contracts for Minneapolis spring wheat and Kansas City hard-red winter wheat were also lower.
Low Food Prices Are Hurting Farm State Economies
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Farmers are producing too much food, holding down prices and holding back economies in states with big agricultural industries.
South Dakota and Iowa are the only two states in the country where gross domestic product fell in the second quarter. Ultra-low crop and livestock prices stemming from a global oversupply have squeezed farm incomes, pulling down Iowa's GDP 0.7% and South Dakota's 0.3% from the prior quarter.
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Zhuhai Port To Raise $225M For Huge Bulker Fleet -- Market Talk
09:32 ET - Zhuhai Port, a major gateway in the Pearl River Delta close to Macau, plans to raise $225M in a share issue that will be used to buy 55 ships for general cargo transport in Chinese coastal regions. The fleet expansion is aimed to transform the port operator into a logistics provider of coal, grain and iron ore to feed China's fast growing coastal cities and cut the country's reliance on chartered vessels, mainly from European operators. (firstname.lastname@example.org)
Cattle Futures Fall as Packers Haggle for Lower Prices
Lower prices for physical cattle sent the futures market lower on Wednesday.
The U.S. Department of Agriculture said that meatpackers paid from $117 to $118 per 100 pounds on a live basis and $187 dressed for slaughter-ready cattle on Wednesday, adding to sales averaging $189 dressed and $119 live a day earlier. No cattle traded at the online Fed Cattle Exchange auction on Wednesday morning.
December live cattle contracts fell 0.5% to $1.159 a pound at the Chicago Mercantile Exchange on Wednesday, down 4% since they started trending lower last week.
Hog futures also fell, dragged lower by speculative selling in the cattle market. CME December lean hog contracts slid 0.7% to 63.825 cents a pound.
(END) Dow Jones Newswires
December 06, 2017 17:53 ET (22:53 GMT)