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Soybean Futures Turn Lower
Soybean futures ended the week lower, easing off overnight gains to fall for a third consecutive session.
Oilseed prices hit a multimonth high earlier this week on concerns about excessively dry weather in Argentina, which could cause problems for the country's corn and soybean crops. Given the Argentine growing season was in its early stages, however, traders judged that there was plenty of opportunity for improvement and pulled back.
Grocers Say Tax Bill Unfair to Independent Operators -- Market Talk
15:55 ET - The National Grocers Association is appealing to Congress to do more to create an even playing field between the tax bill's treatment of pass-through businesses and big corporations. The membership organization of independent supermarkets, many operating as pass-through entities, writes that the Senate bill has improved the tax rates charged to the entities, but its sunset provision creates too much uncertainty. The bill's language also could prevent trusts and estates from being eligible for the pass-through deduction, it writes. "NGA member companies are American, family-owned companies that do not have the tax advantage of offshore profit shifting," the organization writes in the letter Friday. "It is critical that Congress ensure a level playing field for all businesses involved." (email@example.com; @heatherhaddon)
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STORIES OF INTEREST:
Oil Prices Boosted by Chinese Crude Demand
Oil prices rose Friday, supported by elevated geopolitical tensions and data showing an increase in Chinese crude imports.
Light, sweet crude for January delivery advanced 67 cents, or 1.2%, to $57.36 a barrel, on the New York Mercantile Exchange. Brent, the global benchmark, rose 33 cents, or 0.5%, to $63.40 a barrel.
Talking Markets: Soft Commodities Stung By Forex, Surplus Forecasts
It's been a torrid week for commodities prices, with building oil inventories and intensifying jitters about the Chinese real estate market prompting sell-offs in the energy and base metals sectors, respectively.
The soft commodities sector hasn't escaped the broader commodities sell-off, with prices stung by a confluence of macroeconomic and sector-specific factors.
Cattle Futures Steady After Cash Weakness
Cattle futures ended the week steady to lower, stabilizing after a week of selling.
December-dated live-cattle futures were little changed, at $1.15575 a pound at the Chicago Mercantile Exchange, while February contracts fell. Prices had previously fallen through the week.
(END) Dow Jones Newswires
December 08, 2017 17:33 ET (22:33 GMT)