Continue Reading Below
Wheat Futures Fall to 2017 Low on Oversupply Concerns
Wheat futures tumbled to the lowest point this year as oversupply continues to erode prices.
Enormous global grain supplies and the competitiveness of global exporters such as Russia has left traders increasingly pessimistic on the direction of U.S. wheat prices.
ADM Prunes Bolivian Soybean Operations -- Market Talk
11:13 ET - A global grain glut continues to squeeze the world's largest crop traders, and Archer Daniels Midland takes another step to streamline operations, announcing the sale of its soybean-processing facilities in Bolivia. Lima-based Inversiones Piuranas SA will acquire ADM's Bolivian processing plant and nine grain silos in the deal, which ADM expects to close in the first half of 2018, while not disclosing any sale price. ADM's net income dropped 44% in its most recent quarter, as US grain exports slowed and persistently low crop prices have cut into trading and processing profits for the companies that dominate agricultural commodity trading. ADM shares rise 0.5%, and are down 8.6% so far this year. (email@example.com; @jacobbunge)
Continue Reading Below
STORIES OF INTEREST:
Oil Prices Rise on Pipeline Shutdown Announcement
Oil prices rose and the global benchmark hit its highest level since 2015 Monday after the owner of a major European pipeline said it is shutting the system down for a period of weeks.
Ineos, the British refining and chemicals company, said it would shut down the Forties Pipeline System for a "matter of weeks" after a hairline fracture discovered last week grew.
Greencore Investment to Pay off in Margins and Cash: Berenberg -- Market Talk
1103 GMT - Greencore's investments this year should lead to an improvement in its margin and cash generation in financial 2018, says Berenberg. The brokerage says it forecasts an improvement in Greencore's adjusted operating margin to 6.3% from 6.0% in the year ended Sept. 29. Berenberg also expects the food supplier's cash generation to step up meaningfully from 2018 onwards, as capital expenditure falls. Berenberg lowers its Greencore earnings forecasts due to a slower step-up in profitability from some U.S. assets, but says it still sees value in the stock. Berenberg keeps a buy rating but lowers its price target to 305 pence from 340 pence. (firstname.lastname@example.org)
Weak Cash Markets Pressure Livestock Futures
Livestock futures fell on lingering weakness in cash markets.
December lean hog contracts slid 0.1% to 63.6 a pound at the Chicago Mercantile Exchange, with the more-active February hog contract falling 2.7%.
(END) Dow Jones Newswires
December 11, 2017 17:42 ET (22:42 GMT)