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Grain, Soybean Futures Make 'Pity' Rally
Grain and soybean futures rebounded Wednesday after a government report projected ongoing oversupply.
The U.S. Department of Agriculture on Tuesday increased its domestic stock forecasts for soybeans and wheat in 2017-18, while cutting its domestic corn stocks projection. The agency raised its global stockpile forecasts for all three crops. Prices fell after the report.
Soybean futures for January rose 0.4% to $9.79 1/4 a bushel at the Chicago Board of Trade. March wheat contracts gained 1.5% to $4.16 3/4 a bushel while March corn futures climbed 0.4% to $3.49 a bushel.
Big Food Sales Volumes Aren't As Bad As Summer -- Market Talk
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13:37 ET -- Wall Street analysts say packaged food sales continue to be pressured over the past three months, according to sales data from Nielsen, but trends have improved since the summer. Total food and beverage sales volumes were down for the 12 weeks ended Dec 2. RBC Capital Markets analyst David Palmer attributes the success to the reversal of fresh food-deflation headwinds and easier comparisons against a year ago when they were taking out lackluster items and offering fewer promotions, as the biggest "drivers of the recent center-store grocery and Big Food improvement." (email@example.com)
STORIES OF INTEREST
Target to Buy Grocery Delivery Startup Shipt for $550 Million
Target Corp. is paying $550 million to acquire grocery delivery startup Shipt Inc., moving to match services that have been rolled out by rivals Amazon.com Inc. and Wal-Mart Stores Inc.
Shipt, like rival Instacart, uses thousands of contractors to buy products at retail stores and deliver them to customers. It charges a $99 membership fee and its shoppers buy products from local stores, including grocers like Kroger Co. and Costco Wholesale Corp. Shipt typically sells items at a slight premium to the in-store price and charges delivery fees for orders of less than $35.
Cattle Futures Resume Losing Streak, Supplies Weigh on Prices
Cattle futures fell, giving back early gains as growing supplies weighed down prices.
Market observers said more cattle on feed are reaching slaughter size, meaning a larger supply of fattened animals ready for processing into beef. That is allowing meatpackers to lower bids and push cash prices lower for physical cattle.
December-dated live-cattle futures fell 0.4% to $1.1565 a pound at the Chicago Mercantile Exchange on Wednesday, after opening higher. Prices rose on Tuesday for the first time after eight consecutive sessions lower.
Hog futures rose, despite pressure on both cash and meat prices. CME December lean hog contracts gained 0.3% to 63.95 cents a pound.
(END) Dow Jones Newswires
December 13, 2017 17:58 ET (22:58 GMT)