GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Soybean Futures Climb on Argentine Dryness; Grains Mixed

Soybean futures prices gained Tuesday following reports of hot and dry weather encroaching on South American fields, potentially cutting into production of the widely traded oilseed. Wheat futures also fell, and corn climbed.

January-dated soybean contracts climbed 1% at the Chicago Board of Trade, settling at $9.59 1/4 a bushel, the highest level in a week. It marked the second straight session of gains for the contracts, which have been under pressure due to traders' bets on another big South American harvest, after farmers brought in what's projected to be a record U.S. harvest.

STORIES OF INTEREST:

USDA Says 134,148 Tons of Corn Sold to Mexico in 17-18

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WASHINGTON--Private exporters reported to the U.S. Department of Agriculture export sales of 134,148 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year.

The marketing year for corn began Sept. 1.

Tyson to Invest Tax Savings in Supply Chain, Personnel -- Market Talk

15:47 ET - Tyson Foods expects to invest savings from the US tax overhaul into its "supply chain and team members," a spokesman says, among other uses. The law signed last week by Trump reduces the corporate tax rate to 21% from 35%, and Tyson, the top US meatpacker by sales, reported an effective tax rate ranging between 31.6% to 36.3% over its past five fiscal years, according to a regulatory filing. "The tax law changes are positive for us, since almost all of our profits are generated from operations in the US," a spokesman says, and the Arkansas-based company should see "significant benefit" in its current fiscal year, although the full benefit won't arrive until Tyson's fiscal 2019. (jacob.bunge@wsj.com ; @jacobbunge)

THE MARKETS:

Livestock Futures Stage a Rally -- Market Talk

15:08 ET - US livestock futures stage a broad rally as cold temperatures help temper some of the effect of last week's crop of government-supply reports. Near-term lean hog futures continue to outperform the summer months, and the most heavily-traded February contract adds 2.2% to settle at 71.525 cents, with others positive through to the June settlement. Improved wholesale beef prices helped lift the February live cattle contract by almost 2.5% at $1.21475, and the colder temperatures moving across the Midwest and Northeast were also viewed by analysts as supportive. (doug.cameron@wsj.com; @dougcameron)

(END) Dow Jones Newswires

December 26, 2017 17:28 ET (22:28 GMT)