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Grain Export Sales Fall Short, Pressuring Prices
Weak export sales of U.S. crops pressured grain and soybean futures on Friday.
The competitiveness of U.S. exports has been a continuing source of concern to traders in recent months, with sales of many crops lagging expectations. Analysts are increasingly skeptical that exporters will meet current government targets.
California's Legal Weed Seen 'Non-Event' for Beer -- Market Talk
12:41 ET - Constellation Brands isn't worried beer sales will slow down in California now that recreational cannabis is legal, even as the Corona distributor develops weed-infused drinks that could launch in Canada by 2019. Constellation Chief Executive Rob Sands argued both sides of the debate on an earnings call. He says the law change in California, Constellation's biggest beer market, is a "non-event" since it's already been widely available there for medical use. But he said the cannabis market will be big worldwide. Constellation is working on non-alcoholic weed-laced drinks with Canopy Growth, which they took a 9.9% stake in last year. Constellation shares are down 2.4% after the company missed revenue estimates but beat earnings estimates. (email@example.com; @CaraRLombardo)
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Oil Slips After Hitting Three-Year High
Oil prices fell Friday as some investors cashed in on the week's strong gains and others mulled ambiguous U.S. inventory data.
U.S. crude futures fell 57 cents, or 0.92%, to $61.44 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell 45 cents, or 0.66%, to $67.62 a barrel on ICE Futures Europe.
Canada Minister in Kentucky to Talk Nafta, Basketball -- Market Talk
11:33 ET - Over two weeks before the next round of Nafta talks in Montreal, Canadian Public Safety Minister Ralph Goodale addressed Kentucky's chamber of commerce in Lexington to urge local entrepreneurs to speak out on behalf of maintaining close trade ties. "The Canada-U.S. relationship needs engaged, informed, influential advocates like you-to defend, promote and strengthen it," Goodale said. "I urge you to renew and amplify your message... and avoid a trade disruption or rollback that would hurt Kentucky's economy and cost middle-class jobs." Goodale is among a series of Canadian officials making rounds with local lawmakers and businesses on behalf of Nafta, which faces an uncertain future. While in Kentucky, Goodale noted that the University of Kentucky Wildcats have regularly gone up north to recruit--most recently Jamal Murray, now of the NBA's Denver Nuggets. (firstname.lastname@example.org; @paulvieira)
Underwhelming Cattle Sales Pressure Futures
Cattle futures fell to their lower daily limit on Friday after physical cattle prices unexpectedly fell.
February-dated live cattle contract at the Chicago Mercantile Exchange dropped 3 cents, or 2.5%, to $1.1925 a pound, the lowest close in three weeks after three consecutive sessions of losses.
(END) Dow Jones Newswires
January 05, 2018 17:52 ET (22:52 GMT)