GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Grain, Soybean Futures Start Week Lower

Grain and soybean futures fell as improving weather in different parts of the Americas weighed down prices. Rainfall in Argentina and Brazil over the weekend helped local soybean and corn crops, increasing the likelihood that the continent would produce a large bounty this season. Meanwhile, warmer temperatures in the Plains eased concerns about freeze damage, pressuring wheat prices.

Trump Touts Tax Cut, Deregulation to Farmers -- Market Talk

17:16 ET - President Trump used a speech to farmers to highlight benefits of the GOP's tax overhaul, tout his deregulatory agenda and sign executive orders aimed at improving broadband access across rural America. Addressing farmers at an annual convention of the American Farm Bureau Federation, Trump called the recently-passed tax cut "historic relief for farmers," saying family farms would be spared from a "deeply unfair estate tax," and told a welcoming crowd that he was "putting an end to the regulatory assault on your way of life." Signing two orders to expand internet connectivity in rural areas, he said: "You are going to have great, great broadband." (jesse.newman@wsj.com; @jessenewman13)

STORIES OF INTEREST:

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More of the Same for US Crop Prices -- Market Talk

8:21 ET - US farmers will see little change in prices for their crops this year, according to an agricultural economist addressing farmers at an annual convention in Tennessee. The American Farm Bureau Federation, which hosted the meeting, said Dr. Keith Coble of Mississippi State University told farmers that crop prices, which have lingered at low levels, will likely move sideways as a slump in the farm economy stretches into its fifth year. "Trends for 2018 will be similar to 2017, unless a major disruption occurs," said Dr. Coble. He predicted the farm bill, which authorizes US farm safety-net programs, would see just "minor tweaks" due to a tight legislative agenda during a year of mid-term elections. (jesse.newman@wsj.com;@jessenewman13)

Caterpillar at $200? Analyst Sees Tax Law Boon -- Market Talk

14:39 ET - Changes to the US tax code could help push Caterpillar's stock price to $200 by the end of the year, JPMorgan analyst Ann Duignan says. The recently passed federal tax law's provision allowing 100% depreciation on new and used equipment will likely prolong the replacement cycle in US construction, she says. That's in addition to a lower corporate tax rate that will boost free cash flow. "As a result of our analysis, we believe that the stock remains undervalued, despite the significant outperformance last year," she said in a note. Caterpillar stock was up about 70% in 2017. Caterpillar shares were up 2.6% to $166.13. (andrew.tangel@wsj.com; @AndrewTangel)

THE MARKETS:

Hog Futures Start Week Higher, Cattle Sag

Hog futures bounced to a multimonth high as traders responded to rising prices for physical pigs. Cash prices for slaughter-ready hogs rose for two consecutive weeks to $63.79 per 100 pounds on Friday, with market observers expecting steady to higher prices again on Monday.

(END) Dow Jones Newswires

January 08, 2018 18:06 ET (23:06 GMT)