GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Wheat Futures Tumble to Multiweek Low

Wheat futures extended losses from last week, falling to a six-week low.

The U.S. Department of Agriculture estimated Friday that American farmers planted 32.6 million acres of wheat for 2018, the least acreage in over a century but more than analysts were expecting. That, along with larger domestic stockpile forecasts, prompted a selloff as traders bet the wheat market would continue oversupplied.

Sanderson Has 'Contingency Plan' on Animal Drugs -- Market Talk

10:22 ET - Sanderson Farms continues to defend its use of antibiotics in raising chickens, but the third-largest US poultry company says it has a "detailed contingency plan" to eliminate those drugs if competitive pressures require, according to its annual proxy filing. Sanderson figures it could wean its entire 567 million chicken operation from antibiotics within 12 months, a plan developed "as a matter of good business practice" -- but one that Sanderson doesn't expect to implement, since it views chicken raised without antibiotics as mainly a product for "high-end specialty stores" that the company doesn't target. The company urges investors to vote against a shareholder proposal that would eliminate antibiotics used in human medicine from the company's chicken supply. (jacob.bunge@wsj.com; @jacobbunge)

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STORIES OF INTEREST:

Soybean Futures Climb; December Crush Rises to Record -- Market Talk

12:21 ET - Soybean futures rise. The National Oilseed Processors Association said that its members crushed a record 166.382M bushels of soybeans in December, a sign of strong domestic demand for the crop. But soybean farmers are also contending with weaker international business. USDA on Friday trimmed its soybean export forecast for 2017-18 by 65M bushels to 2.16B, and analysts say that could fall further yet. CBOT March soybean futures climb 0.4% to $9.64 a bushel. Wheat futures extend overnight losses on concerns about oversupply while corn prices are little changed. (benjamin.parkin@wsj.com; @b_parkyn)

Russian Wheat Offered Cheapest in Egyptian GASC Wheat Tender

LONDON--Egypt's state grain buyer received at least eight offers in its latest wheat tender, with Russian grain again offered at the lowest price, excluding shipping costs, traders said Tuesday.

Russian wheat is retaining its hold on Egypt's General Authority For Supply Commodities (GASC) wheat tenders. Russian Black Sea wheat has now exclusively filled nine of the last 10 Egyptian GASC tenders.

Egyptian GASC Seeks Wheat in Tender

LONDON--Egypt's General Authority for Supply Commodities issued an international tender late Monday to buy an unspecified amount of milling and/or soft wheat for delivery between Feb. 18 and Feb. 28, traders said.

The government body's decision on which offers to accept is expected around 1530 GMT on Tuesday.

THE MARKETS:

Hog Futures Rally to Multimonth High

Hog futures bounced more than 3% to a five-month high.

Cash prices for physical hogs rose steadily for three weeks on strong demand from meatpackers for pigs to fill new slaughterhouses. But the futures market was mixed, pressured by a series of factors such as uncertainty about the future of the North American Free Trade Agreement.

(END) Dow Jones Newswires

January 16, 2018 17:46 ET (22:46 GMT)