Grain Highlights: Top Stories of the Day
Wheat Futures Pop on Plains Drought
A drought in the Great Plains sparked a rally in wheat prices Tuesday.
The U.S. Department of Agriculture said that the condition of the hard red winter wheat crop, primarily grown in southern Plains states like Kansas, dropped sharply as farmers in the region struggle through dry conditions.
Drought Dampens South Africa's 2018 Corn Plantings -- Market Talk
1544 GMT -- South African corn farmers have slashed plantings for the 2018 season as Africa's top producer of the grain grapples with drought, says the government's Crop Estimates Committee. Plantings likely will drop 12% to 2.3 million hectares as the dry spell pressures growers in the main producing region in the country's west. Plantings for white corn--a regional staple--are down 22% while acreage for yellow corn--used mainly in animal feeds--is 4% higher on year. It is a reversal of fortunes for a country that posted a record crop of 16.7 million tons last year, more than double the 7.8 million tons produced in 2016 after rains aided a recovery from the 2015-2016 drought fueled by El Nino. (Nicholas.Bariyo@wsj.com;@Nicholasbariyo)
STORIES OF INTEREST
USDA Says 132,000 Tons of Corn Sold to Spain in 2017-18
WASHINGTON--Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of corn for delivery to Spain during the 2017/2018 marketing year.
The marketing year for corn began Sept. 1.
Value Meals Drive McDonald's Sales - 2nd Update
McDonald's Corp. gained sales again by luring core customers to its cheapest meals and drinks.
The burger giant attributed U.S. sales growth in the fourth quarter to a "McPick 2" meal deal and low-price beverages, as well as to higher-priced Buttermilk Crispy Tenders. The chain introduced a new nationwide value menu this month with items priced at $1, $2 and $3, hoping consumers drawn in for cheap sodas and burgers will also order more expensive items.
Live Cattle Futures Ease
Cattle futures were mixed Tuesday, easing off multimonth highs.
The futures market started the week by hitting a two-month high, after cash prices for physical cattle rose more than expected. But analysts say futures bumped up against selling pressure after falling from those highs, with chart signals suggesting to traders that prices were headed lower.
(END) Dow Jones Newswires
January 30, 2018 17:52 ET (22:52 GMT)