Soybeans Take Brunt of Weather Disappointment
Soybeans for November delivery fell 1.5% to $9.06 a bushel on the Chicago Board of Trade on Tuesday, as traders sold off grains in reaction to slight improvements in crop conditions for corn and soybeans.
Corn for December delivery fell 1.3% to $4.41 1/4 a bushel.
Wheat for September delivery fell 0.1% to $5.07 1/2 a bushel.
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Evogene Refocuses Corn Disease Collaboration With Bayer
Evogene said its corn disease resistance research collaboration with the Crop Science Division of Bayer AG is being refocused on identifying genome editing targets for evaluation against a broad range of corn diseases.
The amended agreement follows positive results in corn stalk rot fungal disease control, biotechnology company Evogene said.
Canadian Pacific Expects Good Grain Volumes This Fall -- Market Talk
15:06 ET - Grain shipments bolstered Canadian Pacific Railway's results in 2Q, but the company specified it was Canadian farmers that drove gains for the carrier. Marketing chief John Brooks tells investors US grain volumes were down in the quarter, challenged by the trade dispute with China, but that shipments of Canadian grain products grew robustly. Overall, grain-related revenue jumped 13% to $324M in 2Q. "We expect there to be good volumes of grain to move this fall," Brooks says. (firstname.lastname@example.org; @MicahMaidenberg)
Trump Proclamation Adds to Bearish Sentiment In Grains -- Market Talk
12:57 ET - The proclamation by President Donald Trump that the US has "a long way to go," in working out a trade deal with China is one more negative pulling grains futures on the CBOT down, according to some traders. "Coming into today, the market was already on weak footing," says Don Roose of US Commodities, calling Trump's latest statements "more posturing" in an ongoing good cop-bad cop routine where USTR Robert Lighthizer plays the role of the "good cop." According to Roose, the real driver of the CBOT today is weather concerns. "We're encouraging people to keep an eye on the sky," says Roose. December corn is leading the charge, down 2.2% for the session. (email@example.com; @kirkmaltais)
Hog Futures Drop Amid Large Spread Between Prices -- Market Talk
15:48 ET - August lean hog futures finish down 1.3% to 79.05 cents per pound. While movement of the futures contract was partially in reaction to indications out of the Trump Administration that negotiations of a trade deal with China are not close to fruition, the bigger issue is the spread between cash and future prices, says Mark Schultz of Northstar Commodity. As of Monday, hog carcass prices averaged $68.45 per hundredweight--or 68.45 cents per pound, more than 10 cents less than August futures. Therefore, futures have a lot of room to move down, Schultz says. "August [futures have] very little hope of going up," he adds. August live cattle futures, meanwhile, finish down 0.3% to $1.08225 per pound. (firstname.lastname@example.org; @kirkmaltais)