Soybeans Spared Selling on New US-China Hopes -- Market Talk
14:17 ET - Soybeans futures on the CBOT have been largely spared from the selling that has hit corn and wheat, as trader await news about how today's talks between US Treasury Secretary Mnuchin and Chinese officials fared. Remaining ever-hopeful, grains traders essentially paused the trading of soybeans -- with the November contract up by 0.1% near the close of the session. "Soybeans have not seen as much fund selling with the US/China holding trade talks today," AgResource says. "The bears are concerned of positive headlines which could cause a quick bout of short covering. If China were to make new US ag purchases, they likely would be centered on US soybeans." December corn, meanwhile, is down 2%, and September wheat falls 2.3%. (email@example.com; @kirkmaltais)
Corn, Wheat Slide on Profit-Taking
--Corn for December delivery fell 2.7% to $4.29 3/4 a bushel on the Chicago Board of Trade on Thursday, with some traders continuing to take advantage of recent higher prices to sell.
--Wheat for September delivery lost 2.4% to close at $4.93 1/2 a bushel.
--Soybeans for December delivery fell 0.2% to $8.99 a bushel.
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Spring Rains Still Bogging Down ADM -- Market Talk
1016 ET - The unrelenting spring showers that kept Midwest farmers from sowing a timely crop are continuing to challenge agricultural conglomerate Archer Daniels Midland, Credit Suisse analysts say. In particularly hard-hit areas, like eastern Corn Belt states, the projected hit to this year's harvest is driving corn prices sharply higher, cutting into processing margins for ADM's ethanol plants and its grain-shipping operations, Credit Suisse figures. ADM's crop insurance business is also likely to see heavy claims from farmers facing unplanted fields. Profits from soybean processing still look good, but CS expects ADM to temper its profit outlook for the full year, which has been to meet or exceed 2018's $3.50 a share. Shares slip 1.1%. (firstname.lastname@example.org; @jacobbunge)
Hog Futures Reverse Course, Cattle Stays Depressed -- Market Talk
14:58 ET - Despite falling to begin trading today, August hog futures turn the corner and reverse course. The contract finishes the day up 1%, to 82.775 cents per pound--the highest close in roughly one month. Hog futures have risen for two days in a row now. Cattle futures fell though, with the October live cattle contract dropping 0.5% to $1.08250 per pound amid slack demand for US-product. (email@example.com; @kirkmaltais)