Corn, Soybean Prices Rise as Yields Are Seen Falling
Corn for December delivery rose 0.4% to $3.70 1/2 a bushel on the Chicago Board of Trade on Wednesday. Soybeans for November delivery rose 0.5% to $8.73 a bushel. Wheat for December delivery rose 0.3% to $4.68 a bushel.
Ethanol production dropped this week by 22,000 barrels to 1 million barrels per day, the Energy Information Administration said. Meanwhile, ethanol inventories also fell by 516,000 barrels to 23.4 million barrels.
Traders are more concerned about the decrease in production this week, said Terry Reilly of Futures International, calling the data bearish for U.S. corn futures.
Target Sees Food As Part Of Its Daily Bread -- Market Talk
12:44 ET - Target executives believe food and beverage will be a crucial part of its growth. The company will launch its own private-label food brand, dubbed Good & Gather, next month. About three quarters of its customer baskets have a food item in it, says Brian Cornell on a call with reporters. "Food is really important to our guests," he says. "They tell us that all the time." Target shares surge 20% following better-than-expected 2Q earnings and a raised outlook. (firstname.lastname@example.org; mskimberlychin)
Ethanol Data Bearish for Corn -- Market Talk
11:45 ET - Ethanol production dropped this week by 22,000 barrels to 1 million barrels per day, the EIA says. Meanwhile, ethanol inventories also fell by 516,000 barrels to 23.4 million barrels. Traders are more concerned about the decrease in production this week, says Terry Reilly of Futures International, calling the data bearish for US corn futures. (email@example.com)
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Mexican Tomato Growers Reach Agreement to End U.S. Duties -- 2nd Update
MEXICO CITY -- Mexican tomato growers reached a last-minute deal with the U.S. Commerce Department that will suspend an antidumping investigation and remove duties on U.S. imports of Mexican tomatoes in exchange for Mexico raising prices and submitting to inspections.
Mexican tomato growers said the agreement was reached minutes before a Tuesday midnight deadline, and now has a 30-day period for comments before taking effect.
Crop Scouts Size Up a Tough Year on the Farm -- Update
HENRY COUNTY, Ind. -- Greg Blanton entered a field of underdeveloped corn through an empty patch, a result of the record-wet weather this year that kept many farmers from planting.
He picked a few small ears and said they looked similar to the corn growing on his own 4,500 acres across five counties in Ohio.
The 2019 planting season has been among the most volatile in memory for many farmers, making any insight into the size and condition of the coming crop more valuable than ever. Record rainfall this spring slowed or blocked many farmers from planting. That will weigh on the incomes of farmers who planted less, but expectations for a smaller harvest also pushed up crop prices overall.
Meanwhile trade tensions exerted downward pressure on prices over the past year, including a steep slide since the U.S. and China ramped up their tariff fight this summer. Corn prices rose 31% this year into May but have since fallen 20% again as the trade fight intensified.
17:08 ET - Cattle futures on the CME closed at $1.00225 a pound, while lean hogs closed down to 63.3 cents a pound. Despite recent woes with the fire at the Tyson Foods plant in Kansas, domestic demand is still good, says Jeff French of Top Third Ag Marketing. (firstname.lastname@example.org)