Soybeans Charge Lower as China Ups Tariff Ante
Soybeans for November delivery fell 1.4% to $8.56 1/2 a bushel on the Chicago Board of Trade on Friday as traders reacted to the news that China would levy new tariffs on U.S. goods including soybeans. Corn for December delivery fell 0.9% to $8.67 3/4 a bushel. Wheat for December delivery rose 1.3% to $4.77 3/4 a bushel.
Grain traders were caught off-guard by news that China would add new tariffs on $75 billion of U.S. goods including soybeans.
"This was a surprise and concerns us the CBOT ag market could see additional downside pressure over the next few days," said Terry Reilly of Futures International.
Kraft Heinz in Danger of Junk Rating at S&P -- Market Talk
10:33 ET - S&P revises Kraft Heinz to a negative outlook from stable after it reported weaker-than-expected first-half results and withdrew its guidance for 2019, putting the food maker's credit rating on the edge of junk. S&P says the negative outlook reflects Kraft's continuing performance erosion and the potential for higher key commodity inflation, retailer inventory destocking and adverse currency movements in the second half. S&P currently has Kraft Heinz at BBB-, its lowest investment-grade rating. The agency says it could cut the rating by mid-2021 if it feels that Kraft won't be able to pare its adjusted leverage to below 4-times. (firstname.lastname@example.org)
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Starbucks Supplier Delivery Workers Vote to Authorize Strike
Unionized workers at a supplier to hundreds of Starbucks Corp. coffee shops in Chicago and other Midwestern cities rejected a proposed contract agreement and voted to authorize a strike, the Teamsters said Friday.
The proposed labor agreement between DPI Specialty Foods Inc.'s logistics division and Teamsters Local 710 covers nearly 300 drivers and warehouse workers at four DPI facilities in the Chicago, Indianapolis, Minneapolis and St. Louis areas. Those locations supply food and other goods to more than 900 Starbucks stores, the Teamsters said.
Nestle Serves Up New Veggie Burger and Mince in Europe
Nestle SA (NESN.EB) has a renewed version of its plant-based burger and new vegetarian "minced beef" for Europeans as it stocks its pantry with environmentally-friendly food to meet rising demand.
The Swiss food giant said Friday it has refreshed its Garden Gourmet Incredible Burger seven months after its launch, following customer feedback.
Livestock Takes Steep Dive on Trade Conflict -- Market Talk
14:38 ET - Livestock futures on the CME took a steep dive following news China would be implementing new tariffs on $75 billion worth of goods including soybeans and pork. Hog futures fell 3.8% to 59.925 cents a pound, while live cattle futures fell by 1.5% to 99.575 cents. (email@example.com; @kirkmaltais)