Soybeans Rise as Snow Targets the Dakotas
Soybeans for November delivery rose 0.4% to $9.23 3/4 a bushel on the Chicago Board of Trade on Wednesday, as traders expect crop losses once a snowstorm hits the immature plants in the Northern Plains. Wheat for December delivery was unchanged at $5.00 1/4 a bushel. Corn for December delivery fell 0.4% to $3.94 1/4 a bushel.
Although forecasts have moderated the amount of snow expected to drop on the Dakotas this week, big crop losses are still expected due to the cold weather. The snowstorm is likely to have the strongest effect on the soybean crop, said Tomm Pfitzenmaier of Summit Commodity Brokerage. Only 8% of North Dakota soybeans and 5% of South Dakota soybeans have been harvested this year, well behind the five-year averages of 48% and 36%, respectively, according to USDA data.
Nestle Looks to Compete on Meatless Menus -- Market Talk
09:50 ET - Nestle is coming out with a plant-based bacon cheeseburger for restaurants and other foodservice outlets to put on their menus next year. Nestle said it developed the vegan alternatives to cheese and bacon, using a combination of natural ingredients such as plant-based proteins, fibers and oils. Restaurants have been adding more veggie burgers to their menus this year as Americans are increasingly looking to eat less red meat for health and environmental reasons. New meat alternatives like the Impossible burger and Beyond Meat have spearheaded growth and set off a race in the sector. Nestle said its latest move is part of its effort to speed up the transformation of its portfolio with innovative, sustainable products. (email@example.com)
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Ethanol Prices Hit Nearly 3-Month High on EIA Data -- Market Talk
13:06 ET - Ethanol futures have jumped for the second session in a row, with the November contract up 3.5% to $1.492 per gallon. The contract has now risen 6.5% over the course of the past two sessions. Ethanol inventory data released by the EIA on Wednesday was viewed as supportive for futures, with inventories posting a nearly 2 million barrel-drop this week. This brings inventories to their lowest level since September 2017, or 21.22 million barrels. (firstname.lastname@example.org; @kirkmaltais)
Russia, Ukraine Sell 295,000 Tons of Wheat to Egypt's GASC -- Market Talk
0724 GMT - Russia and Ukraine restored their dominance as Egypt's wheat suppliers, selling five cargoes of the grain to the world's biggest wheat importer late Tuesday. Egypt's state-importing agency bought 180,000 metric tons of Russian wheat and 115,000 tons of Ukrainian wheat at an average FOB price of $221.64 a ton, according to price-reporting firm AgriCensus. Prices rose from Egypt's previous tender on Oct. 1, when the General Authority for Supply Commodities booked 60,000 tons of French wheat at $219.35 a ton. Tuesday's tender was seen as a test of whether French wheat would remain competitive with Eastern European grain following a strong harvest in the European Union's agricultural powerhouse. The wheat is due to be delivered from Nov. 10-20. (email@example.com)
Hogs Leads Livestock Higher to Finish Session -- Market Talk
15:46 ET - Lean hog futures on the CME finished trading higher for the second session in a row, with the December contract finishing 3.1% higher at 69.475 cents a pound. Part of the reason for the uptick is indications China may offer a partial trade deal that will see it purchase more soybeans and pork--although it's unclear if President Trump will go along with such a deal, considering his previous proclamation that he wouldn't sign a partial deal. Meanwhile, cattle futures rose by 0.3%. (firstname.lastname@example.org; @kirkmaltais)